Soon Latvia will join the Euro-group of countries and it has made great advancement in terms of finance and economy. Like every other European country, Latvia also suffered from the adverse effects of economic crisis that occurred in 2008-2009. But soon after the crisis period was over they bounced back. They also found a great way to attract investors to spend their money in Latvia substantially. From July in 2010 some crucial amendments done to the existing immigration laws became active and certain investors became eligible for a TRP or Temporary Residence Permit.
Life in Latvia is good as they have made good lot of progress and the government is able to provide a good lifestyle to the citizens. The New Residence Program which came into effect from July 1, 2010, allows investors to buy property in Latvia. The plan has worked well in favor of Latvian economy and given it the much needed boost. As Latvia is a part of the European Union or EU, a foreign investor who gets the TRP can travel throughout the other EU and Schengen countries without bothering about visa. This can really help investors who plan to conduct their business throughout different countries of EU but belong to a different continent.
Investment must be done according to norms if a foreign investor is keen on getting the Temporary Residence Permit for 5 years. The Latvian currency is called Latvian Lats. Each Latvian Lat is equivalent to US $ 2.08. The best way to get hold of resident permit is to invest in the national bonds or open an account with a huge sum in it. You have to buy bonds worth 400,000 USD or put the same amount of money in a subordinated 5 year long term deposit. This is the fastest and most trustworthy method of acquiring citizenship of Latvia. You have to renew the citizenship every year.
Investors can also buy real estate worth at least 143,000 Euros for being considered worthy of a citizenship. Presently the TRP program is being evaluated once more. If one of the political parties that run the coalition government of Latvia disagrees with it then it will get cancelled. Foreign investors who set up a business infrastructure in Latvia also enjoy a chance of getting impermanent citizenship as of now. But the future of this captivating plan is not known to us.