Investment in or acquisition of certain assets, in particular enterprises or facilities with significance to national security and national-level or European critical infrastructure, is subject to permission of the Cabinet of Ministers. The review mechanism applies regardless of the nationality of the acquirer.

"Section 22.2 Critical Infrastructure:
(1) Critical infrastructure is objects, systems or parts thereof and services located in the Republic of Latvia which are essential for the implementation of essential public functions, as well as for the protection of human health, safety, economic or social welfare and the destruction or disruption of which would significantly affect the state and implementation of the basic functions of the company, except for the critical financial services referred to in Section 22.3 of this Law and related financial market infrastructures, including payment and financial instruments settlement systems within the meaning of the Law on Settlement Finality in Payment and Financial Instruments Settlement Systems.
(2) Critical infrastructure shall be classified as follows:
1) especially important critical infrastructure of State level (Category A critical infrastructure), destruction of or reduction of operational capabilities of which significantly endangers State administration and national security;
2) important critical infrastructure of State level (Category B critical infrastructure), destruction of or reduction of operational capabilities of which hinders State administration and endangers public and national security;
3) critical infrastructure of local governments and sectors (Category C critical infrastructure), destruction of or reduction of operational capabilities of which hinders administration of local government activities or sectors, as well as endangers public security;
4) sectoral critical infrastructure (critical infrastructure of category D) the destruction, reduction of capacity or interruption of the provision of critical services during a declared state of emergency or during a war poses a significant threat to public and national security.
(3) A separate critical infrastructure, destruction of or reduction of operational capabilities of which would significantly affect at least two European Union Member States, may also be determined as a European critical infrastructure. [...]
(7) A permission from the Cabinet shall be required for transfer of the critical infrastructure referred to in Paragraph two, Clause 1 or 2 or Paragraph three of this Section into possession or ownership of another person.
[...]
Section 37. Commercial Companies of Significance to National Security:
The restrictions specified in this Chapter shall apply to a commercial company registered in the Republic of Latvia which conforms to at least one of the following conditions:
1) is an electronic communications merchant with a significant market power which has been imposed liabilities for tariff regulation and cost accounting in accordance with the procedures provided for in the Electronic Communications Law;
2) is an audible electronic mass medium the coverage zone of the programme of which, using technical means for terrestrial broadcasting, according to the broadcasting permit issued by the National Electronic Mass Media Council is Latvia or at least 60 per cent of its territory, or is an audio-visual electronic mass medium the coverage zone of the programme of which, using technical means for terrestrial broadcasting, according to the broadcasting permit issued by the National Electronic Mass Media Council is Latvia or at least 95 per cent of its territory;
3) has received a licence in the Republic of Latvia for transmission, distribution, storage of natural gas or has, in its ownership, a liquefied natural gas facility connected to a transmission system;
4) is an electricity or thermal energy producer the installed actual capacity of which exceeds 50 megawatts;
5) is a thermal energy transmission and distribution operator which has heat supply networks in its ownership in length of at least 100 kilometres;
6) has received a licence for electricity transmission in the Republic of Latvia.
Section 38. Restrictions on Obtaining Influence:
(1) In order to preclude an influence endangering or potentially endangering national security in a commercial company of significance to national security, the Cabinet shall determine the obligations referred to in this Chapter for commercial companies of significance to national security and decide on permission for the following activities:
1) in relation to capital companies:
a) obtaining of qualifying holding;
b) obtaining of decisive influence;
c) transition of an undertaking;
d) preservation of the status of a stockholder or shareholder or preservation of the right to exercise indirect holding (right to vote), if the beneficial owner changes;
2) in relation to partnerships:
a) joining of a new member;
b) preservation of the status of a member if the beneficial owner changes.
(2) The concept "qualifying holding" used in this Law conforms to the concept of qualifying holding within the meaning of the Financial Instrument Market Law, if a smaller proportion of holding or other additional conditions have not been specified in another law; the concept "decisive influence" conforms to the concept of decisive influence within the meaning of the Group of Companies Law; the concept "beneficial owner" conforms to the concept of the beneficial owner within the meaning of the Law on the Prevention of Money Laundering and Terrorism Financing.
[...]
Section 40. Receipt of a Permit for Obtaining Qualifying Holding or Decisive Influence:
(1) A permit of the Cabinet shall be necessary before a person or several persons who act in a co-ordinated manner obtain qualifying holding or decisive influence in a commercial company of significance to national security or become a member of such commercial company, or also obtain influence in a capital company registered in the Republic of Latvia which is a member of a commercial company of significance to national security.
(2) If a direct prohibition is imposed in another law on specific legal subjects in relation to obtaining holding of specific type in any of the commercial companies of significance to national security, such prohibition shall be applicable regardless of a permit of the Cabinet.
(3) An application for the receipt of a permit shall be submitted by a person who wishes to obtain qualifying holding or decisive influence in a commercial company of significance to national security.[...]" (National Security Law (473/476, 29.12.2000; last amended 20 May 2021), Sections 22.2, 37, 38 and 40 [unofficial translation; translation validity up to 31.12.2020; complemented by google translation of amendments of 20.05.2021 to Section 22.2])
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"Section 1. Terms Used in this Law:
(1) The following terms are used in this Law: [...] 
20) qualifying holding - a holding acquired directly or indirectly by one or several persons, which are acting in concert on the basis of an agreement, and representing 10 per cent or more of the share capital or of the voting rights of shares or stocks of a commercial company or making it possible to exercise a significant influence over the management of the financial and operational policy of the commercial company; [...]" (Financial Instrument Market Law (175, 11.12.2003; last amended 27 May 2021), Section 1 [unofficial translation; translation validity up to 3.10.2017])
National Security Law (473/476, 29.12.2000; last amended 20 May 2021), Sections 22.2, 37, 38 and 40
Financial Instrument Market Law (175, 11.12.2003; last amended 27 May 2021), Section 1 
[<a href="https://likumi.lv/ta/en/en/id/14011">Law</a>],[<a href="https://likumi.lv/ta/en/en/id/81995-financial-instrument-market-law">Law</a>],[<a href="https://one.oecd.org/document/DAF/INV/RD(2018)1/en/pdf">Other</a>]