RIGA — The Latvian parliament passed the new version of the immigration law on Thursday that says foreigners who invest in the country have the right to a temporary residence permit.

Though the law came up against stiff opposition from the nationalist parties in the country, it was passed 48 votes for and 42 against. Foreigners who invest at least [private_supervisor]25,000 lats (€35,700) in a company, create five jobs and pay at least 10,000 lats in tax during a financial year can apply for residency permits, which allow foreigners to live, work and claim some benefits in the country. Property owners will also benefit from the new amendments to the law if they own enough.

Though the law is expected to bring in 5 million lats to the cash-strapped country and create 2,500 new jobs, it was criticized in parliament because it means that members of organized crime gangs from the east could find an easy way into the country.

The new law takes effect on July 1.

Property owners with at least 100,000 lats in Riga or its surroundings or property worth at least 50,000 lats elsewhere in Latvia are eligible for residency permits under the new law.

Investors also can seek temporary residence permits, if they had invested at least 200,000 lats in subordinate capital of a Latvian credit institution for five years or more.

Prior to the law passing, protesters voiced their concerns outside the Saeima.

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.”

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.

— Baltic Reports reporter James Dahl contributed to this article. [/private_supervisor] [private_subscription 1 month]25,000 lats (€35,700) in a company, create five jobs and pay at least 10,000 lats in tax during a financial year can apply for residency permits, which allow foreigners to live, work and claim some benefits in the country. Property owners will also benefit from the new amendments to the law if they own enough.

Though the law is expected to bring in 5 million lats to the cash-strapped country and create 2,500 new jobs, it was criticized in parliament because it means that members of organized crime gangs from the east could find an easy way into the country.

The new law takes effect on July 1.

Property owners with at least 100,000 lats in Riga or its surroundings or property worth at least 50,000 lats elsewhere in Latvia are eligible for residency permits under the new law.

Investors also can seek temporary residence permits, if they had invested at least 200,000 lats in subordinate capital of a Latvian credit institution for five years or more.

Prior to the law passing, protesters voiced their concerns outside the Saeima.

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.”

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.

— Baltic Reports reporter James Dahl contributed to this article. [/private_subscription 1 month] [private_subscription 4 months]25,000 lats (€35,700) in a company, create five jobs and pay at least 10,000 lats in tax during a financial year can apply for residency permits, which allow foreigners to live, work and claim some benefits in the country. Property owners will also benefit from the new amendments to the law if they own enough.

Though the law is expected to bring in 5 million lats to the cash-strapped country and create 2,500 new jobs, it was criticized in parliament because it means that members of organized crime gangs from the east could find an easy way into the country.

The new law takes effect on July 1.

Property owners with at least 100,000 lats in Riga or its surroundings or property worth at least 50,000 lats elsewhere in Latvia are eligible for residency permits under the new law.

Investors also can seek temporary residence permits, if they had invested at least 200,000 lats in subordinate capital of a Latvian credit institution for five years or more.

Prior to the law passing, protesters voiced their concerns outside the Saeima.

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.”

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.

— Baltic Reports reporter James Dahl contributed to this article. [/private_subscription 4 months] [private_subscription 1 year]25,000 lats (€35,700) in a company, create five jobs and pay at least 10,000 lats in tax during a financial year can apply for residency permits, which allow foreigners to live, work and claim some benefits in the country. Property owners will also benefit from the new amendments to the law if they own enough.

Though the law is expected to bring in 5 million lats to the cash-strapped country and create 2,500 new jobs, it was criticized in parliament because it means that members of organized crime gangs from the east could find an easy way into the country.

The new law takes effect on July 1.

Property owners with at least 100,000 lats in Riga or its surroundings or property worth at least 50,000 lats elsewhere in Latvia are eligible for residency permits under the new law.

Investors also can seek temporary residence permits, if they had invested at least 200,000 lats in subordinate capital of a Latvian credit institution for five years or more.

Prior to the law passing, protesters voiced their concerns outside the Saeima.

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.”

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.

— Baltic Reports reporter James Dahl contributed to this article. [/private_subscription 1 year]

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