It is possible to obtain the status of a resident of the country according to a simplified procedure by making a financial investment in one of the approved investment options. The applicant is issued a residence permit for 5 years, after which it is possible to obtain permanent residence. 5 years after obtaining a permanent residence, the right to apply for citizenship is provided.
Advantages of obtaining Latvian citizenship
- Crossing borders without visas
The ability to travel freely to 180 countries of the world, including Japan, Great Britain, and the countries of the European Union.
- Second citizenship for the family
A spouse and minor children who are financially supported by the investor can obtain Latvian citizenship.
- Loyal tax system
In Latvia, there are low tax rates on real estate, and there are no taxes on the payment of dividends, interest, royalties.
- Quality higher education
For children of Latvian citizens, the possibility of simplified admission to educational institutions of the European Union is available.
- Freedom to choose the country of residence
Latvian citizens are allowed to permanently reside and work on the territory of all states of the European Union.
- Quality medical care
Holders of Latvian citizenship receive free medical care on the territory of the state.
- Visa
Latvia is a member of the Schengen area, therefore, to enter this country, citizens of some states need to have a foreign passport with an appropriate visa of one of three categories – A, C, or D.
Types of Latvian visas
A – airport transit visa (uniform Schengen visa). This visa is intended for a person to cross the transit zone of the Latvian airport.
C – short-term visa (uniform Schengen visa). Category C visa allows a foreigner to enter and stay on the territory of Latvia and other countries of the Schengen area. The maximum period of stay in the Schengen countries on such a visa is 90 days within six months.
D – long-term visa (national Latvian visa). A long-term visa is issued if a foreigner needs to stay in the territory of Latvia for more than 90 days within six months. The maximum validity period for a long-term visa is 1 year.
How to get a residence permit in Latvia, or “Golden Visa”
Since 2010, Latvia has been granting residence permits to foreign citizens who have made investments in the country’s economy. The most common way to obtain an “investment residence permit” is to buy real estate. A residence permit gives the right to stay in Latvia for five years with the possibility of extending this period.
To obtain a residence permit, you can purchase two real estate objects for a total of 250 thousand euros. That is, an investor wishing to become a resident of Latvia will be given a “Golden Visa” if he buys, for example, two apartments for 125 thousand euros. However, this only applies to purchases outside Riga and Jurmala, as well as Adazi, Babite, Baldone, Garkalne, Ikskile, Kekava, Marupe, Olaine, Ropazi, Salaspils, Saulkrastov, Stopinje region, and Carnikava.
Obtaining a residence permit is guaranteed only to those who purchase buildings or built-up land. Empty plots are not suitable for this purpose. In this case, the cadastral value of the object must be at least 80 thousand euros. If two real estate objects are purchased outside the specified cities and territories, the cadastral value of each property must be at least 40 thousand euros.
To obtain a residence permit in Latvia, the investor must pay a one-time fee of 5% of the object price. Besides, you need to pay a state fee for the examination of documents – from 142.29 to 426.86 euros, depending on the urgency, as well as a consular fee (70 euros).
The residence permit must be renewed every five years, with a second extension (that is, 10 years after the first visa was received), five thousand euros must be paid. A foreigner may lose his residence permit if his debts exceed 150 euros.
When investing in a company, the investor must pay a fee of 10 thousand euros. Obtaining Latvian citizenship by investment provides for the mandatory registration of a residence permit and permanent residence. According to the legislation of Latvia, the investor must pay the state duties provided for by the legislation and make a financial investment in one of the following options.
General requirements for applicants
- no criminal record
- citizenship of a non-EU country
- legal age
- obtaining a health certificate
- availability of a valid travel document
- availability of a receipt for payment of the state fee
- confirmation of the official source of income