Residence permit in Latvia
- Investment in local company: 50 000 EUR
- State budget contribution: 10 000 EUR
- Maximum number of employees: 50
- Maximum annual turnover: 10 000 000 EUR
- Taxes to be paid in one year: 40 000 EUR
- 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 482. It is rated as the least popular type of investment in comparison with other available investment types.
Residence for investment program: business investment
Residence permit program in Latvia based on business investment offers foreigners great opportunities to invest their financial means in a new or existing business in Latvia with the aim of obtaining country’s residency. This type of investment provides convenience in terms of setting up a business within EU and making business trips while enjoying a visa-free policy of the Schengen Area.
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 investing into company equity capital several requirements must be met. However, there are several options for investment.
Major requirements
To acquire a temporary residence permit of Latvian Republic one of the following options must be complied with.
- A new limited liability or joint-stock company must be established which capital amounts to 50 000 EUR, with minimal annual tax 40 000 EUR paid to the state budget, number of employees not more than 50 and an annual turnover balance not more than 10 million euros,
- A limited liability or joint-stock company equity capital investment, amounting to EUR 100,000, with number of employees not less than 50, minimal annual tax 100 000 EUR paid to the state budget and an annual turnover or balance not less than 10 million euros,
- A limited liability or joint-stock company along with one or more affiliated companies registered in Latvian Republic, with a capital investment amounting to 100 000 EUR, number of employees not less than 50, minimal annual tax 100 000 EUR paid to the state budget and an annual turnover or balance not less than 10 million euros.
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 company investment volume;
- 10 000 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 and children (depends on the processing period);
- documents legalization fee 15 - 30 EUR (if applicable).
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:
- a copy of passport;
- a definite sample form for a residence permit request;
- a police clearance certificate;
- a document confirming the necessary subsistence funds;
- a copy of the company shareholder registry;
- 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 for family members applications).
Timescales
General time frames for obtaining the temporary residence permit are 1-3 months once the formalities of making an investment are completed (1-4 weeks). However, there might different timescales applied by the local immigration authorities on a case-to-case basis.
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:
- 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.
If you still have questions regarding this program – check our F.A.Q. section or contact us directly.
