Latvia Residency by Investment – Get Legal Help from Our Lawyers
Residency by Investment in LatviaUpdated on Wednesday 06th October 2021
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Latvia residency by investment provides an individual with opportunity to live, study or work here. The Latvian authorities launched this program on 1 July 2010 for those foreigners who want to travel Europe by using Latvia as a gateway. The purpose of introducing this program was to stable the Latvian economy and after 5 years, Latvian economy received more than EUR 1.3 billion and about EUR 1.1 billion came from those foreign investors who purchased real estate for obtaining Latvia residence permit by investment. Besides investing in real estate, Latvia offers other options of purchasing interest-free government bonds determined for special purpose to make a subordinate deposit in a local bank for obtaining Latvia residency by investment.
Get in touch with experienced lawyers at our law firm in Latvia. They can guide you in detail regarding the benefits attached to the Latvia residency by investment.
Requirements for obtaining residency by investment in Latvia
You can obtain a Latvia residence permit by investment by fulfilling any of the requirements given below:
- An individual needs to purchase special purpose interest free government bonds for at least EUR 250,000. In addition, the investor is also required to make a one-time payment of 38,000 to the state budget;
- The second option is to make an investment of EUR 280,000 for a period of 5 years in the subordinate capital of a Latvian bank. The investor also needs to make a one-time payment of EUR 25,000 to the state budget;
- The third option for an aspirant who wants to obtain Latvia residency by investment is to purchase real estate of EUR 250,000. In 2014, the new limit was introduced which applies to first 800 applicants, whereas for the rest of applicants the investment limit will rise to EUR 500,000. The applicant is also required to pay one-time payment of 5% of the purchase price to the state budget;
- The fourth option of acquiring Latvia residency is to invest in a company that pays at least EUR 40,000 in taxes yearly. The investment needs to be of EUR 50,000 in the equity capital of a Latvian company along with one-time payment of the EUR 10,000 to the state budget.
After awarding an investor with residency, Latvia does not impose any requirements regarding minimum number of days of physical presence in this country for renewing the residency permit. After five years of acquiring a residency permit, an individual can apply for a permanent residence permit also. But there are some requirements that an investor needs to fulfil. Our Latvian lawyers can guide you in detail in this regard.
Can you take your family to Latvia with you?
Yes, once you obtain Latvia residence permit by investment, you can relocate your spouse and underage dependent children here based on family reunification procedure. Latvia not only falls under Eurozone but it also comes under the Schengen zone. So, after receiving residency permits, you and your family will be able to have the opportunity of unlimited visa-free travel to Europe.
For the application procedure, you can rely on the legal services of our lawyers in Latvia. They can provide you with legal assistance throughout the procedure of document submission and application process. In the matter of obtaining Latvia residency by investment, it is recommended to request legal assistance in order to benefit from a straightforward procedure and save time by providing you with right guidance. You can also seek the legal guidance of our lawyers if you want to start a business in Latvia.
Foreign direct investment in different sectors of Latvia
Latvia being a member state of European Union is an attractive and easy spot to get access to the whole of the Europe. The opportunity of acquiring Latvia’s residency compelled several foreigners to invest in the real estate and in other provided options. Not only foreign investors, but other countries are also investing in the different sectors of Latvia. By the 2020, Sweden was the biggest investor in Latvia’s economy with 16.4% of total foreign direct investment (FDI) stock. Please find below the percentage of investments in different sectors of Latvia:
- In Latvia about 24.22% of foreign investment is attracted by the financial intermediation;
- 11.52% of foreign investment was made in the manufacturing sector of Latvia;
- 16.09% of foreign investment was directed into real estate operations;
- FDI of 14.97% was made in the trade sector.
Contact our lawyers in Latvia for any legal assistance regarding residence permits. Our knowledgeable lawyers can provide you with comprehensive guidance regarding obtaining Latvia residence permit by investment. If you are facing any issues regarding debt collection in Latvia, you can get legal help of our Latvian lawyers. They can help you in the recollection of your money.