Foreigners buy Latvia property for right to stay

[RIGA] Foreign investors have paid about US$1 billion buying up properties in Latvia in order to obtain temporary residence permits in the Baltic country, according to a report drawn up by the Latvian Interior Ministry.

The total value of property transactions related to the acquisition of residence permits in Latvia from July 1, 2010, to June 30, 2014, has come to 837.5 million euros (S$1.4 billion), the ministry said in the report to the Latvian government.

The Latvian immigration authority, the Office of Citizenship and Migration Affairs, received 12,000 requests for temporary residence permits in the four-year period, including 5,267 applications from investors and 7,160 from their family members.