THE FASTEST AND EASIEST WAY TO GET RESIDENCY PERMIT
LATVIA PERMANENT RESIDENCY:
Investment Options- Bank Deposit
The investment of € 280,000 in the subordinated capital of a Latvian bank for a period of five years, in addition to a one-time payment of € 25,000 to the state budget. - Governmental Bonds
€250,000 purchase of special-purpose interest-free bonds in addition to a one-time payment of € 38,000 to the state budget. - Investment in Equity Capital Company
€50,000 investment in the equity capital of a Latvian company paying annually a minimum of €40,000 in taxes, in addition to a one-time payment of €10,000 to the state budget.
Benefits of Permanent Residence Program
- Visa free travel across Schengen and EU countries.
- Fast track application 2-3 months to obtain residence.
- Varieties of investment options, real estate, purchase of bonds or investment towards Latvian company.
- Documents can be submitted electronically online. Only upon approval, the investor and his/her family should visit Latvia in person within 3 months to submit their biometric data and collect their temporary residence permit (ID card).
- There is no residence requirement in Latvia for a certain period (prior to or after residence permit has been granted).
- The right to study in any of the Schengen countries.
- The right to obtain Latvian Permanent Residence after five years from the date of obtaining residence permits. 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 residence permit can be renewed indefinitely every 5 years, without any stay requirements, if you maintain your investment.
- After 10 years of legally living and integrating to culture and language of Latvia, you can apply for citizenship.
- Latvia allows dual citizenship in certain cases and has the 11th powerful European passport in the world.
- Dual Residency without notifying home authorities.
- Access to medical healthcare.
- Access to education system.
- Non-EU nationals and their families (spouse and minor children till age 18) can obtain Permanent Residence in Latvia.
- With a Latvian residence permit, you can live and work in a highly developed European country.
WHY INVEST IN LATVIA:
- Latvia became a member of European Union in 2004 and from 21st of December 2007 Latvia is part of Schengen zone.
- Weather: Dry, warm summers and snowy winters - from +25-30 to -5 °C.
- Living in Latvia is a lot cheaper compared to Western Europe.
- Latvia is a very green country that offers many stunning landscapes and exciting activities.
- Approximately half of Latvia’s territory is covered by forests, offering many nature trails and parks Ranked second according to the worldwide Environmental.
- Although the official language is Latvian, many people also speak Russian or English as their second language.
- Latvia has a qualified workforce.
- Latvia has a relatively low cost of living.
- Latvia has an excellent standard and quality of life.
- Transport hub between Russia and EU countries.
- Latvia's location between the EU and the large markets to the East.
- Latvia do free trade, especially within the EU borders.
- Latvia has a developed infrastructure. The transport and logistics industry has been one of the most important sectors in the country.
- Public Healthcare and education have improved in the last 4 years.
- Four independent cinemas for 630,000 inhabitants. Countless museums, at least eight theatres and an opera house.
- Tourism in Latvia. Latvia recorded a total of 3 million tourists in 2020.
- Latvia is ranked the 14th in the world by the Ease of Doing Business Index prepared by the World Bank Group.
- There are more than 20 banks that operates in the territory of Latvia. Mostly they are controlled by Sweden, Norway, Germany and Denmark. Latvia’s economic freedom score is 74.8, making its economy the 18th freest in the 2022 Index.
- Total tax weight in Latvia which forms from all the taxes including social insurance tax is just 30, 5 % from GDP. It is one the lowest index via 27 EU countries.
ABOUT LATVIA:
- Official Name: Republic of Latvia
- A Form of Government: Parliamentary Democratic
- Capital: Riga
- Population: 1,92 Million
- Official Language: Latvian
- Currency: Euro
- Area: 64,589 Km2
- Education: Free & Compulsory - Pre-school to High school
- Culture: Latvian – Known for Latvian Folklore “Jani” through massive music and dancing festivals- Traditional Handcrafts-Opera festivals
- Environment: Sea, Lakes, Rivers, Forests and Hills etc..- Air and Water Pollution
- Health Care: Poor Healthcare ,Funded through government taxation
- Taxation: 5%-21%
- Tourism: Attracts Tourists-Ancient Castles, Valleys, Largest Metropolis in Baltics
- Weather: Temperate Oceanic Climate- Cold Winters-Mild Summers
- Politics: stable
- Schengen: Member
- Religion: Christianity
QUALIFICATION & INVESTMENT CRITERIA:
In order to obtain a residence permit by investment:- Over 18 years old.
- No criminal record in each country of residency for the last 10 years.
- Proof of an official and legal income.
- Valid passport.
- A completed application form with a photograph.
- Proof of sufficient funds for living (around 500 EUR monthly for each adult family member and 150 EUR monthly for each minor).
- Proof of payment of state fees.
- Proof of investment.
- Health insurance policy.
- Certificate of absence of tuberculosis.
- Marriage and birth certificates.
- Regarding the investment in credit institution, the investor must provide a certificate confirming that they have contributed 280,000 EUR for a period of 5 years and the deposit has not been withdrawn.
In order to obtain a permanent residence permit by investment:
- Submit an application to the office of citizenship and migration affairs of Latvia.
- Confirm of income (Not lower than the subsistence level).
- Must own or rent a property in Latvia.
- Pass certificates of the Latvian Language, the basic knowledge of the history, culture and constitution of the country tests and learn the text of the national anthem.
- Proof of payment of state fees.
- Fulfill the conditions of the migration legislation on permanent residence in Latvia.
- Must have resided in the country for a minimum of 4 years out of the 5 years period.