Do you know that you can obtain residence permit in Latvia, which is an EU member, by making an investment? Latvia residency by investment is an option since July 2010. In order to overcome the economical crisis between 2007-2009 faster and attract foreign investors to the country, this program has been initiated and it can be said that it succeeded well. Within the next 5 years after the program was launched, the program brought 1.3 Billion € to Latvian economy and 1.1 Billion € of this value was generated from real estate investments by foreigners.
Foreign investors can apply for residence permit provided that suitable real estate is purchased. Advantages, requirements and procedures regarding Latvia residency by investment… We gathered all details for you.
Advantages of Latvia Residency by Investment
There are some prerequisites to be met in order to obtain Latvia residency by investment. People meeting these criteria obtain the right to reside in Latvia and there are many advantages of this opportunity. Some important advantages are as below:
- >>> Free movement within EU, including Iceland, Norway and Switzerland
- >>> Travelling to any country without any restriction or limitation
- >>> Benefiting from supports and incentives provided for investments made in Latvia
- >>> Benefiting from other advantages due to free movement within EU
Residence Requirements of Latvia Based on Investment
Obtaining a residence permit in Latvia was very difficult in the past. Even it was almost not possible for foreigners to obtain residence permit unless it was due to family reunification, job or education related. However, after changes in EU Immigrant Policy, this situation also changed and foreigners have been welcomed to obtain residence permit provided that some conditions are met. Since mid-2010, foreign investors can also obtain residence permit. The fundamental reason behind this permit is to improve and develop Latvian economy.
There are some conditions to be met by foreigners who want to obtain Latvia residency by investment. These conditions are as below:
- >>> Investing 300,000€ to any Latvian bank
- >>> Registering a company of which capital is at least 150,000€
- >>> Buying a real estate worth at least 250,000€
- >>> Founding a company or being a partner of a company with at least 36,000€ investment (Annual tax paid by this company must be at least 40,000€)
Foreigners meeting any of the conditions above can obtain 5 years of residence permit. Furthermore, foreigners who learn the local language at the end of this duration can also apply for citizenship.
Procedures and Timeframe
Procedure regarding Latvia residency by investment is completed in 30-90 days in general. Spouse of an applicant and his/her little children can also apply. After the Office of Citizenship and Migration Affairs of Latvia provides approval, a foreign investor must visit Latvia within the next 3 months and obtain residence permit. The residence permit provided at this point is valid for 5 years only if ID card is renewed every year.
Permanent Residence Permit and Citizenship
Anyone who obtained Latvia residency by investment can also apply for citizenship if desired. To do that:
- >>> 5 years of temporary residence permit must be completed
- >>> 4 years out of that 5 years must be spent in Latvia
- >>> A2 level of Latvian must be learned
- >>> Applicant must have information about the history of the country and its national anthem.
* Foreigners who will be a Latvian citizen must renounce their previous nationality, unless exceptional circumstances exist.
Consultancy for Latvia Residency by Investment
Latvia residency by investment bring many advantages as well. Yet, this procedure is not as easy and simple as it is supposed. In other words, when you meet the conditions above, you are not directly entitled for residence permit in Latvia. The procedure at this point continues for 30-90 days according to local regulations. After the procedure, you get a residence permit or not.
Documents requested from you during your application for residence permit must be prepared in suitable format and must be submitted to the related state office in the correct way. Then, following up the process may be necessary. It is obvious that all these steps require professionalism.
With the consultancy service that you will receive, you won’t make simple mistakes during the application process and accordingly, you won’t experience any time loss or rejection.
Our company that provides service about Latvian residency by investment has serious level of experience and expertise in this field. Our experts, who know how the procedure and application process are and how foreigner investors are treated, take necessary steps so that you can obtain positive result in short time. This way, without spending time on complex procedures, you will have the chance to obtain residence permit in Latvia, an EU member country. For more detailed information, contact us.
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Igors Krumins continues his activities as a commercial and international lawyer within the body of “Jurmala Invest”. He has more than 10 years of experience, especially in the investment sector, and has provided consultancy services to numerous companies with his legal expertise. He successfully completed his undergraduate studies at Baltic International Academy and graduate studies at Latvijas Universitate. Apart from his native Latvian language, he can also speak Russian and English fluently.