Latvia TRP for Investors
About the program
As one of Europe’s hidden gems, Latvia offers a unique opportunity for investors seeking a temporary residence permit (TRP) by investing in real estate. With its rich culture, picturesque landscapes, and vibrant economy, Latvia is quickly becoming a popular choice for individuals aiming for a blend of lifestyle and investment benefits.
Overview of Latvia’s Temporary Residence Permit Program
The Latvian TRP by real estate investment program was introduced to attract foreign investors by allowing them residency rights through property acquisition. Under this program, qualified investors can reside in Latvia, access the Schengen Area, and enjoy the country’s thriving cultural and business environment.
Additionally, Latvia offers a low cost of living compared to many European nations, making it an appealing option for both individuals and families.
Key Features of Latvia’s TRP Program
- Investment Amount: To qualify, applicants must invest a minimum of €250,000 in a single piece of real estate in Riga and Riga region or two pieces of real estate outside this teritory. This property should be within the limits of Latvia's major cities, such as Riga, or other designated areas.
- One-time Government Fee: In addition to the real estate investment, applicants need to pay a government fee of 5% of the property’s value, adding to the total cost. This fee is only payable once.
- Permit Duration and Renewal: Initially, the TRP is granted for 5 years. The permit is renewable upon meeting the requirements, allowing residents to extend their stay as desired.
- Access to Schengen Zone: With a TRP in Latvia, residents can travel freely within the Schengen Zone (29 European countries) without additional visas, providing an excellent advantage for those who frequently travel for work or leisure.
Benefits of Latvia’s TRP Program Compared to Other European Residency Programs
Latvia’s TRP program stands out from other European programs due to its affordability, straightforward process, and lifestyle advantages:
- Lower Investment Threshold: Latvia’s minimum investment requirement of €250,000 is notably lower than in countries like Portugal and Spain, where the required real estate investments start at €500,000.
- Faster Processing Time: Processing for Latvia’s TRP is often faster and more streamlined than many other programs in Europe, allowing applicants to receive residency in a shorter time frame.
- Longer Initial Residency Period: Latvia’s program grants an initial 5-year residency compared to other programs that may only offer 1- or 2-year permits, reducing the need for frequent renewals.
- No Physical Stay Requirement: Unlike some European residency programs that require a minimum stay, Latvia’s program does not have a physical residency requirement, making it attractive for individuals who travel frequently or wish to maintain residences in other locations.
- Stable Real Estate Market: Latvia’s real estate market is developing and affordable compared to other European nations, presenting a promising investment opportunity with potential for growth over time.
- Full rights to live, work and study.
Additional Advantages
Latvia’s TRP program not only opens doors to European travel but also provides access to the country’s thriving business environment, cultural experiences, and family-friendly lifestyle. With Latvia’s strategic location, stable economic growth, and commitment to innovation, residents can enjoy the perks of living in a dynamic, forward-looking country.
Conclusion
Latvia’s TRP by real estate investment program offers a well-rounded package for investors looking for European residency through a relatively affordable and low-risk pathway. With a competitive investment amount, minimal requirements, and distinct lifestyle advantages, Latvia provides an accessible route to the European Union. Whether for business, leisure, or family relocation, Latvia offers a vibrant lifestyle, financial opportunities, and the flexibility to access Europe’s Schengen Zone—making it a compelling choice for investors worldwide.
Purchase a property
| Lawyer and Notary services cost: | 3000.00 EUR |
| State fee for the registration of the property rights (1,5% of the real estate price), from: | 3750.00 EUR |
| Expenses related with translation and legalization of necessary documents, depends of the country, around: | 200.00 EUR |
| Examination of the files at the Immigration office, per person | 180.00 EUR |
| One time investor state fee payment (5% of real estate price), from: | 12500.00 EUR |
To qualify for Latvia’s TRP program through real estate, applicants need to meet the following criteria:
1. Minimum Age: Applicants must be at least 18 years old.
2. Source of Funds: Proof of legally acquired funds used for the real estate purchase.
3. Clean Criminal Record: Applicants must provide proof of a clean criminal record from their home country or country of residence.
4. Health Insurance: Having valid health insurance in Latvia is required for the TRP application.
Here’s a list of documents typically required to apply for the Latvian TRP through real estate investment:
1. Proof of Real Estate Purchase: Documentation showing proof of the real estate transaction, including proof of property rights and purchase agreement .
2. Government Fee Payment Receipt: Confirmation of the one-time 5% government fee payment.
3. Passport and Identification: A valid passport and ID, including passport-sized photos.
4. Proof of Source of Funds: Bank statements or other financial documentation to verify the source of the investment funds. Investment must be made in the form of non-cash payment.
5. Criminal Background Check: Certificate of criminal record (for a foreigner over 14 years old) issued by the competent authority in the country of citizenship or residence, if the foreigner has stayed there for more than 12 months.
6. Funds to cover living expenses: Document certifying the necessary livelihood security while the foreigner will stay in the Republic of Latvia.
7. Health Insurance Policy: Proof of health insurance valid in Latvia.
In addition, family members need to submit documents confirming the family ties with the investor.
After receiving a positive decision and the temporary residence permit (TRP) in Latvia, investors gain several significant rights and privileges:
1. Residence in Latvia
- The investor and their family members included in the TRP application can legally reside in Latvia for the duration of the permit, typically up to 5 years before renewal is required.
2. Travel Freedom within the Schengen Zone
- The TRP grants visa-free travel within the Schengen Zone, allowing stays of up to 90 days within any 180-day period in 26 European countries. This makes the TRP especially valuable for business or leisure travelers.
3. Right to Include Family Members
- Family members, such as a spouse and dependent children, can also receive residence permits under the same investment. This allows the whole family to benefit from living, working, and studying opportunities in Latvia.
4. Access to Services in Latvia
- TRP holders can access public and private services in Latvia, including health care, education, and social benefits under applicable rules.
5. Investment Rights and Business Opportunities
- TRP holders can manage their real estate investment and engage in business activities or establish a company in Latvia, taking advantage of the country’s business-friendly environment.
6. Right to Renew the Permit
- Upon fulfilling the program's ongoing requirements, such as maintaining the real estate investment, the TRP can be renewed seamlessly, ensuring long-term residency in Latvia.
7. No Physical Stay Requirement
- While the TRP allows full residency rights, there is no obligation to physically reside in Latvia for a specific period, giving investors flexibility to live or work elsewhere while maintaining residency status.
By securing a TRP in Latvia, investors not only gain access to the European Union’s benefits but also ensure a strategic foothold in one of Europe’s most dynamic and accessible regions.
