Latvia is a small Baltic country located in the northern Europe, a Schengen member of the European Union and its business environment attracts many foreign investors. Not only Latvia offers great foreign investment opportunities, but it also allows immigrants to obtain residency in the country.
Our immigration lawyers in Latvia can support you in obtaining a residency permit.
The Latvian immigration investor program allows foreign citizens to obtain a temporary residence permit (TRP), if they make money deposits in a Latvian bank, if they invest in real estate or if they decide to set up a business in Latvia. If the investor wants to make a money deposit, the minimum amount of money to be put in the bank account, also called a bank term deposit, is 300,000 EUR.
If the investor decides to put his/her money into real estate, the minimum amount of money invested must be 150,000 EUR. For foreign investors deciding to open a company in Latvia, the minimum share capital is 70,000 EUR. The cheapest way for immigrants to obtain residency in Latvia is the investment in a real estate property, but the money deposit is the fastest way because it only requires a few formalities to be completed.
For immigrants wanting to start a company in Latvia and obtain residency, an invitation is required. The temporary residency permit is available for 5 years and it can be renewed every year. The greatest advantage of the Latvian TRP is that the investor can travel in 25 Schengen states without a visa and he/she is not compelled to live in Latvia all this time.
The Schengen visa allows a total of three months stay during a 6 months period in Latvia. The Schengen visa for Latvia can have multiple entries that allow an immigrant to enter and leave the country multiple times during the 6 months period or a combined stay that cannot surpass the 3 months period. The process for obtaining a Latvian Schengen visa takes about 30 days.
The documents required when applying for a visa in Latvia are:
- valid identification documents;
- an application form released by the Latvian Embassy or Consulate;
- a passport-size color photograph;
- a medical insurance;
- a receipt that confirms the visa application fee.
There is a possibility for the consulate to ask for supporting documentation such as:
- the scope of the visit,
- the means of transportation to and from Latvia,
- a proof that the candidate can sustain himself/herself throughout the stay in Latvia,
- the residence address in Latvia,
- a proof of returning to the candidate’s home country.
In case of employment, a work permit is required for the employee before applying for the Latvian Schengen visa.
If you need legal assistance in obtaining a residence permit, you can contact our lawyers in Latvia.