Latvia Overview
Latvia is a country in Northern Europe, situated on the Baltic Sea. The official language is Latvian, but Russian is also widely spoken by most of the population. Known for its rich heritage, incredible local cuisine, and stunning mix of art nouveau and medieval architecture, Latvia attracts visitors from all over the globe.
Riga is the cosmopolitan capital and largest city of Latvia. Moreover, it is the political, economic and cultural center of this small, but proud country. Today, more than a third of the country’s population lives and works in Riga. Latvia has been a member of the United Nations since 1991, and a member of the European Union and NATO since 2004. In 2007 Latvia joined the Schengen Area, which brought significant benefits to its citizens and residents.
The Latvia Residence-by-Investment Program is one of the most affordable and fastest options in Europe. The program was launched in July 2010 by the Latvian Government. Foreign nationals may apply for the residence permit in Latvia through the purchase of real estate; by making a financial investment in a Latvian credit institution (subordinated loan or subordinated bank bonds); investing in the equity capital of an enterprise; or purchasing interest-free government bonds.
Residence-by-Investment in Latvia
There are several qualifying options to obtain a residence permit through the Latvia Residence-by-Investment Program:
- Purchase of real estate of EUR 250,000, plus a one-time payment of 5% of the purchase price to the state budget; or
- Investment of EUR 280,000 in the subordinated capital of a Latvian bank for a period of five years, plus a one-time payment of EUR 25,000 to the state budget; or
- Investment of between EUR 50,000 and EUR 100,000 in the equity capital of a Latvian company (investment amount depends on the size of an enterprise); or
- Purchase of special purpose interest-free bonds at a nominal value of EUR 250,000, plus a one-time payment of EUR 25,000 to the state budget
The processing of an application takes approximately 30–90 days. Immediate family members may apply for the residence permit together with the main applicant. The residence permit is issued for five years with the requirement for annual renewal. There is no minimum stay requirement in Latvia in order to renew the residence permit.
Key Advantages
- Visa-free access to the entire Schengen Area
- No minimum stay is required to be eligible for the residence permit renewal
- Fast-track application procedure
- Russian is widely spread and spoken
- Excellent transport links with Russia and the EU member states