Latvia
Overview
The Latvia Residence by Investment Program was launched on 1 July 2010 as an initiative to sustainably overcome the economic crisis of 2007– 2009. Foreign nationals may apply for a residence permit in Latvia through various options.
Latvia is situated within Europe’s Schengen Area, on the Baltic coast. Riga, its capital, was founded in 1201 and is a UNESCO World Heritage Site. Approximately half of Latvia’s territory is covered by forests, offering many nature trails and parks. Latvia offers excellent transport and cultural links with both Western Europe and Russia.
According to the qualification requirements, foreign nationals may apply for a residence permit in Latvia by committing funds into the equity capital of a Latvian company, making a subordinated loan (deposit) in one of the Latvian banks, or through the purchase of interest-free government bonds determined for special purpose.
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Visa-free access to Europe’s Schengen Area
No minimum stay required to be eligible for the residence permit renewa
Fast-track application procedure
Excellent transport links with Russia and other EU member states
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Investment options:
Requirements of Latvia residence by investment
• The investment of EUR 280,000 in the subordinated capital of a Latvian bank for a period of five years, plus a one-time payment of EUR 25,000 to the state Budget. • The investment of EUR 50,000 in the equity capital of a Latvian company (provided that the company annually pays at least EUR 40,000 in taxes), plus a one-time payment of EUR 10,000 to the state Budget. • The purchase of special-purpose interest-free bonds at a nominal value of EUR 250,000, plus a one-time payment of EUR 38,000 to the state Budget.
Steps to follow
Step 1 - Preliminary Check:
Our specialized team will review the documentation submitted to verify that the immigration requirements are met. In addition, we will verify the transparency of investment funds. As a result, we will have a background check report and signed contract.
Step 2 - Choose of Investment:
You must select the investment option that most convinces and suits you, so that later we can start the process. If you decide to obtain residency through real estate investment, we will help you choose your property based on your needs and desires.
Step 3 - Preparation of documents and sending to the corresponding agency:
We take care of everything: we obtain the criminal record certificates, we fill out and complete the government forms, we certify the documents before a notary, we do the translation and apostille everything (this service has a separate cost), and then we send it to the residence. We present your documents independently and with strict compliance with the requirements, as well as monitoring the progress of the application. As a result, we will confirm the receipt of the documents by the government.
Step 4 - Due Diligence check:
Once the residency agency receives all the documents, the applicant's background check begins. In the event that additional documents are required during verification, we will handle those requests.
Step 5 - Case Investigation:
We look forward to a positive resolution and receive the new documents together with you. If necessary, we can also help you with other operational, commercial and even domestic matters (including the arrangements of additional documents).
Step 6 - Receiving residency:
When the investment and all fees are paid, you receive the certificate of residence. Then, these documents are sent to you, so that after the wait, you can start enjoying them.
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FAQ
Does this residency allow me to obtain citizenship?
After five years of receiving the residence permit, the applicant may apply for a permanent residence permit. To qualify for a permanent residence permit, the candidate must have resided in the country for four years out of the five-year period and should have successfully passed the basic Latvian language test and have a proven knowledge of the general history of Latvia.
For how long will I have the residence?
The residence permit is valid for five years with the requirement of annual renewal of the ID card.
What documents are required?
• A completed application form with a photograph. • A copy of your passport. • Documents that prove your income is legal. For example an employment contract. • Certificates of no criminal records. • Health insurance policy. • Payment documents confirming the payment of state duties and fees. • Documents confirming the fulfillment of the investment conditions stipulated in the application.
Can I bring my family in this experience?
Yes, the members of the applicant’s family, such as spouse and children under 18, may apply for a residence permit together with the applicant.
Is dual citizenship accepted in Latvia?
Latvia does not allow dual citizenship.
With what currency must the residency programs be paid?
This residency program should be paid in euros.
How does the latvian government view cryptocurrencies?
The Latvian PIT Act defines cryptocurrency as a capital asset subject to the general capital gains tax rules with the requirement to match capital gain with the capital loss from cryptocurrency to assess annual total gain or loss from the trading in cryptocurrency.
Can the residence be purchased with an investment in Real Estate?
Yes, you can make a real estate investment of at least 250,000 euro in Latvian property. The property can be sold after 5 years and the original investment returned to the investor.
In what cases can my application be rejected?
Most of the applications are authorized, however there are some reasons why you may have difficulty with this residency. Such us: • Having criminal records. • Lack of documentation. • Do not meet the minimum required time in the country.
The main applicant must go to Latvia?
No, there is no need for you to go to Latvia; the documents can be submitted electronically.