LatviaResidency By Investment
- Visa-free travel to the EU Schengen Zone
- Straightforward application process
- Investment starts from EUR 60,000
- No minimum stay requirement
Overview
The Latvian Residency by Investment (RBI), or ‘Golden Visa’ program allows non-EU nationals and their family members to obtain a residence permit in Latvia in exchange for a qualified investment.
Investment Types
- Purchase of an immovable property
- Investment into the equity capital of the capital company
- Bank deposit
- Buying bonds & securities
Each option has its investment threshold and requirements (as detailed below).
Residence Permit Validity and Permanent Residency
Initially, investors are granted temporary residence permits, valid for one year, which can be renewed. After holding a residency in Latvia for five years, it’s possible to apply for a permanent residence permit. However, the permanent residence permit can be acquired by those who settle in Latvia and stay there for at least 4 years in 5 years and know the Latvian language at the A2 level.
Requirements
Applicants must complete and submit a questionnaire for requesting of residence permit that can be found on the official government website. They also need to submit the following documents:
- A certified copy of a valid travel document
- Photographs
- Documents certifying paying the State Fee
Purchase of the immovable property must be made through non-cash payments and owners of the property must not have any debt of the property tax payments. When opting for the purchase of an immovable property route, an opinion letter from the immovable property appraiser should be also attached to the application.
The Bank deposit route requires the submission of a bank statement confirming depositing funds in a Latvian credit institution.
Applicants should also present documents certifying the necessary means of subsistence (statements on monthly income), which vary per the selected route:
- Purchase of the immovable property: EUR 1860
- Investment in a company: EUR 620
- Bank deposit: EUR 500
- Buying bonds & securities: EUR 620
Family Inclusion
Investors can include the following family members in their Latvian ‘Golden Visa’ application:
- Spouse or registered partner,
- Children under the age of 18
Under certain conditions, it’s possible to include unmarried adult children, 18 years or older, who are financially dependent on the applicant due to disability or health reasons and parents of the applicant or spouse who are dependent on them due to disability or age.
Additional documentation will be required for family members, such as birth certificates, marriage certificates, and evidence of dependency.
Family members who are not included in the initial application can apply for residence permits later, but it may be a more complex process.
Benefits
Visa-free travel
Simple and Fast Procedure
Hedge Against Instabilities
Different Investment Options
Business Opportunities
High Living Standards
Investment Options
One of the following investment routes can lead to a temporary residence permit in Latvia for a period not exceeding five years.
- Purchase of immovable property (land for agricultural use or forests do not qualify) with a value of at least EUR 250,000
Payable five percent of the value of immovable property into the State budget.
Additional Statutory Fees*: EUR 5,000
- Investment of at least EUR 50,000 into the equity capital of the eligible company
One-time state duty fee of EUR 10,000 to be paid after approval of residence permit
Additional Statutory Fees*: EUR 2,000 – 4,000
Annual Tax Liability: EUR 40,000 – the company becomes liable to pay minimum annual taxes to the state when a foreigner is added as a capital share investor. The company must cover taxes of at least EUR 40,000 each year, employ no more than 50 employees, and have an annual turnover not exceeding EUR 10 million. If the company employs more than 50 employees and the total annual turnover or annual balance thereof exceeds EUR 10 million, the investment threshold doubles and stands at EUR 100,000.
- Deposit of at least EUR 280,000 for at least five years in the Latvian credit institution
State fee: EUR 25,000
Additional Statutory Fees*: EUR 5,000
- Buying zero-interest bonds and securities issued by the Latvian government with a nominal value of at least EUR 250,000
State fee: EUR 38,000
Additional Statutory Fees*: EUR 5,000
* The total amount of additional statutory fees may vary depending on family size, processing priority fees, and the cost of a residential address lease.
Application Process
Bayat Legal Services’ compliance team will conduct an internal due diligence check, which entails a background security screening of the applicant, Preparation of KYC (Know Your Client), and a qualification assessment.
Bayat Legal Services will meticulously analyze the client's case. Once this is done, the client will proceed to sign a retainer agreement with the firm. Subsequently, Bayat Group will curate a customized list of necessary documents – recognizing that each client's situation is unique – to facilitate the application preparation process.
Bayat Group will assist and curate the whole application process. Applicants need to select the desired investment route and gather all required documents. The completed application form must be attached with the following documents: a certified copy of a valid passport, proof of financial means (bank statements, tax returns), police clearance and medical certificates, health insurance policy, receipts for state fees, and investment documents (proof of property ownership, bank deposit confirmation, bond purchase agreement, company shareholding certificate)
Applications can be submitted in person at the Office of Citizenship and Migration Affairs (OCMA) in Riga or through a Latvian diplomatic mission abroad (consulate or embassy). By the moment of submission, the qualified investment must be accomplished fully.
Successful applicants will need to visit the Office of Citizenship and Migration Affairs of the Republic of Latvia to submit biometrics data and receive the initial residency card in person. The issued residency cards, generally, have 1-year validity, with an option to renew them for a maximum of 5 years, as long as the investment is maintained. Afterward, temporary residency can be switched to permanent residence status. After holding permanent residency for five years, it’s possible to apply for Latvian citizenship.