Latvia Residency

Latvia, situated in Northern Europe on the Baltic Sea, features a rich heritage, art nouveau architecture, and forested landscapes, offering visa-free travel options for investors through its Residence by Investment Program with a minimum investment of EUR 60,000 and no residency requirement.

Latvia, located in Northern Europe on the Baltic Sea, boasts a rich heritage and a captivating blend of art nouveau and medieval architecture. Riga, its cosmopolitan capital founded in 1201, serves as the political, economic, and cultural hub of the country, attracting visitors worldwide. With approximately half of its land covered by forests, Latvia offers numerous nature trails and reserves. As a member of the UN since 1991 and the EU and NATO since 2004, Latvia benefits from exceptional transportation and cultural connections with both Western Europe and Russia. Joining Europe’s Schengen Area in 2007 has further enhanced the country’s accessibility and opportunities for its citizens and residents.

Time Frame

One (1) to three (3) months from submission of the application to approval

Investment Requirement

€ 50,000 minimum investment

The Latvia Residency by Investment Schemes stands as one of Europe’s fastest and most competitive programs. The Latvian administration initiated the plan on 1 July 2010 to overcome the economic crisis of 2007–2009. Five years into the project, Latvia’s financial system received over EUR 1.3 billion, with more than EUR 1 billion generated from real estate acquisitions by non-native investors (The real estate option has been suspended since January 2022).

According to the eligibility criteria, non-citizens can apply for a residency visa in Latvia by investing in the share capital of a Latvian enterprise, providing a subordinate loan (deposit) in a Latvian financial institution, or purchasing government bonds with no interest designated for a specific purpose.

Key Benefits of the Latvia Residence by Investment Program

• Enjoy visa-exempt entry to the Schengen region
• Experience an accelerated application process
• Utilize the Russian language extensively
• Avoid mandatory residency extension stays
• Benefit from superb transportation connections to Russia and other EU nations

The Latvia Residence by Investment Requirements

Various eligibility alternatives exist for obtaining a residence permit through the Latvia Residency by Investment Program. Candidates can choose from any of the following options:

• Investing EUR 280,000 in the subordinate capital of a Latvian bank for five years, accompanied by a one-time fee of EUR 25,000 to the state budget.
• Acquiring EUR 50,000 in the equity capital of a Latvian corporation (provided the corporation annually pays at least EUR 40,000 in taxes), along with a one-time fee of EUR 10,000 to the state budget.
• Acquiring special-purpose zero-interest bonds at a nominal value of EUR 250,000, in addition to paying a one-time fee of EUR 38,000 to the state.

Procedures and Time Frame

The paperwork handling typically takes around 30-90 days. Family members of the petitioner, such as partners and offspring below 18 years, can concurrently apply for a residency license. Once authorized by the Office of Citizenship and Migration Affairs of Latvia, the investor must arrive in Latvia within 90 days to obtain their provisional residence permit with an identification card. The residency license remains valid for five years, with an annual identification card renewal requirement.

After holding the residency permit for five years, the petitioner can apply for indefinite residency. Eligibility for indefinite residency entails residing in the nation for a minimum of four years and passing a basic Latvian language test at the A2 level. Additionally, the aspirant must demonstrate knowledge of Latvia’s general history and national anthem. Latvia allows citizens of NATO member states to hold dual nationality as their second citizenship.

If you would like to learn more about the Latvia Residence by Investment Program, please don’t hesitate to contact us at Tsavorite as we would love to connect with you.