01 Mar Latvia Residence by Investment Program [2023 Guide]
Leaving behind its past as a member of the USSR, Latvia joined the UN in 1991, the EU and NATO in 2004, and Europe’s Schengen Area in 2007. Its economy grew exponentially during this time, fuelled significantly by foreign investment, and the country continues to thrive.
More than a third of Latvia’s population lives and works in Riga, which continues to attract new business and drive the country’s economy. Investors can take advantage of the great opportunities on offer, and this article shows you how, covering these areas:
- Latvia residency by investment – What is it?
- Benefits of becoming a resident in Latvia
- Latvia residency by investment options
- Latvia residency by investment eligibility requirements
- How to apply for Latvia residency – Step-by-step
- Latvia residency by investment – Documents required
- What is the minimum investment required for Latvia citizenship?
- Can you buy residency in Latvia?
- Can I bring my family with me to Latvia if I obtain residency through investment?
- How long does the process of obtaining residency through investment in Latvia typically take?
- What is the cost involved in obtaining Latvia residency through investment, and what is included in the fees?
- How many countries can I visit visa-free with a Latvia passport?
Latvia residency by investment – What is it?
The Latvia residence by investment program allows you to gain residency in this thriving EU country for a minimum investment of EUR 50,000. The scheme is one of the fastest-growing programs of its kind in Europe. Five years after its launch in 2010, Latvia’s economy was boosted by more than EUR 1.3 billion, of which more than EUR 1.1 billion was generated by foreign investors.
Benefits of becoming a resident in Latvia
In addition to gaining residence in a country with a beautiful Baltic coastline and extensive unspoilt forests and landscape, as a Latvian resident you will enjoy the following benefits:
- Visa-free access to the European Schengen countries
- No minimum stay required for residence permit renewals
- Fast-track application procedure – usually processed within three months
- Low tax rates on real estate, and no taxes on dividends, interest and royalties
- Relatively low prices across most goods and services
- Excellent transport links with other EU member states and Russia
- The right to live, work and study in Latvia
- Latvia has a small, open economy with a highly developed transit services
- Fantastic cuisine and a rich culture, with art nouveau and medieval architecture rubbing shoulders in Riga
Latvia residency by investment options
Foreign nationals can apply for a Latvian residence visa in three ways: investing funds in a Latvian company’s equity capital, making a deposit in a Latvian bank, or purchasing interest-free designated government bonds. Prior to January 2022, there was a real-estate purchase option, but this scheme has been withdrawn.
These are the three current qualifying options:
- Invest funds in a Latvian company’s equity capital – This involves investing EUR 50,000 in the equity capital of a Latvian company (as long as the company pays a minimum EUR 40,000 in taxes annually), plus a one-time payment of EUR 10,000 to the state.
- Make a deposit in a Latvian bank – This involves an investment of EUR 280,000 in the subordinated capital of a Latvian bank for five years, plus a one-time payment of EUR 25,000 to the state.
- Purchase designated government bonds – This entails the purchase of special-purpose interest-free bonds with a value of EUR 250,000, plus a one-time payment of EUR 38,000 to the state.
Latvia residency by investment eligibility requirements
The application is straightforward, swift and transparent. Here are some of the things to bear in mind when considering applying for Latvian residency by investment:
- Applicants must be over 18, and you can include your spouse and any children under 18 on the residence permit application.
- You must have no criminal record.
- You must be a citizen of a non-EU country.
- You will need a medical certificate demonstrating your state of health.
- Proof of your financial standing and sources of income are required.
- Once the application has been approved by the Office of Citizenship and Migration Affairs of the Republic of Latvia, you will need to visit Latvia in person within three months to collect your temporary residence permit.
- The permit (an ID card) is valid for five years and must be renewed annually.
- There is no minimum stay requirement when renewing the temporary residence visa (although if you are seeking permanent residence, you will need to live in Latvia).
- After five years, you can apply for a permanent residence visa. To do so, you must have lived in Latvia for four of the five years. You will also need to pass a basic Latvian language test at Level A2 and demonstrate knowledge of Latvian history and the national anthem.
- Latvia allows dual citizenship if your passport is from a NATO member state.
How to apply for Latvia residency – Step-by-step
Processing documents for the Latvia residency by investment program usually takes between 30 and 90 days. These are the basic steps required:
- Step 1 – Select an investment option
- Step 2 – Gather and submit all required documents to the Embassy or Consulate of Latvia.
- Step 3 – Wait for government approval of your application.
- Step 4 – Once the application has been approved, pay the relevant fees and make the required financial investment.
- Step 5 – Receive your residence permit ID card from the Office of Citizenship and Migration Affairs.
You can apply for Latvian citizenship after five years of permanent residence in the country. To qualify, you need to have been physically present in Latvia for four of the previous five years.
Latvia residency by investment – Documents required
Huriya Private can help you put together the various documents you need when making your application for Latvian residency by investment. There is a minimum requirement for the following documents:
- A completed request form for your permanent residence permit.
- Proof of your sources of income and ability to make an investment
- Original passport along with a photocopy
- One passport-size photo
- Evidence of valid health insurance
- Evidence of your lack of criminal convictions
- Proof of your residential address
- Receipt demonstrating payment of relevant fees
- Documents certifying your business investment
What is the minimum investment required for Latvia citizenship?
A minimum of EUR 50,000 plus fees is required for residency by investment in Latvia.
Can you buy residency in Latvia?
Foreign nationals can apply for a Latvian residence visa in three ways: investing funds in a Latvian company’s equity capital (minimum EUR 50,000, plus a one-time payment of EUR 10,000); making a deposit in a Latvian bank (minimum EUR 280,000, plus a one-time payment of EUR 25,000); or purchasing special-purpose interest-free bonds (minimum EUR 250,000, plus a one-time payment of EUR 38,000).
Can I bring my family with me to Latvia if I obtain residency through investment?
You can include your spouse and any dependent children in your application.
How long does the process of obtaining residency through investment in Latvia typically take?
Residency through investment in Latvia is a fast process, and applications are usually processed within three months.
What is the cost involved in obtaining Latvia residency through investment, and what is included in the fees?
The cheapest investment option for Latvian residency is EUR 50,000 plus a one-time payment of EUR 10,000. You can also deposit a minimum of EUR 280,000 in a Latvian bank, plus a one-time payment of EUR 25,000. Alternatively, you can purchase special-purpose interest-free bonds for at least EUR 250,000, plus a one-time payment of EUR 38,000.
In addition, there will be a EUR 80 fee for the application and a EUR 70 fee for the review of the application once the Latvian authorities have received the documents. There will be additional agency fees too.
How many countries can I visit visa-free with a Latvia passport?
With your residency permit, you can visit all 26 European countries in the Schengen Area visa-free. With citizenship and a Latvian passport, you will be able to visit 165 countries visa-free.
Contact Huriya Private now to learn more about citizenship programs and how you can start your journey towards securing a valuable second passport.