Latvia earned €570 million issuing residence permits

Latvia earned €570 million issuing residence permits

The benefits of the program granting a residence permit (permit) in Latvia in exchange for the purchase of real estate is exceptional, said a member of the board of Nira Fonds Eugenia Markova.

First, the entire amount of money that foreigners are spending remains within the country. Foreign investors create jobs and pay taxes, which allow the existence of the country, reports the portal citing

Latvia attracts economically active people between 30 and 50 years old, with a good education, solid-income entrepreneurs. This successful people have made an impact in their native country.

They usually have not one, but two or three houses. Having the opportunity to get a residence permit in Switzerland, Canada, France, Portugal, they stop their choice on Latvia. It's not only because of the vicinity of the territorial but also mental. Latvia is a civilized, European country, where everyone speaks in Russian.

Foreigners have contributed to the revival of a number of sectors of the Latvian economy. Construction has reached a new level, lots of credits are given, a second wind is opened in the restaurant business. And increased sales in high-end stores and shopping centers. Schools for children from abroad are also expanding.

Total foreign investments in exchange for a residence permit was 400 million lats (€568 million) at the beginning of June this year. The program operates for 36 months, and 6,500 people (including the family members) gained a residence permit for this period,.

Each new resident monthly brings 1700 lats (about €2400) to Latvian treasury. This is a very good indicator, expert says. The country should receive the maximum benefit from the current situation.