Residence permit in Latvia

About the Immigration Program

Programme description

The Republic of Latvia is a member state of the European Union and a party to the Schengen Agreement. A residence permit in Latvia provides for a visa-free visit to any Schengen country.

A temporary residence permit for a period of five years implies a stay in the territory of Latvia without limiting the minimum and maximum period (from 1 to 365 days a year), as well as free movement and stay in the Schengen countries for a period of not more than 90 days within 6 months. A temporary residence permit in Latvia, after 5 years of permanent stay in the territory of Latvia, gives a foreign citizen the right to obtain the status of a permanent resident of the European Union and a permanent residence permit in Latvia.

The migration legislation of Latvia provides for the annual confirmation of a temporary residence permit in order to monitor the compliance of the foreigner with the investment conditions on the basis of which the relevant residence permit was obtained. After the expiration of the period of residence permit, it is possible to apply for a second residence permit also for 5 years, on the same basis.

The current migration legislation of Latvia provides for the following grounds for investors to obtain a temporary residence permit:

1. Based on investment in real estate in Latvia

Acquisition of one functionally connected built-up real estate object (except where the real estate property is undeveloped land) in the Republic of Latvia (namely in Riga or Jurmala, Adagi, Babites, Baldones, Tsarnikovsky, Garkalnes, Ikshkiles, Kekavas, Marupes, Olaines, Ropagi, Salaspils, Saulkrast or Stopinsky district) in the amount of not less than 250.000 euros or two objects in the amount of not less than 125.000 euros, outside the following administrative territories:

• absence of debts on payments of real estate tax;

• payment of the amount of transactions is made by non-cash cash settlements;

real estate is acquired from a legal entity registered in the Republic of Latvia or a member state of the European Union, or the European Economic Area or the Swiss Confederation, which is a taxpayer of the Republic of Latvia or from an individual who is a resident of Latvia, a citizen of the European Union or an alien who is in Latvia on the basis of a valid residence permit;

cadastral value of immovable property at the time of their acquisition is not less than 80,000 euros in the case of acquisition of one object; EUR 40.000 – in case of acquisition of two objects (EUR 40.000 refers to each object). If the cadastral value of the immovable property is less than the specified amount, it is necessary to present the conclusion of a certified appraiser, which confirms that the total market value of the immovable property is not less than the minimum amount established by law for the acquisition of immovable property 250.000 euros in the case of the acquisition of one object or 125.000 euros (each object) in the case of the acquisition of two objects;

the investor, upon requesting a primary residence permit on the basis of investments in real estate, paid a one-time fee in the amount of 5% of the value of the real estate to the state budget;

• Real estate does not include land used in agriculture or forest land.

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2. Investments in credit institutions in Latvia

On the basis of subordinate obligations with a credit institution, in the amount of not less than 280,000 euros, subject to the following conditions:

the term of the transaction with this credit institution, not less than 5 years;

The investor, upon requesting a primary residence permit on the basis of an investment in a credit institution of the Republic of Latvia, paid a one-time fee of EUR 25,000 to the state budget.

subordinate obligations with a credit institution in the Republic of Latvia are obligations that arise from a credit institution as a result of a loan (regardless of the type of transaction concluded) and which, based on the concluded agreement with a credit institution, entitle the lender to request the loan back ahead of schedule only in case of insolvency or liquidation of the credit institution, and only after satisfaction of the claims of all other creditors, but until the shareholders’ claims are satisfied.

3. Investments in Latvian company

If the investment is made as a contribution to the fixed capital of the capital company, by establishing a new company or increasing the fixed capital of an existing company, at the initial request of the investment, the investor paid a one-time fee in the amount of EUR 10,000, and also if the investment is not less than:

EUR 50,000 if the contribution is made to an undertaking employing less than 50 employees and the annual turnover or annual balance sheet does not exceed EUR 10 million, and if the undertaking annually pays taxes of at least EUR 40,000,

or

EUR 100,000 if the contribution is made to a larger undertaking employing more than 50 employees and the annual turnover or annual balance of the undertaking exceeds EUR 10 million, and if the undertaking annually pays taxes of at least EUR 100,000,

or

EUR 100,000, if the contribution is made to the authorized capital of a company that employs more than 50 employees together with one or more subsidiaries registered in Latvia and the annual turnover or annual balance sheet of the enterprise exceeds EUR 10 million.

4. Investments in targeted interest-free government securities

Interest-free bonds are issued and granted to a foreign citizen if, according to the regulations governing the obtaining of a residence permit, he or she has received a decision to issue a residence permit and paid interest-free bonds from his or her current account with a Latvian credit institution or a branch of a foreign credit institution.

• The contribution to the bonds must be 250,000 euros and at the first request for a residence permit, a one-time fee of 38.000 euros must be paid.