Residence permit in Latvia
Overview
Latvian
residence permit would be the perfect solution for you and your
family either you decide to move to the European Union for settlement
or wish to get access to the borderless Schengen Area for traveling
purposes. As of 2010 the laws of Latvia offer the opportunity to
obtain residence permit for a term of 5 years based on the one of the
following investments:
Real
estate
Acquisition of immovable property anywhere in Latvia for a price not less than 250 000 euro and submission of a one-time non-refundable payment to the state budget of 5% of the price of the acquired immovable property.
Acquisition of immovable property anywhere in Latvia for a price not less than 250 000 euro and submission of a one-time non-refundable payment to the state budget of 5% of the price of the acquired immovable property.
Business
Contribution of 50 000 euro to the equity capital of a Latvian company and submitting a one-time non-refundable payment of 10 000 euro the state budget (Applicable condition: the Latvian company shall be paying not less than 40 000 euro yearly in the form of taxes).
Contribution of 50 000 euro to the equity capital of a Latvian company and submitting a one-time non-refundable payment of 10 000 euro the state budget (Applicable condition: the Latvian company shall be paying not less than 40 000 euro yearly in the form of taxes).
Bank deposit
Placing a deposit for 5 years in the amount of 280 000 euro with a credit institution registered in Latvia and submitting a one-time non-refundable payment of 25 000 euro to the state budget.
Placing a deposit for 5 years in the amount of 280 000 euro with a credit institution registered in Latvia and submitting a one-time non-refundable payment of 25 000 euro to the state budget.
Government bonds
Acquiring government bonds for a nominal value of at least 250 000 euro and submitting a one-time non-refundable payment of 38 000 euro to the state budget.
Acquiring government bonds for a nominal value of at least 250 000 euro and submitting a one-time non-refundable payment of 38 000 euro to the state budget.
Benefits
- No visa required traveling to and residing within the Schengen Area countries up to 90 days per half a year;
- Family members (spouse and children under 18) will automatically obtain residency on the basis of the main applicant's investment;
- No minimum residency requirement — investor will only have to visit Latvia once a year to register (i.e. renew) residency permit;
- Permission to work in the territory of Latvia;
- Free basic and secondary education for the investor's children;
- Opportunity to obtain permanent residency after 5 years subject to certain conditions;
- Latvian citizenship by means of naturalization after 10 years.
Assistance
Participation
of lawyers in the application process is recommended at all stages
starting with locating the appropriate immovable property and ending
with drafting of the required paperwork. Depending on the chosen type
of investment Belyaev & Belyaev lawyers will help you finalize
the property purchase transaction, establish a company or arrange a
meeting with the bank. We undertake full control over your matter and
represent you in all state institutions, in negotiations with
sellers, banks, notaries, authorities; we will draft the purchase
contract to defend your interests and help you collect the necessary
documents and certificates.
Residence
permit application process can be divided into two stages: making the
investment and applying for residency. If the investor chose to
acquire real estate, we recommend that certain checks of said
property are performed in order to make sure that there are no
undesirable lessees/tenants, pledge/vindication entries relating to
property, unauthorised reconstruction, utilities debts, etc.
Furthermore, not only shall the chosen real estate meet your
wishes but it shall as well be in compliance with regulatory
requirements, which makes involvement of lawyers mandatory.
We will:
We will:
- help you to locate the desired real estate, ensure safety of your money during transaction, make necessary checks of the property to ensure its compliance to the regulatory enactments, register the property with the land register;
- establish a company for you, draft incorporation documents, open bank accounts, obtain licenses required for the chosen type of commercial activity;
- ensure the management of your property, i.e. lease/rent, rent payment control, solving of issues with house manager, representation at meetings of the apartment owners and in relations with competent institutions/utilities' providers, etc.
- help you obtain residence permit, prepare necessary documents, represent your family at the Office of citizenship and migration affairs, obtain insurance policies and other necessary papers.
Submit your questions
Feel free to send us your questions, we’d be happy to fill you on the details.
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