In Latvia the duty for extension of residence permit is introduced.

In Latvia the duty for extension of residence permit is introduced.
The Latvian Seimas amended the procedure for extending the temporary residence permit received by investment (effective July 1, 2016).
The main change is that if you renew the temporary residence permit you will have to pay a fee of 5,000 euros. This innovation does not apply to all holders of temporary residence permits, but only those who have obtained residence permit in connection with the acquisition of local real estate or contributed to the subordinated capital of the Latvian bank.
At the same time, persons who have obtained residence permit through real estate, the ownership of which was registered before August 31, 2014, will pay 5,000 euros only if they renew (that is, with the second and further) renewals of their residence permit. That is, if such a person received a temporary residence permit, for example, for 5 years (this is the maximum period), then at the first renewal payment of the fee is not required, but only after 10 years from the initial receipt of residence permit.
Whereas, persons whose ownership of the Latvian real estate was issued after August 31, 2014, will have to pay the specified fee already at the first extension of residence permit.
Note that the minimum cost of the acquired property required to obtain residence permit, currently is 250,000 euros, and the deposit in a Latvian bank is 300,000 euros.
Similarly, a person who placed a deposit in a Latvian bank before August 31, 2014 inclusive, at the first extension of residence permit does not pay 5,000 euros, and pays only upon renewal. If the deposit was made after the specified date, the duty is paid already at the first renewal.
The new requirement does not apply to those who received a temporary residence permit for other reasons (for example, made a contribution to the authorized capital of Latvian companies or to state non-interest-bearing securities). Equally, it does not apply to permanent residence holders in Latvia (which does not require any extension). In addition, it will not be necessary to pay a fee for extending the residence permit of the family members of the main applicant (investor), regardless of the grounds for granting it.
The government of Latvia also received the authority to suspend for a period of up to 5 years the granting of residence permits to citizens of individual countries if their “concentration in certain territories affects national security or economic development”.


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