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- The deposit cannot be withdrawn before the maturity for five years.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.