Republic of Latvia is a member of the European Union and the Schengen Agreement. The residence permit in Latvia provides visa-free visits to any country of the Schengen Agreement.
A temporary residence permit up to 5 years, assumes staying in the Latvian territory without any limitations of the minimum and maximum period (from 1 to 365 days per year), as well as staying in the Schengen countries for a period that is no longer than 90 days within 6 months. The current migration legislation of Latvia provides annual confirmation of the temporary residence permit, in order to control the investment terms that gave the rights to the person to get Latvian residence permit.
A foreigner may apply for a residency permit for a time period not exceeding 5 years, if a foreigner had purchased or is the owner of a functional immovable property (except for an undeveloped land plot) in Riga or Jurmala, or Adazi, Babite, Baldone, Carnikava, Garkalne, Ikskile, Kekava, Marupe, Olaine, Ropazi, Salaspils, Saulkrasti or Stopini Municipality, the value of which is 250 000 EUR. Or in case a foreigner had purchased or is the owner of not more than 2 functional immovable properties except for an undeveloped land plot) with a total value of 250 000 EUR outside the abovementioned administrative territories, if simultaneously:
- the foreigner has no tax debts for the immovable property,
- the amount was paid via cashless payment method,
- immovable property was purchased from a legal entity, which is a taxpayer in Latvia, or from a natural person, who is Latvian citizen or non-citizen, or who has a residence permit in the Republic of Latvia.
- cadastral value of the immovable property at the time of purchase is at least 80 000 EUR. In case the foreigner buys 2 immovable properties outside Riga or Jurmala, or in Adazi, Babite, Baldone, Carnikava, Garkalne, Ikskile, Kekava, Marupe, Olaine, Ropazi, Salaspils, Saulkrasti or Stopini Municipality, the cadastral value of each immovable property shall be at least 40 000 EUR. If the cadastral value is less than the said amount, the value or the immovable property shall be at least 250 000 EUR. In case the foreigner purchases two immovable properties, the value of each property has to be over 125 000 EUR,
- when requesting a temporary residence permit for the first time, the foreigner had paid to the state budget 5% of the value of the immovable property,
- the immovable property does not include farmland or land with forest.
Investments into Share Capital of a Company
A foreigner can get a residence permit if:
The time does not exceed 5 years, if he had made investments into a share capital of a company by increasing it, or by establishing a new company, and by paying 10 000 EUR into the state budget, as well as investments:
- in the amount of 50 000 EUR, where not more than 50 persons are employed, with annual turnover or annual balance not exceeding 10 million EUR, the amount of taxes paid – over 40 000 EUR. Not more than 10 foreigners may apply for the residence permit, and each of them must pay a fee in the amount of 10 000 EUR to the state budget.
- in the amount of 100 000 EUR, where more than 50 persons are employed, with annual turnover or annual balance exceeding 10 million EUR, the amount of taxes paid – over 100 000 EUR. Fee to be paid to the state budget – 10 000 EUR.
- in the amount of 100 000 EUR to the share capital of a company with one or several subsidiary companies registered in Latvia that employ over 50 persons, with annual turnover or annual balance exceeding 10 million EUR, the amount of taxes paid – over 100 000 EUR. Fee to be paid to the state budget – 10 000 EUR.
The law also stipulates that the issued residence permit may be cancelled in case there is a tax debt (VID) exceeding 150 EUR.
For more information, please call (+371) 67099099