Residence permit in Latvia
|Bank deposit||From 280 000 EUR|
|State budget contribution||25 000 EUR|
|Minimum deposit period||5 years|
|Application state fees||1 000 EUR|
|Length of the process||1 - 3 months|
|Visa-free travel||European Union|
Latvian Immigration Law provides several investment options for obtaining residency in the country based on different residence permit programs, including receiving a temporary residence permit (TRP) and a permanent residence permit (PRP) afterwards.
Choosing correctly between the available options is strategically important for each foreigner and his family members relocating to the country when it comes to making plans for the future.
According to official data of Latvian Office of Citizenship and Migration for 01.01.2017, a total amount of TRP issued on the basis of company capital investment is 609. It is rated as the 2nd popular type of investment after a real estate purchase.
Residence for investment program: bank deposit investment
Residence permit program in Latvia based on bank deposit investment offers foreigners great opportunities to invest their financial means in credit institutions established in Latvia with the aim of obtaining country’s residency. This type of investment provides a facilitation of business operations and ensures earning dividends while strengthening local economy.
If you have any questions regarding the procedure or you are willing to apply – contact our agents now!
In Latvia a foreigner is eligible to apply for a residence permit, if he or she has reached legal age of 18 years, has no criminal record, does not have any real estate purchase debts, has a legal source of income and can meet all the investment requirements listed below. It is also possible to submit a request for family members – main applicant’s children under the age of 18 and spouse.
In order to acquire a temporary residence permit of Latvian Republic on the grounds of purchasing a real estate property several requirements must be met.
A foreigner has to subordinate liabilities to credit institutions of Latvian Republic in the amount not less than 280 000 EUR, with the term of the transaction contract concluded not more than 5 years and make a contribution paid to the state budget amounting to 25 000 EUR.
- A bank deposit contract must be signed and the Certificate of deposit shall be completed in the name of the person requesting a residence permit.
- All fees and extra costs should be covered as well.
State fees and costs
In order to successfully apply for a residence, following fees are involved:
- initial bank deposit volume;
- 25 000 EUR contribution to the Government budget;
- notary fees ~ 300 - 450 EUR;
- examination of the documents submitted for requesting a temporary residence permit 100 - 400 EUR for the main applicant, 75 - 360 EUR for the spouse, children (depends on the processing period);
- documents legalization fee 15 - 30 EUR (if applicable).
In order to receive a temporary residence permit in the Republic of Latvia the foreigner must present a valid travel document and submit the following documents:
- a copy of passport;
- a definite sample form for a residence permit request;
- a police clearance certificate;
- a document showing the existence of the bank deposit;
- a document confirming the necessary subsistence funds;
- a document confirming the envisaged place of residence in the Republic of Latvia;
- a personal photography;
- a document confirming that the foreigner holds a valid health insurance policy (prepared and submitted after a positive decision is issued);
- copies of documents confirming relationship: birth or marriage certificates (if applicable, required only for family members applications).
General time frames for obtaining the temporary residence permit are 1-3 months once the formalities of filing a bank deposit are completed (2-4 weeks, depending on the chosen documents processing procedure).
After a temporary residence permit is issued – it must be registered on annual basis. Annual extension takes 1 to 2 weeks and is valid 1 year.
Benefits of holding Latvian temporary residence permit
While Latvian residence permit have a complex procedure to undergo, once received – it grants numerous advantages to its holder, including EU free travel rights and easy extension procedure, as well as:
- living in any Schengen country for 3 months in 6 month period;
- visa-free travel to numerous countries;
- having an employment permit and getting a job in one of the country’s companies;
- having an access to country’s healthcare and education systems;
- having a right to receive a driving license;
- having an access to financial benefits and discounts of social services granted by the State Social Insurance Agency;
- acquiring a local resident status for taxation and other purposes;
- opportunity to start and operate business locally;
Permanent residence application
After acquiring temporary residence, if the foreigner lives in Latvia for at least 1460 days (4 years) within next 5 year period – he or she may apply for a permanent residence.
Otherwise a person can reapply for another 5 years of temporary residence upon expiration.
In case you still have questions – check our F.A.Q. or contact us directly.