Foreign nationals may apply for residence permit in Latvia through various options. One of the options is Residence-by -Investment Program discussed in this article. Latvian Residence-by-Investment Program is one of the fastest, cheapest and competitive programs in Europe. The Program requires real estate investment, or the investment could be made by making a subordinated loan (deposit) in one of the Latvian banks, through the purchase of interest-free government bonds determined for special purpose, or invest in the equity capital of a Latvian company.
What are the main benefits of the Program? Gateway to Europe.
The following Program has particular benefits for foreigners:
- First of all, you get a visa-free access to Europe’s Schengen Area;
- There is no minimum stay required to qualify for the residence permit renewal;
- Fast application procedure (usually around 1-3 months (30 to 90 days) from submission of the application to approval) ;
- Great geographical location, Latvia provides excellent transport links with various EU member states, Russia and third countries;
- Availability to move to the EU with your family, members of the applicant's family (e.g. spouse, children under 18) may apply for residence permit together with the applicant;
- Right to study, work, freely reside in Latvia and EU.
As regarding the requirements, you may choose from options provided to you to obtain your residence permit in Latvia through the Residence-by-Investment Program.
1. You can purchase real estate for 250 000 EUR + one-time payment of 5% of the purchase price to the state budget as a requirement.
2. Invest 280 000 EUR in the subordinated capital of Latvian bank for 5 year period + one-time payment of 25 000 EUR to the state budget as a requirement.
3. Invest 50 000 EUR in the equity capital of a Latvian company + one-time payment of 10 000 EUR to the state budget as a requirement.*
4. Purchase of special-purpose interest free bonds at a nominal value of 250 000 EUR + one-time payment of 38 000 EUR to the state budget as a requirement.
*Once provided that the company annually pays at least 40 000 EUR in taxes.
Once the Office of Citizenship and Migration Affairs of the Republic of Latvia (OCMA) approves the application, the investor shall visit Latvia in person within 3 months period to collect temporary residence permit issued in the form of Identification Card (ID). Residence permit is valid for 5 years with the requirement of annual renewal of ID card.
To renew residence permit card there is no specific limitations under this program (e.g. number of days of physical presence in Latvia as required by other programs)
Later on if you wish to apply for permanent residence permit in Latvia, it is possible after five years of receiving the residence permit.
To qualify, the requirements are that an individual must have resided in Latvia for at least four years out of the five year period of residence permit and shall successfully pass the basic Latvian language test at Level A2, as well as general knowledge of history of Latvia and the national anthem. Person could as well be granted Latvia citizenship (but before that the applicant must renounce the former citizenship, however there may be some exceptions in individual cases).
To apply for residence permit in Latvia under Residence-by-Investment Program, do not hesitate to contact our immigration lawyers - firstname.lastname@example.org
You also can contact our lawyers via Whatsapp, Viber, Telegram +37126742086
EU LAW FIRM lawyers will not only assist you with application, but as well will help with legal advise regarding purchase of real estate (contract drafting, choice of real estate, Land Register procedures etc.), investments, purchase of bonds and other.