Boasting some of the fastest internet speeds in the world and a capital often called the Paris of the North, Latvia has much to offer. The Baltic country is located in northern Europe and is a Schengen member country, giving investors free travel and visa-free stay in much of Europe.
Latvia Investment Immigration Programs Overview
Latvia’s golden visa is one of the cheapest immigrant investment programs in Europe. Foreign investors from non-EU countries seeking permanent residency visas can be granted a residence permit valid for a 5-year term. An investor and their family can live in Latvia and travel freely in the Schengen area and there are no requirements to reside.
Options include investing a minimum corporate investment of a statutory capital of a Latvian company at least 50,000 euro and pay a one-time 10,000 euro government fee, minimum real estate investment of 250,000 euro plus a 5 percent state fee on the purchase price, or deposit at least 280,000 euro in a credit or banking institution. Each of these investment routes will allow applicants to obtain a 5-year temporary residence permit, which can later be converted to permanent residence. Latvia citizenship is possible after 10 years of legal residence in Latvia.
While there is no CBI program, after five years of holding a temporary residence permit, an individual can apply for a permanent residence permit and then after ten years of residency in Latvia, an investor may apply for citizenship.
Foreign businessmen can obtain a residence permit by investing in a Latvian company, purchasing real estate, or depositing funds into a bank account. They can invest a minimum corporate investment of a statutory capital of a Latvian company of at least 50,000 euro and pay a one-time 10,000 euro government fee, but they must invest in a company with under 50 employees with an annual turnover of less than 10,000,000 euros. Over a one-year period, the company must generate and pay at least 40,000 euros in annual taxes – salary taxes, corporate income tax, excise tax etc. – plus, monthly taxes may not be lower than 3400 euros, otherwise the investor will lose their residence. This requirement must be fulfilled each year in order to keep residence extended.
The real estate option requires a minimum real estate investment of 250,000 euro plus a 5 percent state fee on the purchase price. The minimum amount of required real estate investments depends on the location of the property. Requirements include that the property must be purchased from a citizen of Latvia or EU, or a legal entity resident in Latvia or EU, and the cadastral value state appraisal must not be lower than 80,000 euros.
The third option is to deposit at least 280,000 euro in a Latvian credit or banking institution for a fixed period of five years.
How To Apply
Apply to the Latvia immigration department. It takes 2-3 months to get a visa. Applicants must have a clear criminal record.
Residence permit allows visa-free travel to all Schengen states. Citizenship gets visa free access to 166 countries.
Latvia is a country seen as the bridge between east and west and provides direct access to European markets. Latvia has a low cost of living, well-developed infrastructure, skilled workforce and has the lowest total tax rate in the Baltic states.