Latvia residence by investment
Latvia, officially known as the Republic of Latvia, is a sovereign Baltic state in the North-Eastern Europe. The nation was under foreign rule for centuries, however, generations of Latvians managed to keep their identity by preserving the language and musical traditions.
Latvia joined the EU in 2004 and Eurozone in 2014.
Benefits of Latvia residence by investment
As the cheapest residence by investment program in Europe, Latvia offers investors a wide range of benefits:
- Fast processing times.
- Visa-free travel to Schengen zone.
- Latvia residence permit for the whole family.
- Rights to live, work and study in Latvia.
- Minimum investment €50,000.
- Investment is recoverable.
- No prior residency requirements.
- No interview or language requirement.
- Permanent residence in 5 years and citizenship in 10 years (conditions apply).
- Full confidentiality.
Eligibility and requirements
The Latvian government launched its Golden Visa programme in 2010 in order to attract foreign investors from third countries and make local economy benefit from their investments.
Individuals may qualify to obtain a Latvia temporary residence permit for 5 years, after which they can apply for a permanent residence permit and eventually become Latvian citizens subject to their fulfilment of certain terms and conditions.
Requirements for Latvia residence permit
Latvia residence permit is issued for 5 years. Annual renewal is required, but there are no minimum stay obligations (however, to be eligible for permanent residence permit in Latvia, 5 years of continuous residence is a must). In addition to investment requirements applicants must fulfil the following criteria:
- Clean criminal record.
- Good health condition.
- Available funds to maintain yourself and your family.
- Purchased or rented accommodation.
- Health insurance for 1 year after the permit is granted.
If after 5 years the applicant does not comply with all the requirements and is not eligible to apply for permanent residence, they can renew their temporary residence permit for another 5 years.
Requirements for permanent residence
After 5 years of obtaining residence permit individuals may apply for Latvia permanent residence. To be eligible, the applicant must pass Latvian language test and reside in Latvia 4 out the last 5 years.
Latvian citizenship requirements
Individuals who have lived in Latvia for 10 years or more can apply for Latvian citizenship providing they meet the following residency requirements.
- Be permanent resident in Latvia for 5 years prior to application
- Have proof of permanent place of residence in Latvia.
- Proof of employment.
- Fluency in Latvian Language.
- Demonstrate knowledge of the basic principles of the Constitution of the Republic of Latvia, the National Anthem and the basics of the history and culture.
- Clean criminal record and good character.
- No tax or other debts.
Latvia allows dual citizenship only with certain countries or exceptional circumstances. Please contact our citizenship experts to find out if you are eligible to keep your current citizenship.
Investment options
There are four investment options that an investor can choose from and qualify for the Latvian residency permit. An applicant must invest in one of the following options below:
1. Investment in the share capital
Applicants may apply to obtain a residence permit in Latvia through investment in the share capital of an existing or newly founded Latvia-based company. The following investments are eligible:
- At least €50,000 must be invested in a company with up to 50 employees when its annual turnover/balance doesn’t exceed €10M.
- At least €100,000 must be invested in a company with more than 50 employees when its annual turnover/balance exceeds €10M.
Additional €10,000 must be paid towards government fees upon approval.
2. Investment in real estate
To qualify for a temporary residence permit under this option, the main applicant is required to invest at least €250,000 in a real estate with buildings, either in one or two properties depending on the location. Real estate cannot include agricultural land or woods/forests. The following conditions apply:
- There must be no real estate tax debts.
- The payment cannot be made in cash.
- Total cadastral value of real estate must be at least €80,000.
Additional 5% of the real estate purchase value must be paid as government fees upon approval and 2% stamp duty for registration of title.
3. Investment in bonds
Foreign investors may qualify for a temporary residence permit under this option through investment in non-interest-bearing government bonds with the nominal value of at least €250,000. The bonds shall be acquired only after approval.
Additional €38,000 must be paid towards government fees upon approval.
4. Investment by way of a deposit
To qualify for a temporary residence permit under this option, the main applicant is required to have subordinate liabilities towards a Latvian credit institution in the amount of at least €280,000, and the funds must be held there for not less than 5 years. It is permitted to deposit funds in a foreign currency in the amount equivalent to the required investment on the agreement date.
Additional €25,000 must be paid towards government fees upon approval.
Our guarantee
Imperial & Legal is a partner you can trust. We are here to make sure you get Latvian residence and citizenship within the shortest time and at a minimum cost. We guarantee quality, reliability, professionalism and complete confidentiality.
We have a team working in London and Latvia, and we can guarantee that all your documents are duly prepared, all forms are filled in correctly and submitted in due time.
When preparing your application, we make sure that every required document is obtained, translated, notarised and legalised. We know all the pitfalls and potential problems we might have when working on your case, and this helps to minimise costs and time spent.
We handle all the documents and paperwork with confidentiality and care, so our clients can rely on and trust us with their personal matters.
