07
May 2026
Latvia’s financial intelligence service has flagged more than 20 companies suspected of running fake investment schemes under the country’s golden visa program.
Around 200 foreign nationals allegedly invested over €10 million in share capital that did not support any real business activity.
The investigation, first reported by Latvian public broadcaster LSM’s investigative program De Facto, found that more than 50 of these investors have already received temporary residence permits (TRPs).
When their family members are included, the total number of permit holders or applicants linked to these schemes rises to over 100.
The money circle
Latvia’s Financial Intelligence Unit (FIU) chief, Toms Platacis, told De Facto that in several cases, investors did not make the required €50,000 contribution as a single, genuine investment. Instead, they paid it in repeated,…
This remains the most prevalent form of financial crime globally. It targets the direct access points to your money: your cards and your bank accounts.
- Skimming: Criminals use small devices called “skimmers” placed over ATM or point-of-sale card slots to capture the data from your card’s magnetic strip.
- Card-Not-Present (CNP) Fraud: This occurs during online shopping where a physical card isn’t required. Thieves use stolen card numbers, expiry dates, and CVV codes to make unauthorized purchases.
- Account Takeover (ATO): A hacker gains access to your online banking credentials (often through malware or phishing) and changes the contact details or passwords, locking you out while they drain your funds.