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, there were 205 TRP issued in a four month period between January 2016 and April 2017, all of which were based on investing in real estates.
Residence for investment program: purchase of real estate
Residence permit program in Latvia based on real estate purchase offers foreigners great opportunities to invest their financial means in Latvian immovable property in order to obtain country’s residency. This type of investment provides profound security together with a high liquidity and profit as the purchased property can be rented at any time, returning 4-7% of the investment annually.
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.
State fees and costs
In order to successfully apply for a residence, following fees are involved:
To receive a temporary residence permit in the Republic of Latvia, the foreigner must present a valid travel document and submit the following documents:
General time frames for obtaining the temporary residence permit are 1-3 months once the formalities of owning the property are completed (2-4 weeks). However, there might different timescales applied by the local immigration authorities on case-to-case basis.
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.