Residence Permit for Investor in Latvia
On 1st of September 2014 new amendments in law about immigration went into force. These amendments allow foreigners to receive a residence permit in Latvia for purchasing a real estate in Latvia; investing in subordinated capital - deposit in one of Latvian banks ; or investing in business, company's capital owned by resident of Latvia.
In these cases the investor has a chance to be eligible for receiving a residence permit in Latvia for 5 years with re-registration. Residence permit in Latvia provides an opportunity to freely travel in Schengen area and rights to work in Latvia.
A residence permit gives a foreigner the rights
- To stay in the Republic of Latvia for a period of time not exceeding five years;
- To freely cross borders of EU Member States and non-EU countries;
- To move and stay up to 90 days within the territory of other EU countries except for the United Kingdom, Ireland, Cyprus, Bulgaria and Romania;
- To obtain a Latvian or EU permanent residence permit after five years;
- To obtain temporary residence permits for the spouse and children.
A residence permit may be obtained by investing in real estate
- Buying a realty object (apartment or house) in Latvia. The object must cost the minimum of EUR 250,000. The Government fee for issuance of residency permit is 5 % from the property price indicated in the purchase contract.
- Only non-cash funds may be used for purchasing real estate;
- A foreigner does not have and has never had any debts of payments of real estate tax in Latvia;
- A residence permit is issued after registering the ownership in the Land Register.
A RESIDENCE PERMIT MAY BE OBTAINED BY investing in Latvian credit institutions
- Open a banking deposit of 300,000 EUR or 400,000 USD with a Latvian bank.
- The deposit cannot be withdrawn before the maturity for five years.
- The Government fee for issuance of residency permit is EUR 25,000.
A RESIDENCE PERMIT MAY BE OBTAINED BY investing in the equity capital of a COMPANY
- If a person (individual) invests at least 150,000 EUR or 35,000 EUR in the share capital and a company.
If 35,000 EUR is invested, the company shall pay in taxes at least 40,000 EUR within a financial year. It must have a maximum of 50 employees and annual turnover not exceeding 10,000,000 EUR, for maximum 3 persons.
- If 150,000 EUR is invested, the company shall have more than 50 employees and annual turnover shall exceed 10 000 000 EUR.
A RESIDENCE PERMIT MAY BE OBTAINED BY establishing branch/ representative office
- A person registered in the Latvian Commercial Register as the Board or the Council, management or a person authorized to represent a foreign corporate entity in activities related to the branch/office in Latvia;
- The company must be registered each year, has to pay in taxes min. 21 350 EUR per year.
- The branch/ representative office must prove their business activity by presenting concluded agreements.
A RESIDENCE PERMIT MAY BE OBTAINED BY WORKING FOR A COMPANY IN LATVIA
- The person is an employee in a Latvian or foreign company.
- In this case he must have a minimum salary of 818 EUR per month and place of residence.
- The residence permit will be issued per the terms of the Employment agreement.
- Receiving of the work permit and announcement of the vacancy (1 month before receiving of the work permit) is required before the residence permit will be issued.
Latvijas Republikas Goda Generāl Konsulāts | +62 21 2957 5010 / +371 6616 3344 | email@example.com