Latvia
Latvia is situated within Europe’s Schengen Area, on the Baltic coast. Riga, its capital, was founded in 1201 and is a UNESCO World Heritage Site. Approximately half of Latvia’s territory is covered by forests, offering many nature trails and parks. Latvia offers excellent transport and cultural links with both Western Europe and Russia.
Residence by Investment Overview
The Latvia Residence by Investment Program was launched on 1 July 2010 as an initiative to sustainably overcome the economic crisis of 2007– 2009. Foreign nationals may apply for a residence permit in Latvia through various options.
Investment
Minimum investment of EUR 60,000
Processing Time
One–three months from submission of the application to approval
Key Benefit
The right to live, work, and study in Latvia
A Gateway to Europe with Latvia Residence by Investment
The Latvia Residence by Investment Program, launched on July 1, 2010, is one of the fastest and most competitive in Europe. It was created to help the country recover from the 2007-2009 economic crisis. In the first five years, the program brought in over EUR 1.3 billion, with more than EUR 1.1 billion coming from foreign investors purchasing real estate. (Note: The real estate option has been suspended since January 2022.)
To qualify for a residence permit in Latvia, foreign nationals can invest in the equity capital of a Latvian company, make a subordinated loan (deposit) in a Latvian bank, or purchase special purpose interest-free government bonds.
Enjoy visa-free access to Europe’s Schengen Area.
No minimum stay is required to renew your residence permit.
Benefit from a fast-track application process.
Russian is widely spoken.
Excellent transport links with Russia and other EU member states.
Become eligible to apply for citizenship after 10 years of legal residence.
Requirements of Latvia residence by investment
To obtain a residence permit through the Latvia Residence by Investment Program, applicants must meet several criteria:
Invest EUR 50,000 into the equity of a Latvian company that pays at least EUR 40,000 in taxes each year.
Make a one-time payment of EUR 10,000 to the state budget
In addition, applicants should demonstrate the availability of funds to maintain their family’s standard of living without having to seek social assistance from the Latvian government:
EUR 15,480 per year for a single main applicant
EUR 20,640 per year for a main applicant and spouse
EUR 22,188 per year for a married couple with one child
Alternatively, applicants can acquire real estate property in Latvia to the value of at least EUR 250,000 and pay a state fee equivalent to 5% of the real estate price.
Procedures and time frame of the Latvia Residence by Investment Program
If you decide to apply for the Latvia Residence by Investment Program, you can expect the entire process to take about 30 to 90 days. One of the great advantages of this program is that it allows you to include your family members, such as your spouse and children under 18, in your application. Once your application is approved by the Office of Citizenship and Migration Affairs of the Republic of Latvia, you'll need to visit Latvia in person within three months to pick up your temporary residence permit, which comes in the form of an ID card. This residence permit is valid for five years, but you will need to renew the ID card each year to maintain your status.
Residence requirement of Latvia residence by investment
There is no minimum number of days of physical presence in Latvia required in order to renew the residence permit.
Permanent residence permit and citizenship
After five years of holding a residence permit in Latvia, you can apply for a permanent residence permit. To qualify, you need to have lived in Latvia for at least four of those five years. Additionally, you must pass a basic Latvian language test at Level A2, and demonstrate knowledge of Latvia's general history and national anthem. Please note that applicants are typically required to renounce their former citizenship to be granted Latvian citizenship, although there are some exceptions to this rule.
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Trust Path Visas assists international clients in obtaining residence and citizenship under the respective programs. Contact us to arrange an initial private consultation
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