Golden Visa Latvia to be discontinued in 2014?

We have seen 2 controversial weeks in Latvia politics regarding the Golden Visa scheme, the program was limited by parliament but Latvia president even refused this proposal, Latvia is one of the most popular countries for Golden Visas / Investor Visas in Europe and probably beside Cyprus the reason why southern European states in the meantime are offering such programs as well.

The Golden Visa program that has brought around 7.000 investors and around 500 Million Euro real estate investments to Latvia but the law was modified and  restricted in the last 2 weeks.  But even with this restriction Latvian president refused to sign the new law and asked to restrict it even further.

Current conditions are as follows:

– Golden Visa is limited to 800 Visas in 2014, to be reduced every year until 2016

– 700 Golden Visa are available for real estate investments of 150.000 Euro

– 100 Golden Visas are available for real estate investments of 500.000 Euro

– fee to apply for the Visa was increased to 25.000 Euro

There are only small chances to receive a Golden Visa in Latvia in 2013, we suggest to focus you attention to Malta or Spain.