Temporary residence permit in Latvia
According to amendments to Immigration Act, since 1st July 2010 foreign investors may apply for a Latvian temporary residence permit for the period up to 5 years.
The following advantages and benefits foreign investors obtain by having Latvian temporary residence permit:
- Freedom of movement within the Schengen Agreement Member States (no need to obtain a visa of Member State to travel)
- No residing terms in Latvia imposed
- Latvian temporary residence permit does not require for a person to reside permanently or to reside for a certain period of time during the calendar year in comparison with the other Members of Schengen area.
- Temporary residence permit for investors is valid up to 5 years (restored annually)
- Investor’s family (spouse, minor children and wards) are also eligible to obtain temporary residence permit
- Favorable economic environment – secure banking system, labour (able to speak Russian and English), infrastructure for business development and management to both West and East from Latvia
Conditions for the investments made after 1st January 2015
Investor may apply for a temporary residence permit for a period up to 5 years if:
- He/she has acquired and owns one or more properties located in the Republic of Latvia with the total value of the transactions not less than 250,000 EUR if following conditions are met:
- He/she does not owe and never had real estate tax debts
- The transaction value has been paid up by non-cash payment
- The property has been acquired from Latvian legal entity, which is registered in Latvia, EU, EEA or the Swiss Confederation, or individual, which is a Latvian citizen, Latvian non-citizen, EU citizen or a foreigner with a valid Latvian residence permit
- By the time of acquisition the total cadastral value of the purchased properties is not less than 80,000 EUR. In case total cadastral value is less than provided above, the total value of properties market value should not be less than 250,000 EUR, which is determined by certified real estate expert
- He/she upon requesting the first temporary residence permit pays five percent of the property’s value in to the State budget
- Property does not contain agricultural or forest land
- He/she has contributed into share capital of Latvian entity by increasing it or the contribution has been made upon establishment of Latvian entity and it is at least:
- 35,000 EUR given that entity employs no more than 50 employees, annual turnover or value of assets does not exceed 10 million EUR and in the financial year pays altogether not less than 40,000 EUR in taxes to state and municipal budget
- 150,000 EUR given that entity employs more than 50 and annual turnover or value of assets is more than 10 million EUR
- He/she has subordinated liabilities with a credit institution of the Republic of Latvia in the amount of not less than 280,000 EUR and the term of the transaction entered into with such credit institution is not less than five years and, upon requesting the first temporary residence permit, he or she pays 25,000 EUR into the State budget.
- He/she purchases interest-free State securities dedicated to a specific purpose with the nominal value 250,000 EUR and pays 250,000 EUR into the State budget.
The documents required to apply for a temporary residence permit
The documents required vary depending on the investment on which a temporary residence permit is requested. Below we have listed the necessary documents, if the investment is made in real estate.
- The person is required to provide valid (also recognized in Latvia) travel document
- Application for a residence permit request
- Photography, not older than 3 months (3x4cm)
- Certificate on criminal records issued by a competent institution of the citizenship or the host country (for an individual older than 14 years) in case he/she has resided in that country longer than 12 months
- Document that confirms the necessary subsistence (EUR 11,520, spouse – EUR 3,840, minor – EUR 2,304)
- Document confirming the expected place of residence in Latvia
- Document verifying that the payment has been made in non-cash
- Document certifying that investor has no real estate tax debts if he/she owns it for more than one year
- Document confirming payment of the state duty. The fee is based on document processing time:
- 30 days – EUR 100;
- 10 working days – EUR 242;
- 5 working days – EUR 384.
List of documents required to obtain the temporary residence permit
Below we have listed the necessary documents that investor is required to present at the reception of temporary residence permit (if the investment was made in real estate):
- Valid health insurance policy
- Certificate on health issued by Latvian medical institution confirming that there are no health problems and diseases. Also certificate on the results of photofluorography or X-ray examinations is required
- In case validity of individuals travel document is shorter than a period of requested temporary residence permit, OCMA will issue permit for that shorter period. Residence permit sticker will be issued for a 3 month period of time shorter than validity of travel document
- Document certifying that investor has no real estate tax debts
Resolution on issuing of a temporary residence permit is valid for three months.
The decision on issuing the temporary residence permit is made after the interview, the verification of submitted documents and other information. The decision is sent to the embassy indicated by the investor and to the embassy where the documents were submitted.
The information given above is only informative and it can be changed according to changes in Latvian legislation. In order to obtain a temporary residence permit or a consultation, please contact us:
Krišjāņa Valdemāra st. 118, Riga, LV-1013
Artūrs Breicis, phone: +371 29274911, e-mail: email@example.com