Latvian Residency by Investment - Get Assistance from Our Lawyers
Residency by Investment in LatviaUpdated on Wednesday 10th August 2022
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Latvian residency by investment provides an individual with an opportunity to live or work here. Besides investing in real estate, Latvia offers other options of purchasing interest-free government bonds determined for a special purpose to make a subordinate deposit in a local bank for obtaining Latvian 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 Latvian residency by investment.
Residence permit by investment in Latvia
Since January 2022, the real estate option has been suspended. If you are interested in acquiring a Latvian residence permit by investment by buying real estate, you are recommended to get in touch with our lawyers. Our lawyers can provide you with information regarding when the Latvian government is planning to resume real estate option for the individuals who are interested in acquiring residency by investment in Latvia. If you get a residence permit by investment in Latvia by investing in other options besides real estate, you can get the following benefits:
- Access to the Schengen Area of Europe without a visa;
- There is no minimum time required to qualify for the renewal of your residence permit;
- Expedited application process;
- The Russian language is widely spoken;
- 5 years of immediate residency;
- For a year, biometric ID cards are issued which can be renewed each year;
- Great transportation connections between Russia and other EU member states.
One of the quickest and most competitive programs in Europe is the residence by investment in Latvia program. The program was introduced by the Latvian government on July 1st, 2010 as a means of resolving the 2007–2009 financial crisis in a long-term manner. Five years after the program's inception, Latvia's economy received more than 1.3 billion euros, of which more than 1.1 billion euros came from international investors buying real estate.
If you are interested to get a Latvian residency to achieve all these advantages, you are welcome to interact with our lawyers. Our lawyers in Latvia can provide you with comprehensive guidance regarding residency by investment. They can also offer you practical assistance in acquiring a Latvian residence permit by investment.
Requirements for obtaining residency by investment in Latvia
You can obtain a Latvian 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 invest EUR 280,000 for 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 residency by investment in Latvia is to purchase real estate for EUR 250,000. In 2014, a new limit was introduced which applies to the first 800 applicants, whereas for the rest of the applicants the investment limit will rise to EUR 500,000. The applicant is also required to pay a 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 EUR 50,000 in the equity capital of a Latvian company along with a one-time payment of EUR 10,000 to the state budget.
After awarding an investor with residency, Latvia does not impose any requirements regarding a 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 fulfill. Our Latvian lawyers can guide you in detail in this regard.
Documents required for obtaining residency by investment in Latvia
If you need guidance on the list of documents required for Latvian residency by investment application, you can get assistance from our attorneys. However, a general guide is also provided below:
- Application for a residence permit;
- One photograph;
- Proof of Latvian residency is required;
- Proof that the investment has paid all required state taxes;
- Documents of a minor child who is dependent or who is receiving support. These papers provide evidence of kinship and, if necessary, the other parent's consent for the child to live in Latvia;
- After your inviter has approved the invitation letter provided by the Office of Citizenship and Migration Affairs, the supporting documents must be delivered.
If you still have any confusion, you can ask questions from our Latvian lawyers. They can guide you about Latvian residency by investment and how to acquire its permit in detail. In addition to assisting you with your residence permit by investment in Latvia, you are welcome to speak with one of our attorneys if you wish to satisfy Latvia's taxes requirements. For instance, our attorneys can assist you in learning about Latvia's value-added tax (VAT) and other tax rates because it is important to adhere to tax laws carefully to prevent any issues when you are in abroad.
Can you take your family to Latvia with you?
Yes, once you obtain a Latvian residence permit by investment, you can relocate your spouse and underage dependent children here based on the 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 the application process. In the matter of obtaining residency by investment in Latvia, it is recommended to request legal assistance to benefit from a straightforward procedure and save time by providing you with the right guidance.
Latvian business visa
Most foreigners would need a permit to conduct business in Latvia. Visa-exempt nations and citizens of other Schengen nations are welcome to arrive without restrictions and stay for up to 90 days. The business visa in Latvia can be obtained as a single-entry, double-entry, or even multiple-entry visa, and it is valid for up to 90 days out of every 180 days. You can get the legal services of our lawyers if you want to acquire a Latvian business visa for initiating your business here. They can also provide you with thorough information about how to open a firm in Latvia.
Eligibility criteria for Latvian business visa
The eligibility criteria for a Latvian business visa are as follows:
- You must have a reason to visit the country that is both legitimate and ethical;
- You must have the financial resources to support yourself and any dependents during the entire stay to be eligible to cover all costs;
- Strong ties to your native country must exist for you to have valid reasons to return there following your visit;
- You must be of good character and have no history of criminal activity. For the same, you might need to present a PCC (Police Clearance Certificate);
- You must at least satisfy the authority’s standards for health.
If you still have any questions regarding your eligibility for a Latvian business visa, you can get help from skilled lawyers located at our law firm. They can guide you with expert legal advice. Furthermore, if you are planning to move to Latvia, our immigration lawyers in Latvia can help you with relocation.
Foreign direct investment in different sectors of Latvia
Latvia being a member state of the European Union is an attractive and easy spot to get access to the whole of Europe. The opportunity of acquiring Latvia’s residency compelled several foreigners to invest in real estate and other provided options. Not only foreign investors, but other countries are also investing in the different sectors of Latvia. By 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 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 a Latvian residence permit by investment.
In addition, our lawyers can help you with the citizenship application process. If you want to move to Latvia to become a citizen, our attorneys can help. The process of obtaining Latvian citizenship has several requirements, thus it is advised that you seek legal counsel from one of our attorneys.