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Latvia investors to get EU residency

3 January 2011 Last updated at 10:28 GMT

People from outside the European Union who buy property in Latvia or invest in business will now receive EU residency rights.

With Latvia suffering one of the worst economic crises in Europe, many praise the new way of attracting foreign investment.

But critics say European residency rules could be abused by criminals.

Damien McGuinness reports.