A Gateway to Europe with Latvia Residence by Investment
The Latvia Residence by Investment Program is one of the fastest and most competitive programs in Europe. The program was launched on 1 July 2010 by the Latvian government as an initiative to sustainably overcome the economic crisis of 2007–2009. Five years after the program’s launch, 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. (The real estate option has been suspended since January 2022.)
According to the qualification requirements, foreign nationals may apply for a residence permit in Latvia by committing funds into the equity capital of a Latvian company, making a subordinated loan (deposit) in one of the Latvian banks, or through the purchase of interest-free government bonds determined for special purpose
Benefits of the Latvia Residence by Investment Program
- Visa-free access to Europe’s Schengen Area
- No minimum stay required to be eligible for the residence permit renewal
- Fast-track application procedure
- Russian widely spoken
- Excellent transport links with Russia and other EU member states
- Eligibility to apply for citizenship after 10 years of legal residence
Requirements of Latvia residence by investment
To obtain a residence permit through the Latvia Residence by Investment Program, applicants are required to fulfill the following 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 a main applicant and spouse
- EUR 22,188 per year for a married couple with one child
Procedures and time frame of the Latvia Residence by Investment Program
The processing of documents takes approximately 30–90 days. The members of the applicant’s family, such as spouse and children under 18, may apply for a residence permit together with the applicant. Upon approval at the Office of Citizenship and Migration Affairs of the Republic of Latvia, the investor should visit Latvia in person within three months to collect their temporary residence permit in the form of an ID card. The residence permit is valid for five years with the requirement of annual renewal of the ID card.
Residence requirement of Latvia residence by investment
There is no minimum number of days of physical presence in Latvia required in order to renew the residence permit.
Permanent residence permit and citizenship
After five years of receiving the residence permit, the applicant may apply for a permanent residence permit. To qualify for a permanent residence permit, the candidate must have resided in the country for four years out of the five-year period and should have successfully passed the basic Latvian language test at Level A2. The applicant must also have a proven knowledge of the general history of Latvia and the national anthem. Applicants must renounce their former citizenship in order to be granted Latvian citizenship, although exceptions may apply.