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.

According to the qualification requirements, foreign nationals may apply for a residence permit in Latvia through the purchase of real estate, or by 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

• 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

Requirements

There are several qualifying options to obtain a residence permit through the Latvia Residence-by-Investment Program. Applicants may choose from one of the following options:

1. The purchase of real estate of EUR 250,000, plus a one-time payment of 5% of the purchase price to the state budget
2. The investment of EUR 280,000 in the subordinated capital of a Latvian bank for a period of five years, plus a one-time payment of EUR 25,000 to the state budget
3. The investment of EUR 50,000 in the equity capital of a Latvian company (provided that the company annually pays at least EUR 40,000 in taxes), plus a one-time payment of EUR 10,000 to the state budget
4. The purchase of special-purpose interest-free bonds at a nominal value of EUR 250,000, plus a one-time payment of EUR 38,000 to the state budget

Procedures and time frame

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

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. The applicant must renounce their former citizenship in order to be granted Latvian citizenship, although some exceptions may apply.