LATVIAN RESIDENCE PERMITS
On July 1, 2010, amendments to the Immigration Law became effective, allowing foreign investors to obtain a temporary residence permit in the Republic of Latvia.
You can obtain a residence permit in Latvia in the following cases:
- personally taking a subordinated loan from a relevant Latvian bank to the amount of not less than 200 000 LVL (400 000 USD) for the period of not less than 5 years;
- personally purchasing real estate to the amount of not less than 100 000 LVL (200 000 USD) in Riga, Riga district and cities or 50 000 LVL (100 000 USD) outside them;
- personally investing in a Latvian company capital not less than 100 000 LVL (200 000 USD) provided that the company carries on activity;
- investment in the authorized capital of a Latvian small business not less than 25 000 LVL (50 000 USD) provided that the company pays not less than 20 000 LVL (40 000 USD) of taxes annually;
- member of the Board (director) of a a Latvian company which pays not less than 15 000 LVL (30 000 USD) of taxes annually;
- foundation of an active representative office of a foreign company.
Your spouse and minor children can claim a residence permit issued to them for the whole validity period of your residence permit.
Advantages of Latvian residence permits:
- Free travelling in Schengen area
Residence permit allows staying in Schengen member states without visa.
- Long validity period
A residence permit issued under making investments is valid for the period up to 5 years.
- No limitations on residing in Latvia
Unlike many other Schengen states, Latvia does not require persons granted a residence permit to stay in Latvia permanently. At the same time, after obtaining a residence permit one can live in Latvia all the year round.
- Relocation opportunity
If a family (or some of the family members) considers an opportunity to move to Europe in future, a residence permit obtained in the European Union member state and residing there will be treated as a plus when applying for a status of permanent resident or citizen in some EU member state.
Our lawyers provide advice and legal assistance in acquiring Latvian residence permits.