One of "Riga Waterfront" project's investors previously convicted of money laundering in Denmark
Latvian public broadcaster's "de facto" program revealed that one of the investors in Andrejsala's planned "Riga Waterfront" development, Dubai-based Syrian national Jowan Haji Osman, was convicted in Denmark in 2023 of laundering over eight million euros. Migration authorities have not disclosed whether he holds a Latvian residence permit.
An investigation by Latvian public broadcaster LTV's program "de facto", conducted with the EBU investigative journalism network, found that one of the investors behind the "Riga Waterfront" development planned for Andrejsala — Dubai-based Syrian national Jowan Haji Osman — was convicted in Denmark several years ago in a large money laundering case. According to Danish court records, Osman pleaded guilty in 2023 to converting 65 million Danish kroner, over eight million euros, to conceal its criminal origin. Before his arrest, he had purchased real estate in the United Arab Emirates, listing one such apartment as his address with the company linked to "Riga Waterfront".
Uncertainty over residence permit
Latvia's Office of Citizenship and Migration Affairs (PMLP), citing personal data protection, would not disclose whether Osman had applied for or received a Latvian residence permit. The office explained that a criminal conviction generally serves as grounds to refuse such a permit, but a certificate of no criminal record is only required from the applicant's country of citizenship or current residence. Syria appears on the government's list of countries whose citizens require additional security screening, while the UAE does not.
"Riga Waterfront" did not directly answer whether investors had put money into the project for the sake of obtaining residence permits. The company said it had no information about where its investors travel or reside, that it could not disclose personal information about its business partners, and that transactions in the project go through licensed banks, which verify the origin of funds.
Project structure
The shares of "Riga Waterfront Investment Holdings" are split into two categories — the parent company holds Category A shares, while 32 individuals, mostly from Asian countries, hold Category B shares. Each of these individuals invested 100,000 euros, an amount that under Latvia's Immigration Law can serve as grounds for a temporary residence permit. In 2025 the company reported turnover of 2.518 million euros and posted a loss.
"Riga Waterfront" is a large-scale development planned for Andrejsala with a total planned investment of three billion euros, envisioning housing for more than 30,000 residents along the Daugava riverfront.
