By Philippe May
Latvia's Residency by Investment (RBI) program is an affordable alternative and could become a new popular option to the renowned Portuguese golden visa.
The visa program has significantly made this small Baltic country a favored destination for High-Net-Worth Individuals (HNWI) worldwide seeking to integrate a European Union (EU) residency as a Plan B.
Located in the Baltic region of Northern Europe, Latvia is a young EU member and a good example of the transformative power of European integration. The nation's strategic decision to become part of the EU and the Schengen Area has positioned it as a center for economic and cultural exchange.
Leveraging its unique geographical location as a bridge connecting the East and the West, Latvia is effectively utilizing its membership to cultivate a dynamic environment that fosters trade, booming tourism, and thriving cross-cultural collaborations.
INVESTMENT AMOUNTS AND OTHER REQUIREMENTS FOR LATVIA’S RBI VISA
Established in 2010, the Latvian Residency by Investment program offers a range of flexible investment options. The most famous and relatively affordable option is an investment for 50,000 euro in a company. Others are:
- 250,000 euro direct real estate investment
- 250,000 euro government bond option
- 280,000 euro bank deposit route
Each of these investment pathways is subject to additional government and legal fees and grants Residency investors the right to obtain a renewable 5-year Temporary Residence Permit (TRP) in Latvia. This permit provides residency and work privileges within the country, as well as enjoy unrestricted travel within the entire Schengen Area.
There is no minimum stay requirement to maintain eligibility for the TRP. However, each 5-year TRP (except the government bond option) requires renewing the eID Residency Card identity card annually, which is a swift procedure but requires an in-person appointment in Latvia. After five years, the TRP can be renewed for another term if investment requirements are still in place. For those residents who plan to reside in Latvia and learn the language, there is an option to apply for permanent residency after five years and citizenship after another 5-year term.
An eligible main applicant must be at least 18 years of age and can include in their application their spouse and all children under 18 years of age. Besides well-known globally sanctioned countries, there are no restrictions on any other nations; due to strict Anti-Money Laundering (AML) laws in the EU, some countries might be difficult to process due to restrictions in bank internal policies.
After preparing all relevant documents, the Latvian RBI investors can apply in the respective Latvian Embassies wordlwide or, if they are from an eligible country and can enter Schengen legally, hand in their application documents directly in Riga.
The first review of the documents takes between 5-30 days, depending on the assessment speed chosen by the applicants. The residency decision usually can be expected within 2-3 months in case no additional documents are requested.
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