RIGA — A group of nationalists gathered outside Latvia’s parliament on Thursday to protest an amendment to the immigration law which would allow foreign investors to acquire temporary residency.

The approximate 150 protesters, who are affiliated with either For Fatherland and Freedom, a coalition party, and All for Latvia!, a marginal right-wing party with a large number of youths, are demanding that [private_supervisor]lawmakers reject a bill that would grant residency to foreigners who invest a certain amount in the Latvian economy.

Protesters held signs saying “Selling Latvia is no way to rescue the economy!” and “Those who support the amendment have sold their souls!” In a statement, organizers said, “We are convinced that the amendments essentially amount to intentional sale of Latvian properties to foreigners, creating a new immigration wave of mostly Russian speakers.”

The amendment calls for foreigners who invest 25,000 lats (€35,000) in a company’s charter capital and employ three people, or own property worth 100,000 lats (€140,000) in Riga or 50,000 lats (€70,000) in the countryside, can apply for a temporary residency permit — one good for five years. After the five years the foreign investors can apply for permanent residency.

Protesters also brought five coffins to the demonstration, bearing the names Skrunda, Jūrmala, Abrene, Riga, and Piebalga — all cities and towns that they consider to represent the Russification of the country. The amendments are up for a third and final reading in the Saeima. The second reading took place on Jan. 14.

The amendments were originally drafted to help kick-start Latvia’s economy by given investors an additional incentive in to invest in the Baltic state. Supporters say many countries around the world use similar measure to lure foreign investors. [/private_supervisor] [private_subscription 1 month]lawmakers reject a bill that would grant residency to foreigners who invest a certain amount in the Latvian economy.

Protesters held signs saying “Selling Latvia is no way to rescue the economy!” and “Those who support the amendment have sold their souls!” In a statement, organizers said, “We are convinced that the amendments essentially amount to intentional sale of Latvian properties to foreigners, creating a new immigration wave of mostly Russian speakers.”

The amendment calls for foreigners who invest 25,000 lats (€35,000) in a company’s charter capital and employ three people, or own property worth 100,000 lats (€140,000) in Riga or 50,000 lats (€70,000) in the countryside, can apply for a temporary residency permit — one good for five years. After the five years the foreign investors can apply for permanent residency.

Protesters also brought five coffins to the demonstration, bearing the names Skrunda, Jūrmala, Abrene, Riga, and Piebalga — all cities and towns that they consider to represent the Russification of the country. The amendments are up for a third and final reading in the Saeima. The second reading took place on Jan. 14.

The amendments were originally drafted to help kick-start Latvia’s economy by given investors an additional incentive in to invest in the Baltic state. Supporters say many countries around the world use similar measure to lure foreign investors.[/private_subscription 1 month] [private_subscription 4 months]lawmakers reject a bill that would grant residency to foreigners who invest a certain amount in the Latvian economy.

Protesters held signs saying “Selling Latvia is no way to rescue the economy!” and “Those who support the amendment have sold their souls!” In a statement, organizers said, “We are convinced that the amendments essentially amount to intentional sale of Latvian properties to foreigners, creating a new immigration wave of mostly Russian speakers.”

The amendment calls for foreigners who invest 25,000 lats (€35,000) in a company’s charter capital and employ three people, or own property worth 100,000 lats (€140,000) in Riga or 50,000 lats (€70,000) in the countryside, can apply for a temporary residency permit — one good for five years. After the five years the foreign investors can apply for permanent residency.

Protesters also brought five coffins to the demonstration, bearing the names Skrunda, Jūrmala, Abrene, Riga, and Piebalga — all cities and towns that they consider to represent the Russification of the country. The amendments are up for a third and final reading in the Saeima. The second reading took place on Jan. 14.

The amendments were originally drafted to help kick-start Latvia’s economy by given investors an additional incentive in to invest in the Baltic state. Supporters say many countries around the world use similar measure to lure foreign investors. [/private_subscription 4 months] [private_subscription 1 year]lawmakers reject a bill that would grant residency to foreigners who invest a certain amount in the Latvian economy.

Protesters held signs saying “Selling Latvia is no way to rescue the economy!” and “Those who support the amendment have sold their souls!” In a statement, organizers said, “We are convinced that the amendments essentially amount to intentional sale of Latvian properties to foreigners, creating a new immigration wave of mostly Russian speakers.”

The amendment calls for foreigners who invest 25,000 lats (€35,000) in a company’s charter capital and employ three people, or own property worth 100,000 lats (€140,000) in Riga or 50,000 lats (€70,000) in the countryside, can apply for a temporary residency permit — one good for five years. After the five years the foreign investors can apply for permanent residency.

Protesters also brought five coffins to the demonstration, bearing the names Skrunda, Jūrmala, Abrene, Riga, and Piebalga — all cities and towns that they consider to represent the Russification of the country. The amendments are up for a third and final reading in the Saeima. The second reading took place on Jan. 14.

The amendments were originally drafted to help kick-start Latvia’s economy by given investors an additional incentive in to invest in the Baltic state. Supporters say many countries around the world use similar measure to lure foreign investors. [/private_subscription 1 year]

— This is a paid article. To subscribe or extend your subscription, click here.