According to critics, the program is being used by shady businessmen from the former Soviet Union to enter the EU, calling on the country's authorities to put an end to it as soon as possible, EU Helpers reports. For bankers and real estate agents, the law is bringing a significant amount of foreign investments to the country.

Rich foreigners can take advantage of Latvia's Residence by Investment program in three different ways:

investing cash equal to the capital of a Latvian firm (at least €50,000 and a €10,000 one-time payment)
Depositing (at least €280,000 and a one-time payment of €25,000) in a Latvian bank
Buying bonds for a special purpose (at least €250,000 and a one-time payment of €38,000)
According to data from the Latvian government released last week, this program attracted a total of €600 million in investment to the country, and almost 7,000 foreigners have obtained five-year EU resident cards through it.

Despite the financial contribution it contributes to the economy, it is frequently viewed as an open door to numerous illegal activities. The scheme is vulnerable to abuse, claims Roberts Zile, a member of the European Parliament (MEP).

Edgars Sins, the chairman of Latio, the largest real estate firm in Latvia, disagreed, claiming that the system had protected both businesses and families who had been caught up in the country's massive property bubble that burst in 2008–2009 as a result of the global financial crisis.

Many European nations still provide residency and citizenship programs to affluent foreigners today, despite repeated calls for them to stop after these programs were linked to illegal activities including money laundering and corruption.

The Latvian government chose to end the Golden Visa Program last year for the same reasons. The Latvian prime minister, Krijnis Kari, reaffirmed this choice while emphasizing that the interior ministry is writing the required legislative changes.