The European Commission has given the small Baltic state of Latvia the go-ahead to join the eurozone next year. Skeptics are concerned that might boost the influence of the country's wealthy Russian minority.
At the Amberpines showroom in the Latvian capital Riga, wallpaper samples decorate one corner, a wall is covered in glazed multi-colored tiles, and a fire crackles in a wood-burning stove set up in front of tall stacks of firewood. Real estate agent Đ¢amara Raine is working at her laptop computer, answering customer requests. Three years ago, the government gave foreigners the opportunity to acquire a permanent residence permit if they bought real estate - which saved her agency from bankruptcy
"When the crisis hit, we had problems selling apartments, just like everyone else," she says. "Latvia's Law on Foreign Investment was a great help." Latvians were deeply in debt during those years and in no position to invest, "so we concentrated on foreigners."
Among them are Yelena and Sergei, both doctors from Moscow, who bought a home in the Amberpines vacation village project in Riga's seaside resort of Jurmala. The advantages are obvious, says Sergei. He and his wife enjoy the area, everyone speaks Russian, and there is no trace of the resentment against Russians that lingered after Latvia declared independence from Russia in 1990, when many Latvians refused to speak Russian at all. Added to that comes the permanent residence permit: "If we want to travel in Europe, we no longer need to go through the elaborate process of applying for a visa."Foreigners, in this case, refers mainly to Russians. As a former Soviet republic, Latvia has a large Russian-speaking minority. Raine's business model is based on rich Russians who buy a condominium or vacation home on the Baltic Sea in Latvia.
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