Latvia Residence By Investment

Residency | Access to Schengen Area

The Latvia Investor Programme was launched 2010. The programme framework is regulated under the Immigration Law of 2002, Section 23, paragraph 28. The programme is administered by the Office of Citizenship and Migration Affairs.

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  • Mobility : Access to Schengen Area

  • Minimum Capital Outlay : 60,150

  • Application Processing Time : ~ 1 Months

  • Physical Presence : Recommended

  • Minimum Criteria : Choice of Real Estate, Capital Investment or Investment Project

  • Pre-requisites : EU and EEE nationals are not eligible;Provide evidence of purchase or lease of accommodation;Show ability to sustain yourself and your dependents financially;

About Latvia


Latvia is in the northeast of Europe in a region known as the Baltics, and has a population of approximately 2 million. Its capital is Riga, and the official language spoken is Latvian. Latvia uses the Euro as its currency.

Latvia is part of the European Union and the single market. It has established itself as one of the better European states in which to do business, thanks to its favourable tax environment and legal framework. Latvia experienced double-digit economic growth during first the decade of the century.

A low unemployment rate and strong economic growth have maintained Latvia as one of the better performing economies of the European Union.

Latvia has become a gateway to Europe for many around the world, especially Russians. With ethnic Russians making up more than 25% of the Latvian population, Russian is widely spoken in the country, especially in the capital, Riga.


Benefits of the Latvia Investor Programme

The Latvia Investor Programme provide applicants with 5-year temporary residence in Latvia. After 5 years of temporary residence, applicants may be able to apply for permanent residence. Citizenship is also possible after 10 years of residence, of which 5 years must have been spent as a permanent resident.

Latvia offers a good standard of living and great access to both Moscow and other European capitals. The cost of living in Riga is rather low compared to other European capitals, and universitiy tuition fees are around EUR 5,000 a year for foreigners.

Taxes in Latvia are low compared to the rest of Europe, and no physical presence requirements are imposed on the temporary permit holders.


Commitment expectations

To apply for temporary residence through the Latvia Investor Programme, one of the following commitments is required.

A contribution of EUR 25,000 to the state budget, plus:

  • Interest-free government bonds determined for special purpose with the nominal value of EUR 250,000; or
  • Subordinate liabilities toward a credit institution of the Republic of Latvia in the amount of at least EUR 280,000;

OR

  • EUR 250,000 investment in real estate in the Riga area, or the possibility to up to 2 properties outside the Riga Area for a combined value of at least EUR 250,000. Additionally, the investor shall have no real estate tax debts, the payment must be made by non-cash settlement. The properties can be purchased by a legal entity registered in the EU/EEA. 5% of the total value of the transaction, payable to the state budget, will be required;

OR

A contribution of EUR 10,000 to the state budget, plus:

  • EUR 50,000 invested in a business company not employing more than 50 employees, and whose annual turnover or annual balance does not exceed EUR 10 million. Up to 10 foreigners may be issued with temporary residence under this route;
  • EUR 100,000 invested in a business company, which directly or through its subsidiaries, employees 50 employees or more, and whose annual turnover or annual balance exceeds EUR 10 million;

The government-related administrative fees are approximately EUR 150 per person for an application process of 30 working days; EUR 300 per person for an application process of 10 working days; or EUR 450 per person for an application process of 5 working days.

This means that the total capital outlay for a single applicant is approximately EUR 60,150. This indicative amount excludes service providers’ professional fees and any other fees not stated herein.


The Application Process

The application process typically starts with the signing of a client agreement and a power of attorney with a service provider. This facilitates the process for the applicant, as the service provider undertakes the liaison with the different stakeholders. The process then continues with the preparation of the application and the supporting documentation. As applicants might be required to enter the country at some stage of the process, It is important to check if an ordinary entry visa will be required.

This is followed by gathering the required documents and submitting the investor application, including the payment of the application fees, to the authorities. The investment must be committed to before applying, however the actual investment may be made after the authorities issue an approval-in-principle. Application processing times depend on the fees paid, thus providing an option of 30, 10 or 5 days for the respective fees of of EUR 150, 300 or 450.

After due diligence is conducted and the application approved by the authority, the applicant and any dependents can travel to Latvia to register their biometrics. The applicant will also be required to finalize the investment transaction.

The applicants and their dependents will receive their 5-year resident permit after this stage.

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Real Estate

  • Purchase of real estate property worth EUR 250,000 or more. The purchase of 2 properties of at least EUR 125,000 is also permitted;
  • The property can be purchased by a commercial entity or an individual;
  • The total cadastral value of the real estate is at least EUR 80,000 at the moment of purchase;
  • 5% of the total purchase price will need to be donated to the state budget;


OR

Investment

  • EUR 250,000 interest-free government bonds determined for a special purpose; or
  • EUR 280,000 subordinate liabilities toward a credit institution of the Republic of Latvia; or
  • EUR 50,000 invested in the share capital of a existing or new company with less than 50 employees; or
  • EUR 100,000 invested in the share capital of a existing or new company with more than 50 employees;


OR

Contribution

  • This programme requires applicants to make a financial contribution to the state of EUR 25,000 (EUR 10,000 in the case of share capital);

Commitments

  • The investment must be held for 5 years;

Administrative Fees

Application fees are relative to the processing time and apply to everyone.

  • EUR 150/30 working days
  • EUR 300/10 working days
  • EUR 450/5 working days

And Also:

  • Extract from the criminal record issued by the competent institution of the state of citizenship or residence regarding the criminal record (for a foreigner older than 14 years of age), if a foreigner has resided therein for more than 12 months;
  • A health certificate issued by a Latvian health care institution stating that the applicant does not suffer from active tuberculosis. The applicant must also possess valid health insurance for a year;
  • The applicant needs to show proof of having accommodation in Latvia and enough funds to sustain himself and his dependents.