Latvia Residency - IPC

Latvia Residency

THE FASTEST AND EASIEST WAY TO GET RESIDENCY PERMIT

LATVIA PERMANENT RESIDENCY:

  • Minimum transaction value of real estate located anywhere in Latvia must be €250,000
  • Due to the revolutionary amendments to immigration law, Latvia offers the opportunity to become resident in a Schengen Area member country with minimal bureaucratic requirements
  • From May 2010 two new options (buying realty object or banking deposit) were introduced into Latvian legislation. Those options significantly simplified the acquisition of EU-residency for foreign nationals. Moreover, there is no need to spend any particular time actually residing in Latvia (in case eternal temporary residency is sufficient for you)
  • Physical presence requirement was removed from the legislation with amendments of 2010. Nevertheless, if you wish to become eventually a permanent resident or citizen physical presence will apply

WHY LATVIA:

  • Latvia has a very stable bureaucratic setup; this is very useful for foreign investors looking to establish their business base in the country since they can do it without any hassle
  • Latvia also has a transparent and non-biased legal and judicial system in place. it allows the foreign companies to settle any issues fair and square
  • Latvia is a part of the European Union (EU), foreign investors in the country are provided free access to the market of other countries which are part of the EU. This is a very significant advantage for investors since they can do business without borders and expand their business base
  • Latvia has a very global business outlook. The work culture throughout Latvia is world class, most of the business enterprises in the country work according to the standards of other European nations
  • Latvia has 12,000 rivers and 3,000 small lakes – perfect if you like water sports and nature
  • The labor force is the backbone of any industry and in Latvia, there is no shortage for it, foreign investors in Latvia can have access to the huge base of highly educated and technically qualified workers. The labor charges in Latvia are also cheap as compared to other countries in the European Union

ABOUT LATVIA:

  • Official Name: Republic of Latvia
  • A Form of Government: Parliamentary republic
  • Capital: Riga
  • Population: 1,927,501
  • Official Language: Latvian language
  • Currency: Euro
  • Area: 64,559 km2
  • Education: Latvian language
  • Culture: mixed culture (Latvian, Belarus, Sweden)
  • Environment: high level of pollution
  • Health Care: high standard 4th in Europa
  • Taxation: very low
  • Tourism: 59th world wide
  • Weather: low temperate climate
  • Politics: stable
  • Schengen: yes
  • Religion: Christian

QUALIFICATION CRITERIA:

  • If you invest more than €50,000 in a small company of less than 50 employees. , you can apply for a residency permit
  • If you invest more than €250,000 in property in specific regions and cities in Latvia, you can apply for a Latvian residency permit
  • If you take out a 5year fixed deposit with a credit institution in the Republic of Latvia €280,000, you can apply for a Latvian residency permit
  • A statement from your bank showing you have at least EUR 4560 worth of funds in your bank account to get you through the first twelve months, potentially without income
  • A written statement that after you receive the residence permit and as soon as you become the chairman of your startup (or an employee), you will have a monthly salary of at least EUR 859 per month
  • A document stating where you plan to live while in Latvia for at least the first 6 months - this can be a rental agreement or a letter from the host of the accommodation. (this can be changed afterward)
  • Be over 18 years old
  • Be a non-EU citizen
  • Hold no criminal record

START YOUR BUSINESS IN THE EUROPEAN UNION