Latvia Golden Visa 2024: Key Considerations When Choosing Latvia as a Location for Obtaining a Golden Visa
Latvia offers a Golden Visa program (known as a “residence permit by investment”) that allows investors and their families to gain residency by investing in the country’s economy. There are several investment options to qualify for a Golden Visa in Latvia:
- Business Investment
- Real Estate Investment
- Bank Deposit through a financial institution
- Government Stock Investments
Currently, the Latvia Golden Visa program is closed to Russian and Belarusian nationals.
At TaxWise, we specialize in providing comprehensive support for obtaining the Golden Visa in Latvia. With over 15 years of deep expertise in tax, legal, and accounting matters, we provide a seamless and reliable process that ensures your investment in Latvia is managed with the highest level of care and professionalism.
Considering that our daily business activities involve legal and tax consultations, and our clients include both individuals and legal entities, we have accumulated extensive experience in a wide range of matters. This includes tax consultations for individuals and corporate clients, as well as other legal issues related to transaction organization, tax structuring projects, and more. If you are interested in our services or investment opportunities, we would be pleased to help. Please contact us at info@taxvise.lv.
Key questions that need to be answered before starting the process:
- How much does a Golden Visa cost in Latvia?
- What benefits will you receive?
- What are the requirements for obtaining a Golden Visa?
- What is the process for obtaining a Golden Visa in Latvia?
1. How much does it cost?
Compared to other countries, the Latvian Golden Visa ranks as the top choice when evaluating the most affordable and cost-effective options, compared to Residency by Investment programs in the EU in 2024.
At a glance, the costs depend on the chosen type of investment. The minimum total cost for a Golden Visa in Latvia starts at 80,000 EUR. For precise Golden Visa costs, please contact us.
2. What benefits will you receive?
Latvia is an EU member state and part of the Schengen Area, making it an excellent choice for those interested in the benefits of traveling across the Schengen zone. With the Latvian Golden Visa, you can travel to more than 170 countries visa-free, which is ideal if you consider yourself a global citizen or wish to explore multiple living destinations.
Living in Latvia provides you and your family, including your spouse and children, with excellent living conditions. The country offers high-quality healthcare and education, as well as great opportunities for business development.
3. The key considerations (types of investments) when choosing Latvia as a location for obtaining a Golden Visa
A foreign investor is eligible to obtain a residence permit in Latvia for 5 years, with the possibility of extension, if he/she invests in company share capital, real estate, government bonds, or a credit institution, as follows:
Option 1: Investment in share capital
To obtain a residence permit in the Republic of Latvia as an individual who has invested in a company’s share capital, either to increase it or to establish a new company:
- If the investment is at least EUR 50,000 in a company with fewer than 50 employees, and the company’s annual turnover or balance does not exceed EUR 10 million. A temporary residence permit can be issued to no more than 10 foreigners per company, provided each has made the specified investment and paid EUR 10,000 into the State budget.
- If the investment is at least EUR 100,000 in a company with more than 50 employees, and the company’s annual turnover or balance exceeds EUR 10 million.
- If the investment is at least EUR 100,000 in the share capital of a company that, along with one or more subsidiaries registered in the Republic of Latvia, employs more than 50 employees and has a total annual turnover or balance exceeding EUR 10 million.
Option 2: Investment in real estate
You are eligible for a residence permit in Latvia if you have purchased and own property in Riga, Jurmala, or one of the following municipalities: Adazi, Babite, Baldone, Carnikava, Garkalne, Ikskile, Kekava, Marupe, Olaine, Ropazi, Salaspils, or Stopini, and the following criteria are met:
- The property is functionally related and not vacant land, with a total value of at least EUR 250,000. Alternatively, outside the specified areas, you may own up to two properties, each also meeting the criteria of being functionally related and with a total value of at least EUR 250,000.
- There are no outstanding real estate tax debts.
- The payment for the property was made via non-cash settlement.
- The property was purchased from a legal entity registered in Latvia, an EU Member State, a country in the European Economic Area, or the Swiss Confederation, which is also a taxpayer in Latvia, or from a natural person who is a citizen or non-citizen of Latvia, an EU citizen, or a foreigner holding a valid residence permit in Latvia.
- The cadastral value of the property at the time of purchase is at least EUR 80,000. If you have acquired two properties outside of Riga or Jurmala or in the specified municipalities, the cadastral value of each property must be at least EUR 40,000. If the cadastral value is lower, the total market value determined by a certified real estate appraisal must not be less than EUR 250,000, or EUR 125,000 for each property if you own two.
- Upon applying for your first temporary residence permit, you must pay 5% of the property’s purchase value into the state budget.
- The property must not include agricultural or wooded land.
Option 3: Investment in government bonds
An investor acquiring interest-free government bonds amounting to the nominal value of EUR 250,000 is eligible for a residence permit. The acquisition of interest-free government bonds is made after receiving a positive decision from the immigration authorities.
Option 4: Investment in a credit institution
An investor investing in subordinate liabilities toward a credit institution of the Republic of Latvia amounting to no less than EUR 250,000 for at least 5 years.
How can we help?
We would be pleased to assist you in choosing from the four investment options, if necessary, as well as guide you through the entire process, including legal, tax, and accounting matters, and future investment management. From the first step, we ensure a full turnkey solution—application process, target company or investment object selection, and receipt of the Golden Visa. Our goal is to ensure a secure and future-oriented partnership between our services and your business interests.
If you would like to receive a consultation or apply for our services regarding the Golden Visa and investment opportunities in Latvia, please contact us at info@taxvise.lv.
