For residency in Latvia, here's what's required:
- A minimum of €286,000 ($333,064 or £257,472) over a period of five years in a credit institution, or;
- To invest in equity capital, the foreign national must invest a minimum of €36,000 ($41,924 or £32,409) and must pay a minimum of €28,600 ($33,306 or £25,747) in the next year.
Henley & Partners added that there are also options to apply for the residence permit through the purchase of real estate or interest-free government bonds.
You can apply for citizenship after five years through process of naturalization (i.e. language test, history test), according to Katz.
"The true catch here is when they want to get citizenship, they have to take a language test, and Latvian is an impossible language to learn as an adult," Katz said.
"No one can, and they know it, and as such they know no one will ever become a citizen."