The Latvian government provides numerous options for obtaining a Latvia residency by investment visa, including purchasing real estate, investing in a business, purchasing bonds, or investing in credit institution subordinated capital.
Investors over the age of 18 with a regular source of income and no criminal background are eligible to apply for a Latvian temporary residence permit.
The investor’s spouse and small children may also be included in the same application for a residence visa. Parents can also be included in the application if they are incapacitated and require round-the-clock care.
TOGGLES ALL OPTIONS
Investment Options
Real estate investment
For €250,000, you can purchase real estate in Latvia. After 5 years, the property can be sold and the initial investment refunded to the investor. This is the most popular investment-based residence permit option.
Individuals or organizations can purchase real estate. You can only participate in the program if you acquire property from people who are European Union nationals or have a Latvian resident visa. The program forbids you from purchasing property from a Latvian citizen.
If the seller is a corporation, it must be registered in Latvia, a member state of the European Union, the European Economic Community, or the Swiss Confederation. The firm selling the property must be a Latvian taxpayer.
A property can only be purchased using a bank transfer under the resident permit scheme. After the government approves the investor’s application for a residence permit, the investor must pay a state duty of 5% of the property’s value.
Business investment
Foreign investors can put money into a Latvian company in two ways: by increasing the authorized capital of an existing company or by starting a new one. After five years, the money invested can be repaid.
The state duty for investing in a business is €10,000, payable when the government approves the application for a residency visa.
The minimum investment amounts:
- €50,000 if the applicant invests in a company with up to 50 workers and an annual revenue of less than €10 million;
- €100,000 if the company has more than 50 employees and an annual turnover of more than €10 million.
Financial investment
Financial investment in credit institutions’ subordinated capital: €280,000. The state duty for a financial investment is €25,000, which is paid once the government approves the residency permit application.
Non-interest government bonds
€250,000 in non-interest bearing government bonds. The state duty payable for issuing a resident permit for bond investing is €38,000, which is paid when the residence permit application is approved by the government.
Applicants for a residence visa by investment are not required to take a Latvian language exam or to live in the country continuously. These requirements must be satisfied if the investor want to earn permanent residence or Latvian citizenship.
In exchange for investment, a 5-year residence permission card is granted. It can then be renewed or the possessor can apply for permanent residence, following which they can apply for Latvian citizenship after another 5 years.
How to Obtain Permanent Residence in Latvia Through Investment
After five years of living in Latvia on a temporary residence permit, an application for permanent residence can be submitted.
The investor must adhere to the condition of continuous residence in the country, which states that they cannot be absent for more than six months in a row or for a total of more than 12 months in the five years preceding their application.
Before applying for permanent residence in Latvia, you must have a valid residence permit.
To gain permanent residence, the candidate must complete the following steps:
- Submit an application to Latvia’s Office of Citizenship and Migration Affairs.
- Confirm income, which cannot be less than subsistence.
- Own or rent real estate in Latvia.
- Pass an exam on Latvian language knowledge at a level no lower than A2.
- Pay the state charge for the application’s examination.
- Meet the requirements of Latvian migration regulations for permanent residence.
The application is reviewed by the government within 30 days. The government charges €35 for getting permanent residence and issuing your residence permit. The evaluation can be done in 10 days for an additional €90, or in 5 days for an additional €140.
The permanent residence card is valid for a period of five years. It must be renewed within six months of its completion. To do so, you must pay the state fee and submit an application for registration to the Latvian Office of Citizenship and Migration Affairs.
Permanent residence is revoked if the applicant gave false information, was absent from the nation for 12 months in a row, committed major crimes, or applied more than six months after the permanent residence card expired.
Benefits of the Latvia Residency by Investment Program
- Visa-free entry to Europe’s Schengen Area
- No minimum stay necessary for residence permit renewal
- Fast application procedureRussian is widely spoken; there are excellent transportation ties between Russia and other EU member states; and
- After ten years of lawful residency, you are eligible to petition for citizenship.
Latvia residency requirements through investment
Applicants must meet the following requirements to get a residence permit through the Latvia Residence by Investment Program:
- Invest EUR 50,000 in the equity capital of a Latvian firm (assuming the company pays at least EUR 40,000 in taxes each year).
- Make a one-time payment to the state budget of EUR 10,000.
Furthermore, applicants must demonstrate the availability of funds to maintain their family’s standard of living without the need for Latvian government social assistance:
- EUR 15,480 for a single main application
- EUR 20,640 for a primary applicant and spouse
- EUR 22,188 for a married couple with one child per year
