Latvia Ends 16-Year "Golden Visa" Program as New Immigration Law Takes Effect September 15
Updated: 3 hours ago
RIGA, September 9, 2026 — Latvia has officially ended its 16‑year‑old residence‑by‑investment program, commonly known as the "Golden Visa," with the promulgation of a new Immigration Law that takes effect on September 15, 2026.
The law, which was adopted by the Saeima (Latvia's parliament) on June 11 by a vote of 65 to 17, closes the real estate and bank deposit routes that had allowed foreigners to obtain temporary residence permits in exchange for investment. President Edgars Rinkēvičs initially returned the law for a second review, but lawmakers re‑passed it on August 20 with minor refinements, including additional security vetting for investor applicants. The President subsequently promulgated the law, which was published in the official gazette Latvijas Vēstnesis on September 1.
"Latvia's new Immigration Law has been promulgated and enters into force on September 15, closing the golden visa's real estate and bank deposit routes after 16 years."— IMI Daily
What's Changing?
Two Routes Closing Permanently
Under the outgoing statute, foreign nationals could obtain temporary residence by:
Investment Route | Minimum Amount |
Real Estate Purchase | €250,000 (approx. US$290,000) |
Bank Deposit | €280,000 (approx. US$324,000) |
Both routes are terminated effective September 15. Applications filed with the Office of Citizenship and Migration Affairs (OCMA) up to and including September 14 will still be assessed under the current rules.
What Survives: The €150,000 Fund Route
A new investment pathway has been introduced: a €150,000 (approx. US$174,000) investment placed for at least five years through a state‑created alternative investment fund manager, paired with a €10,000 state payment, carrying a permit of up to five years.
However, the state‑created fund that would receive the €150,000 has not yet been built, and the vehicle awaits separate legislation. The route is therefore not yet operational.
The Company Route Continues
Two investment pathways survive the rewrite:
Route | Investment Amount | Permit Duration |
Company Route (small business) | €50,000 + €10,000 state payment | 2 years |
Company Route (large business) | €100,000 + €10,000 state payment | 2 years |
New Fund Route | €150,000 + €10,000 state payment | Up to 5 years |
The company route now yields a two‑year permit instead of five.
Russian and Belarusian Citizens Barred
Russian and Belarusian citizens are barred from both investment routes, closing a gap in the law as first passed. A hurried amendment on June 18 ensured the fund option was not left open to them.
A2 Latvian Language Requirement
The new law makes A2‑level Latvian language proficiency mandatory for most residence permit renewals.
Implementation Timeline
Date | Event |
June 11, 2026 | Saeima adopts new Immigration Law (65‑17) |
June 19, 2026 | President Rinkēvičs returns law for second review |
August 20, 2026 | Saeima re‑passes law with refinements |
September 1, 2026 | Law published in Latvijas Vēstnesis |
September 14, 2026 | Last day to file under old rules |
September 15, 2026 | New Immigration Law takes effect |
What This Means for Investors
For Those Who File by September 14
Applications submitted on or before September 14 will be processed under the old rules, preserving the five‑year permit. However, industry experts warn that starting a transaction from scratch within this window is only feasible "for clients who already have a property identified, documents prepared and the transaction at its final stage".
For Existing Permit Holders
Existing permits remain valid until their registration date. Upon renewal, holders must reapply under the new law's transitional rules, including the A2 Latvian language requirement.
For New Applicants After September 15
The only investment‑based option will be the €150,000 fund route — but it is not yet operational. The company route remains available but now grants only a two‑year permit.
Political Context
The decision to end the real estate and deposit routes came after sustained opposition from several political parties. The National Alliance, New Unity, and Progressives opposed the Golden Visa program, pointing to risks associated with security, the geopolitical situation, and money laundering.
Prime Minister Andris Kulbergs had proposed reviving the program through alternative investment funds, but the Saeima rejected the proposal. A proposal by Minister of Economics Viktors Valainis to restore residence permits for real estate investments of at least €300,000 was also rejected.
"The approach to 'golden visas' was shaped by politicians who look hopefully to the east, and this should be left in the past."— Edvins Šnore, Saeima Deputy
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Quick Reference Summary
Aspect | Details |
New Law Effective | September 15, 2026 |
Real Estate Route | Closed (was €250,000) |
Bank Deposit Route | Closed (was €280,000) |
Company Route | Continues (€50,000/€100,000 + €10,000) |
New Fund Route | €150,000 + €10,000 (not yet operational) |
Permit Duration (Fund Route) | Up to 5 years |
Permit Duration (Company Route) | 2 years |
Language Requirement | A2 Latvian for renewals |
Russian/Belarusian Citizens | Barred from investment routes |
Grandfather Clause | Applications by Sept 14 processed under old rules |
Existing Permits | Valid until expiry; renew under new rules |
Official Resources
Resource | Link |
Office of Citizenship and Migration Affairs (OCMA) | |
Latvijas Vēstnesis (Official Gazette) | |
Saeima (Parliament) |
For the latest immigration updates, visa policy changes, and 2026 developments worldwide, visit: visasupdate.com/blog/category/latvia
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