Residence permit of Latvia by Investments

Residence Permit of Latvia by investments

Residence permit of Latvia by investments (for 5 years), involves a stay in Latvia (LR) without any limitation on the minimal and maximal period (from 1 to 365 days / year), as well as stay in other Schengen countries for a period not exceeding 90 days within 6 months in one country. Current immigration legislation of Latvia stipulates the annual confirmation of a residence permit with a purpose to monitor whether the foreigner comply with the investment terms, on the basis of which the residence permit was obtained.

The current immigration legislation of the LR provides for the following grounds for obtaining a residence permit by investors:

1. The purchase of functionally related built-up object of real property in the Republic of Latvia in the amount of not less than EUR 250,000, subject to the following conditions:
   
   • be current on real estate tax;
     • the payment of the transactions is made by non-cash payments;
     • the real estate is purchased from registered legal entity in the Republic of Latvia or individual, who is a resident of Latvia, a citizen of the European Union or a foreign national residing in Latvia on the basis of a valid residence permit;
   • the cadastral value of the real estate at the time of its purchase is not less than EUR 80,000. If the cadastral value of the real estate is less than this amount, you must submit a certified appraiser’s statement, which confirms that the total market value of the real estate is not less than the statutory minimum acquisition amount of real estate (EUR 250,000);
   • the investor, upon request for the primary residence permit on the basis of investments in real estate, has paid to the state budget a one-time fee of 5% of the value of real estate;
     • land used in agriculture or forest land are not included in the real estate.
     
2. On the basis of subordinated liabilities with a credit institution in the amount of not less than EUR 280,000, subject to the following conditions:
   
   • the term of the transaction with the credit institution will last not less than 5 years;
   • the investor, upon request for the primary residence permit on the basis of investments in a credit institution of the Republic of Latvia, has paid to the state budget a one-time fee of EUR 25,000.
   * Subordinated liabilities with a credit institution in the Republic of Latvia is a commitment of credit institution arising from the loan (regardless of the transaction type), which basing on the contract concluded with a credit institution provides the lender the right to demand the return of the loan in advance, only in case of insolvency or liquidation of the credit institution, and only after meeting the claims of all other creditors, but before meeting the claims of shareholders.
3. Investment in the Latvian company, as a contribution into the basic capital of the company capital, by establishing a new company or increasing the basic capital of an existing company, if the contribution is not less than:
   
   • EUR 35,000, if the contribution is made in the company, where work less than 50 employees and which annual turnover or annual balance sheet does not exceed EUR 10 million, and if the company annually pays taxes of not less than EUR 40,000. Through the contributions into the basic capital of company, no more than three investors are eligible to require a residence permit
   • or EUR 150,000 if contribution is made into a larger company, where work more than 50 employees and which annual turnover or annual balance sheet exceeds EUR 10 million.
                               

The residence permit in Latvia also applies to the investor’s family members (spouse and their minor children).

The time for issuing a residence permit in Latvia takes from one to three months. Executing the real estate purchase and sale transactions take from two to four weeks.
If the decision is made within 30 days, the governmental fee is € 100. If the application is regarded within 10 days – € 243, and if within 5 days – the governmental fee is € 315.

The cost of our services:

• registration of the Latvia residence permit for the main Applicant – 10,000 EUR ;
• residence permit for the additional family members of the main Applicant – 5,000 EUR;
• extension of the Latvia residence permit for the main Applicant – 5,000 EUR ;
• extension of the Latvia residence permit for the additional family members of the main Applicant – 2,500 EUR.

In the case of registration of a residence permit through a D visa, the payment for services of our company is as follows:

1. 50% of our fees is paid after signing of the Agreement;
2. 40% before submitting an Application for a D visa;
3. 10% before submitting an Application for the residence permit of Latvia.

In the case of registration of a residence permit through the Immigration Department of Latvia, the payment for services of our company is as follows:

1. 50% of our fees is paid after signing of the Agreement;
2. 40% before submitting an Application for the residence permit of Latvia;
3. 10% after obtaining the residence permit of Latvia.