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Latvia: Immigration law amendments
26th May 2014
Latvian parliament adopted amendments to the Immigration Law in Latvia on May 8th, 2014. The amendments will come into force on September 1, 2014. Changes refer to the minimum thresholds of the property that qualifies for temporary residence permit.

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Registration of true beneficiaries in Latvia

The newspaper “Dienas Bizness reported that registration of true beneficiaries in the Register of Enterprises in Latvia has not received considerable response; however, it has ensured further work for experts.

Just several days before the deadline the newspaper informed that all true beneficiaries, owning at least 25 % of the capital or shares in a specific company and for whom a person holds capital or shares on his or her behalf despite the beneficiary being another person have to submit a statement to the register of true beneficiaries until 28 December.

Yes, each true beneficiary of all the existing companies in Latvia must be revealed by the end of 2011; however, it is not known, how many persons hold the capital or shares in their name, but for the sake of the interests of other persons, answered the Chief Notary Public of the Register of Enterprises in Latvia, Ringolds Balodis when asked the question if the 65 notifications on true beneficiaries received so far (taking into account that there are almost 185,000 illiquid enterprises in Latvia) was a sufficient number.

Notifications on true beneficiaries must be submitted to a management structure of a company, which is also responsible for their content. The Register of Enterprises in Latvia is not a supervisor ora controller of true beneficiaries Yes, we have received applications to give an explanation on registration of true beneficiaries, as well as applications to register true beneficiaries; however, the Register of Enterprises in Latvia is not obliged to reveal this kind of data, Balodis answered to the question whether the information about the number of applicants was confidential.

It has already been reported that the Saeima supported the amendments to the Commercial Law in Latvia foreseeing that a notification on true beneficiaries must be submitted to the Register of Enterprises in Latvia.

The amendments to the Commercial Law stipulate that the Register of Enterprises must collect information on true beneficiaries (owning at least 25 % of capital or shares), in whose interests another legal entity or natural person has been appointed as the holder (owner).

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