Residence Permit in Latvia: Available residency programs in 2024

 

EU LAW FIRM immigration lawyers in Latvia provide clients with legal assistance to acquire European Union residence permits. There are various options and possibilities to migrate to Latvia and acquire a residence permit in Latvia.

Latvia offers the most cost effective and beneficial residence by investment programs in all Europe.

Latvia is home to one of the EU's quickest, simplest, and most affordable Golden Visas. It is a hidden gem in investment migration that provides investors with a unique opportunity that blends elevated global mobility and contingency planning with potentially profitable investments.

The Latvian Golden Visa is well known for having the most affordable minimum investment amount: a €50,000 equity investment in a Latvian company. Combined with the €10,000 fee, the total of €60,000 is by far the most affordable investment category across all of the EU's Golden Visas.

However, the program has other investment options that can be very profitable and are quite interesting. The full list of Latvia's investment options are:

·       €250,000 investment in real estate, along with a one-time government fee equivalent to 5% of the purchase price.

·       €50,000 equity investment in a Latvian company that annually pays at least €40,000 in taxes, along with a one-time government fee of €10,000.

·       €280,000 capital deposit in a Latvian bank for a period of five years, along with a one-time government fee of €25,000.

·       €250,000 investment in special-purpose, interest-free bonds, along with a one-time government fee of €38,000.

 

Latvia distinguishes two types of residence permits:

 

-        temporary residence permit in Latvia: Temporary residence permit in Latvia is issued for persons who qualify under one of the Latvian immigration programmes.

-        permanent residence permit in Latvia: Permanent residence permit in Latvia is issued after person has held the temporary residence permit in Latvia for at least 5 years period.

 

There are various residence permit programmes available in Latvia under which foreigners can acquire a residence permit in Latvia. It is notable to mention that Latvian residence permit is European Union residence permit, therefore, the person will be entitled to all the rights of free movement between all Schengen countries without VISA requirements. 

 

There are further benefits, such as the possibility to do business in all EU market, get social and health benefits for family, benefit from the EU social and economic system.

 

In case you choose a residence by investment program in Latvia, you will receive many benefits such as commissions on the return on investment, profitable exit strategies and many more.

 

Available temporary residence permit programmes in Latvia:

 

Residence by Investment in Lavia

 

I. Real estate Investment in Latvia - temporary residence permit in Latvia available for foreigners who have bought real-estate in Latvia for minimum of 250 000 EUR. The EU Golden Visa in Latvia is issued for 5 years and can be renewed. After 5 years the person can apply for permanent residence permit in Latvia. The requirements are:

• valid passport;
• CV of main applicant and family;
• purchase of real-estate in Latvia for minimal market value of 250 000 EUR (market value is determined by licensed evaluator);
• payment of state fee in total amount of 12 500 EUR (total amount for whole family - one time payment);
• sufficient funds of living (will need to submit bank account statement confirming that the persons have at least minimum of 22 320 EUR for the main applicant, 3720 EUR for spouse and 2232 EUR for each child included in the application);
• documents to prove source of income (savings, salary, dividends, loans or any other source of income);
• clean criminal record.

 

What are the benefits of real estate investment program in Latvia?

 

Residence permit for main applicants and family (spouse and children below 18 years old). The opportunity to rent out the real estate, earn profits. Latvia’s stable economy and growth in real estate market will enable you to get at least 5-6% annual yield on property.

 

II. EU Golden Visa in Latvia: Equity Investment temporary residence permit in Latvia for investors who have invested at least 50 000 EUR in company's share-capital. Investor residence permit in Latvia is issued for 5 years period and can be renewed. After 5 years the person can apply for permanent residence permit in Latvia. The requirements are:

• valid passport;
• CV of main applicant and family;
• investment in company's share-capital minimum of 50 000 EUR;
• payment of state fee in total amount of 10 000 EUR (total amount for whole family - one time payment);
• sufficient funds of living (will need to submit bank account statement confirming that the persons have at least minimum of 7440 EUR yearly for main applicant, 3720 EUR for spouse and 2232 EUR for each child included in the application);
• documents to prove source of income (savings, salary, dividends, loans or any other source of income);
• clean criminal record.

 

What are the benefits of EU Golden Visa in Latvia: Equity Investment program in Latvia?

 

A safe investment option with a guaranteed yearly return and profitable investment exit options. Your investment is guaranteed under investment agreement and company’s equity – you will become an official shareholder in the company.

Contact us to find out the details about yearly returns, exit options and available companies to invest in.

 

Our firm has agreements with dozens of multi million businesses in Latvia who are ready to take additional investors.

 

III. Residence permit in Latvia: Bank Deposit temporary residence permit in Latvia based on the deposit of 280 000 EUR in Latvian based bank’s investment funds for minimum of 5 years. Annual return from 5-11%. The requirements are:

• valid passport;
• CV;
• investment in bank’s investment fund minimum of 280 000 EUR;
• payment of state fee in total amount of 25 000 EUR (total amount for whole family - one time payment);
• sufficient funds of living (will need to submit bank account statement confirming that the persons have at least minimum of 7440 EUR yearly for main applicant, 3720 EUR for spouse and 2232 EUR for each child included in the application);
• documents to prove source of income (savings, salary, dividends, loans or any other source of income);
• clean criminal record.

 

What are the benefits of residence permit in Latvia by bank deposit option?

 

A safe investment option with guaranteed high yearly return starting from 5 to 11 % per annum. You will invest in Latvian local bank’s investment fund and will receive a temporary residence permit for 5 years for you and your family.

 

Residence permit in Latvia under business setup

 

Start-up Residence Permit in Latvia - residence permit in Latvia for start-up companies who bring innovative ideas to Latvia and create jobs. The start-up residence permit in Latvia is issued for 3 years with right to renewal. If person is present in Latvia for at least 5 years, the person can apply for permanent residence permit in Latvia. The requirements are:

• valid passport;
• establishment of company in Latvia with a high growth potential the basic activity of which is related to the development, production or improvement of scalable business models and innovative products;
• within 3 months when residence permit in Latvia is issued must register a board member in company which is incorporated in Latvia for not longer than 1 year;
• within 12 months after issuing of the temporary residence permit, the foreigner has submitted information regarding an early stage venture capital investment received in the minimum amount 15 000 - 30 000 EUR , or has submitted a progress review on the activities implemented by the capital company within this period which attests that the capital company continues the development, production or improvement of the innovative product;
• clean criminal record.

 

EU Blue Card in Latvia/European Blue Card - temporary residence permit in Latvia available for highly skilled professions who are employed in Europe. The EU Blue Card is issued for 5 years period, and can be renewed. After 5 years the person can apply for permanent residence permit in Latvia. The requirements are:

• valid passport
• professional experience minimum of 5 years or higher education degree in at least 3 years programme;
• employer in Latvia;
• minimum monthly salary of 1373 EUR;
• Tax payment per annum total per company
• clean criminal record.

 

EU Work permit/Work permit in Latvia - temporary residence permit in Latvia available for all workers without limitation, there are no requirements for professional experience or education as with EU Blue Card. The EU work permit in Latvia is issued for 5 years, and can be renewed. After 5 years the person can apply for permanent residence permit in Latvia. The requirements are:

• valid passport;
• employer in Latvia;
• minimum monthly salary of 1373 EUR;
• clean criminal record.

 

Permanent Residence Permit in Latvia:

 

After person has lived in territory of Latvia with temporary residence permit for at least 5 years, the person has a right to apply for permanent residence permit in Latvia. After permanent residence permit is received, it is possible to apply to the citizenship of the Republic of Latvia.

 

The permanent residence permit in Latvia will ensure that the person can reside in Latvia without any limitions permanently. 

 

Frequently asked questions regarding residence permits in Latvia:

 

1. Is Residence Permit in Latvia Issued For All Family Members?

Residence permit both temporary and permanent is issued for all family members of the residence permit receiver, including the spouse and all children who are below 18 years old. 

 

2. What documents are required to apply for residence permit in Latvia?

The documents to apply differ from programme to programme, but generally required is valid passport, clean criminal record, and documents proving sufficient living means. Our lawyers will assist you in preparation of all required documentation, and inform you on what exactly documents will be required, as document requirements differ from programme to programme. 

 

3. Is document legalization necessary?

Document legalization and apostilles will be necessary for public documents such as birth certificates, marriage certificates, passport copies and all other documents which are issued by public authorities.

Our immigration lawyers in Latvia will provide you with full assistance regarding the document legalization process, and will inform you what are the necessary documents in each particular case.

 

4. How long it takes to acquire a residence permit in Latvia?

The time to acquire residence permit varies from programme to programme, but the general time-frame is from 3 to 6 months. In case the Latvian Immigration Authorities request additional information or carry out in-depth person's criminal clearance, then maximum term could be extended to 1 year. 

 

5. Can I acquire residence permit in Latvia regardless of nationality or country of residence?

 

Latvia have no limitations on nationalities or countries of residence who can apply for Latvian residence permit. People from all nationalities are welcome to apply for Latvian residence permit. Latvia generally is a very welcoming country to foreigners with paramount values in human rights protection and solidarity.

 

During more than 14 years of our legal experience, we have assisted thousands of third country nationals from Russia, Turkey, Uzbekistan, Armenia, China, Pakistan, India, Vietnam, Australia, U.S.A., Japan and other countries to acquire an European Union and Latvian residence permits. 

 

EU LAW FIRM offers residence permits in the European Union by investment, real-estate, employment, government bonds, and other.

 

Contact EU LAW FIRM immigration lawyers today to find out more information about the European Union residence permit opportunities for you and your family - info@eulawfirm.eu +371 26742086