How to get Residence Permit in Latvia

What is a residence permit?
A residence permit is a type of visa in which the right of residence permit granted to foreign nationals
for a period of time or indefinitely is granted, and you can work and live in that country through this
type of visa. Each country has different residence permit and work permit requirements. These terms
vary from country to country.

Getting a residence permit in Latvia
If you want to get a residence permit in Latvia, you have to meet certain conditions in order to
qualify. These conditions, which are regulated according to the European Union curriculum, are
granted to those who meet the pre-determined application conditions according to Latvia's work
regulations in cases requiring accommodation for more than six months, and the person holding
Latvia permit has the right to free movement in all Schengen countries, including Iceland, Switzerland
and Norway. You can travel to any country during your residence permit. People with a residence
permit in Latvia can also benefit from many equal opportunities.
There are many different ways to obtain a Latvian residence permit. You can have a residence permit
in Latvia by signing a business contract with a company operating in Latvia with a European Union
blue card, by investing in real estate, by investing in an investment type called sub-capital or by
investing in stocks.
In order to obtain a residence permit in Latvia prior to amendments to the European Immigration
Law, this right was not granted to foreign citizens, except for family reunification obtained through
marriage or residence permit requested for work or education. Thanks to the changes made on
1.07.2010, it also allowed foreign investors the right to a residence permit. These rights have been
granted in order to contribute to the development of the Latvian economy and to encourage
investors with a certain capital to do business in the country.
According to the new immigrant statute organized by the Republic of Latvia, the conditions for
temporary residence in Latvia are as follows:
* You can apply to a company as a partner of at least € 36,000 or by establishing a company with that
amount of capital. But the annual tax that this company will pay must be less than 40,000 euros
minimum.
* You can apply by setting up a company with 150.000 Euro capitals.
* You can apply by investing at least 300,000 euros in a Latvian bank.
* You can apply for a temporary residence permit in Latvia by purchasing a real estate in Riga or
other cities. If you are planning to apply for a residence permit by purchasing the property, the
property you are going to purchase must be within the borders of Latvia and should be worth more
than 250,000 euros. After 250,000 Euro real estate investments, you can get a 5-year residence
permit.
* If you learn the local language at the end of these 5 years, you can apply for citizenship.
Once you have met the above conditions, you can apply for a Latvian residence permit. However,
foreigners applying for residence permits are required to purchase real estate from any legal real
estate agent in Latvia, property owners who are citizens of the European Union or foreigners who
have a Latvian legal residence permit.

7 reasons to get a residence permit from Latvia
 Latvia is among the developing countries.
 Since it is a European Union country, there is unlimited travel opportunity to all European
Union countries.
 It is the tenth country with the fastest fiber internet infrastructure in the world
 Cheap and economical living opportunity
 Tax benefits and incentive loans for starters
 Having the highest universities with a high level of education and student exchange program
 High rental income despite low real estate prices

Leave a Reply

Your email address will not be published. Required fields are marked *