Residence permit in Latvia

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 order to acquire a temporary residence permit of Latvian Republic on the grounds of purchasing a real estate property several requirements must be met.

Eligibility

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.

Requirements

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.

Major requirements

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.

Extra requirements

State fees and costs

In order to successfully apply for a residence, following fees are involved:

Documents

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:

Timescales

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).

Annual extension

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:

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.

If you still have questions regarding this program – check our F.A.Q. section or contact us directly.