Role Of Immigration To Boost Latvian Economy
Every country would like to attract foreign currency and skilled workers
. This is exactly what the Latvian government is hoping to do to recover from the worst ever financial recession to hit the country. The government is seriously considering the role of immigration to boost Latvian economy. They believe that attracting foreign national would lead to an inflow of wealth and skills both of which can be utilised for the improvement of the Latvian economy. The Latvian economy can benefit from the inflow of foreign nationals and their investments. The new amendments were specifically tailored keeping the new interests of the nation in mind.
One of the major benefits to the Latvian economy would be the inflow of foreign investments. This can ensured through the new amendments that states that foreign nationals who have a minimum of LVL 25,000 as investment in the equity capital of a Latvian firm can apply for a temporary resident visa. Though it has been mentioned that procuring investment alone is not enough to make the application valid and the applicant has to fulfil all other requirements, it is understood that proof of investment will definitely boost the credibility of the applicant.
The applicant can also buy real estate in Latvia to be eligible for having their
temporary resident permit application reconsidered. The foreign national should have a real estate holding of a minimum value of LVL 75,000, if the land holding is outside the city limits of major cities like Riga. In case the real estate holding of the foreign national is within the city limits of major cities then the real estate holding will need to be of a much higher value.
The applicant will be required to submit the papers concerning the real estate property while submitting the application. He will be required to show papers to prove that the real estate holding has been registered in his or her name or in the name of the spouse. The papers to show the transfer of money may also be required to be submitted.
Though it is not a guarantee that real estate holdings and investment will lead to a temporary resident permit, it is almost certain that such applicants will have a more favourable status than others. Since this is a known fact most foreign nationals opt for this method. Every foreign national who is planning to settle in Latvia consider this to be an early investment opportunity and use it to its best advantage. The Latvian real estate market has seen a rise in the demand for real estate property, through the foreign nationals.
All the money that has flowed in, through real estate deals and investments, has been profitable to the Latvian government and community. This has been enough to prove the role of
immigration to boost Latvian economy. The Latvian government has also been careful to see that there is no major inflow of unskilled labour. Most of the immigrants, who are granted the visa and other permits, belong to the highly skilled labour force. They are those who have the skills that cannot be provided by the Latvian citizens.
by: vipin kumar
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