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Latvia

Residency by Investment

  • Latvia is situated within Europe’s Schengen Area, on the Baltic coast. Riga, its capital, was founded in 1201 and is a UNESCO World Heritage Site. Approximately half of Latvia’s territory is covered by forests, offering many nature trails and parks. Latvia offers excellent transport and cultural links with both Western Europe and Russia.

  • 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.

Country Information

Latvia, one of the countries that form part of Europe’s Schengen Area, is situated on the Baltic Coast.

Population 1.8 million
Languages Latvian, Russian, and Belarusian, among others
Economy Small and open, with highly developed transit services
Currency Euro

Residency by Investment Overview

The Latvia Residence by Investment Program was launched on 1 July 2010 as an initiative to sustainably overcome the economic crisis of 2007– 2009. Foreign nationals may apply for a residence permit in Latvia through various options.

Investment

Minimum investment of EUR 60,000

Processing time

One–three months from submission of the application to approval

Key benefits

The right to live, work, and study in Latvia

Benefits of the Latvia Residence by Investment Program

Visa-free travel within 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)

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)

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

Alternatively, applicants can acquire real estate property in Latvia to the value of at least EUR 250,000 and pay a state fee equivalent to 5% of the real estate price.

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.

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