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.View Agents
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;
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.
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:
A contribution of EUR 10,000 to the state budget, plus:
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.
Application fees are relative to the processing time and apply to everyone.