Latvia’s recently revised Golden Visa program faces another potential change after five lawmakers introduced legislation seeking to remove the newly established €150,000 investment fund pathway, just days before the country’s new Immigration Law took effect.

The proposal, submitted on September 3, 2026, by members of the Progressives party, seeks to eliminate the fund investment provision under Article 27(1)(36). If adopted, it would leave investment in Latvian companies as the country’s sole remaining Golden Visa pathway.

The development follows a broader restructuring of Latvia’s immigration framework, which took effect on September 15 and discontinued the long-standing real estate and bank deposit investment options.

Importantly, the latest proposal does not seek to abolish Latvia’s entire Golden Visa program. It targets a specific investment route introduced under the new legislation.

A New €150,000 Investment Route Already Faces Possible Removal

The €150,000 fund pathway was introduced as part of Latvia’s new Immigration Law, which Parliament approved on August 20 following an earlier presidential request for reconsideration.

Under the provision, qualifying foreign investors may obtain a temporary residence permit valid for up to five years by investing at least €150,000 through a state-established alternative investment fund manager.

The investment must be maintained for at least five years, and applicants must make an additional €10,000 payment to the state budget. Continued permit validity is conditional on maintaining the required investment and keeping the investment agreement in force.

However, the Progressives’ proposal would remove the provision entirely rather than amend its investment threshold or introduce additional eligibility conditions.

Lawmakers Raise Security and Economic Concerns

The proposal is led by Progressives faction chair Andris Šuvajevs, alongside lawmakers Andris Sprūds, Liene Gātere, Kaspars Briškens, and Jana Simanovska.

In the bill’s explanatory note, the sponsors argue that granting residency primarily in exchange for financial investment creates disproportionate security and reputational risks. Their concerns include money laundering, sanctions evasion, and the potential misuse of investment-based immigration pathways.

They also question whether an applicant’s financial capacity should be the principal basis for receiving residency, rather than considerations such as labor-market needs, national security, and integration into Latvian society.

The lawmakers further argue that the fund route was introduced without sufficient data demonstrating its actual economic contribution. They maintain that removing it would not negatively affect the state budget, noting that no payments had been received under the route when the proposal was submitted.

Their position draws on a parliamentary inquiry committee report approved on May 26, which recommended closing Latvia’s existing investment-based residency routes, including the company investment option.

Latvia Has Already Closed Its Property and Bank Deposit Routes

The latest proposal comes shortly after Latvia implemented significant changes to its investment migration framework.

The new Immigration Law, adopted on August 20 and effective September 15, 2026, removed the provisions allowing new applicants to obtain temporary residence through real estate purchases or qualifying bank investments.

Applications submitted by September 14, 2026, remain subject to the previous rules, while existing permit holders are governed by the applicable transitional and continuation provisions.

The revised framework retained investment in the share capital of a Latvian company and introduced the €150,000 alternative investment fund route.

Under the company investment pathway, qualifying applicants may invest €50,000 in a smaller Latvian company or €100,000 in a larger qualifying business, alongside a €10,000 state payment. The residence permit available through this pathway has been shortened from five years to two years.

If the latest amendment is adopted, the fund provision would be deleted entirely. The proposal does not seek to remove the company investment route, although that pathway was included in the earlier parliamentary inquiry committee’s broader recommendation.

Consequently, the bill represents a further proposed narrowing of Latvia’s investment-based residency framework rather than an immediate termination of the entire program.

What Does This Mean for Investors?

For prospective investors, the distinction between legislation and operational availability is particularly important.

The €150,000 fund option is currently included in Latvia’s Immigration Law, but the required investment structure has not yet been established. Therefore, its existence in legislation does not mean investors can currently submit applications through it.

The proposed amendment introduces further uncertainty over whether the route will become operational at all.

Meanwhile, the company share-capital investment pathway remains unaffected by Bill 1521/Lp14, while the property and bank deposit routes are no longer available to new applicants under the revised law.

The proposal also contains no specific transitional provisions addressing applications submitted before any future removal takes effect. However, given that the fund route is not yet operational, there is currently no established application process for investors to use.

For now, Latvia has not abolished the €150,000 fund route. The proposal remains under parliamentary consideration, and any removal would require further legislative action.

The proposal’s progress through Parliament, including any consideration following the October 3 election, will determine whether the fund route remains part of Latvia’s investment-based residency framework.