Residence Permit in Latvia
Residence Permit in LatviaUpdated on Tuesday 01st September 2015
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EU citizens can live in Latvia for three months based on their valid travel documents alone. If they want to move to Latvia after these three months, it is required to apply for a temporary residence permit and, after five continuous years lived in the country, they will obtain a permanent residence permit. Non-EU citizens, on the other hand, benefit from a special program which grants them the right to live in Latvia. These citizens may apply for a residence permit for foreign investors.
Temporary residence permits in Latvia
The Latvian temporary residence permit may be obtained by foreign citizens only if they have a minimum monthly income of 360 euros. Residence permits in Latvia are issued by the Immigration Department. The following documents are required when applying for a Latvian temporary residence permit:
- - a copy of the applicant’s passport,
- - information about the applicant’s marital status, family members and education,
- - proof of residence address in Latvia,
- - a document confirming the applicant’s stay in Latvia, such as employment contract,
- - proof of payment of the registration fee.
Our law firm in Latvia will guide you through the residence permit application procedure.
Latvian residence permits for foreign investors
Foreign citizens of non-EU countries have several options to obtain a Latvian residence permit. These are:
- - investing in real estate,
- - investing in Latvian credit institutions,
- - opening a company in Latvia.
Foreign citizens applying for a Latvian residence permit by investing in real estate must purchase a property valuated at over 250,000 euros. The property cannot be an agricultural land or forest and 5% of its value must be paid by the investor to public budget. The residence permit acquired through this method has a five-year validity period.
Foreign citizens deciding to start a business in Latvia in order to obtain a residence permit must invest at least 35,000 euros in the company’s share capital. Foreign citizens investing in credit institutions must deposit at least 280,000 euros for five years. Foreign managers of Latvian companies will also be issued residence permits with a four-year validity period.
For complete information about residence permits for investors, please contact our law firm in Latvia.