Latvia, one of the countries that form part of Europe’s Schengen Area, is situated on the Baltic Coast. The Latvia Residence by Investment Program is one of the most competitive residency programs in Europe and has one of the fastest turnaround times. Five years after the program’s launch in 2010, Latvia’s economy received more than EUR 1.3 billion, of which more than EUR 1.1 billion was generated from the purchase of real estate by foreign investors.
LATVIA
((Residency by Investment Program))
VISA FREE DESTINATIONS:
186
PASSPORT INDEX RANK:
9th
OVERVIEW:
PROCEDURE:
After holding a temporary residence permit for five years, applicants may apply for a permanent residence permit. They must have resided in the country for four out of the five years, have passed a Latvian language test at Level A2, and have proven knowledge of the general history of Latvia and the country’s national anthem.
MINIMUM CAPITAL REQUIREMENT:
A minimum investment of EUR 60,000
MAIN APPLICANT REQUIREMENTS:
- Commit EUR 50,000 into the equity capital of a Latvian company (provided that the company annually pays at least EUR 40,000 in taxes).
- Make a one-time payment of EUR 10,000 to the state budget.
In addition, applicants should demonstrate the availability of funds to maintain their family’s standard of living without having to seek social assistance from the Latvian government:
- EUR 15,480 per year for a single main applicant.
- EUR 20,640 per year for the main applicant and spouse.
- EUR 22,188 per year for a married couple with one child.
PROCESSING TIME:
1- 3 months from submission of the application to approval
KEY BENEFITS:
- No minimal presence required to be eligible for a residence permit renewal
- Fast-track application procedure
- Attractive tax system
- Russian widely spoken
- Excellent transport links with Russia and other EU member states
- Eligibility to apply for citizenship after 10 years of legal residence
