Latvia Just Closed Its Golden Visa Program
On September 9, 2026, Latvia officially ended its 16-year-old residence-by-investment program, with new immigration laws taking effect on September 15, 2026. This represents the biggest policy shift in the Baltic region since these countries joined the EU.
Those who submitted applications before September 15 will be processed under the old rules. Permit applications submitted by September 14 will still be evaluated under existing legislation. But from today onward, the two old pathways no longer exist.
Two Old Pathways Closed
The new law closes two pathways that allowed foreigners to obtain temporary residence permits by investing in real estate or making bank deposits. These were the two most popular pathways over the past 16 years.
Real estate has long been the preferred choice for investors throughout Eastern Europe seeking residency in Latvia. Prices were affordable, procedures straightforward, and properties could generate rental income. But this option is now gone.
New Pathway: State Investment Fund
A new investment pathway has been introduced: €150,000 (approximately 174,000 USD) invested in an alternative investment fund created by the state, plus a €10,000 state payment, with a residence permit valid for up to 5 years.
This means you do not own physical property, but instead deposit funds into a state-managed investment fund. Your money will be locked in for 5 years. After that, you can withdraw it, but there is no guaranteed return.
Important Considerations
This new pathway is fundamentally different from real estate investment. You do not own a tangible asset, cannot sell it, and cannot rent it out. If the fund underperforms, you still lose money. Additionally, an A2 level Latvian language requirement has been added, meaning you must demonstrate basic conversational Latvian proficiency.
Furthermore, Latvia's President initially refused to sign the law, but parliament overrode the veto with 65 votes in favor and 17 against. This indicates the decision was not unanimous but rather the result of political controversy.
Why Is Latvia Closing the Program?
The Latvian government contends that the old Golden Visa program did not serve national interests. Real estate purchased by foreign investors did not create jobs for Latvian citizens. Bank deposits were simply funds deposited and later withdrawn, providing no benefit to the economy.
The new pathway requires investors to deposit funds into a state investment fund for 5 years, ostensibly to finance development projects. However, in practice, you have no visibility into how your money will be used and no control over its deployment.