Latvia is situated within Europe’s Schengen Area, on the Baltic coast. Riga, its capital, was founded in 1201 and is a UNESCO World Heritage Site. Approximately half of Latvia’s territory is covered by forests, offering many nature trails and parks. Latvia offers excellent transport and cultural links with both Western Europe and Russia.
The Latvia Residence by Investment Program was launched on 1 July 2010 as an initiative to sustainably overcome the economic crisis of 2007– 2009. Foreign nationals may apply for a residence permit in Latvia through various options.
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Minimum investment of EUR 60,000
The right to live, work, and study in Latvia
The Latvia Residence by Investment Program is one of the fastest and most competitive programs in Europe. The program was launched on 1 July 2010 by the Latvian government as an initiative to sustainably overcome the economic crisis of 2007–2009. Five years after the program’s launch, Latvia’s economy received more than EUR 1.3 billion, of which more than EUR 1.1 billion was generated from the purchase of real estate by foreign investors. (The real estate option has been suspended since January 2022.)
According to the qualification requirements, foreign nationals may apply for a residence permit in Latvia by committing funds into the equity capital of a Latvian company, making a subordinated loan (deposit) in one of the Latvian banks, or through the purchase of interest-free government bonds determined for special purpose.
To obtain a residence permit through the Latvia Residence by Investment Program, applicants are required to fulfill the following requirements:
In addition, applicants should demonstrate the availability of funds to maintain their family’s standard of living without having to seek social assistance from the Latvian government:
Alternatively, applicants can acquire real estate property in Latvia to the value of at least EUR 250,000 and pay a state fee equivalent to 5% of the real estate price.
The members of the applicant’s family, such as spouse and children under 18, may apply for a residence permit together with the applicant. Upon approval at the Office of Citizenship and Migration Affairs of the Republic of Latvia, the investor should visit Latvia in person within three months to collect their temporary residence permit in the form of an ID card. The residence permit is valid for five years with the requirement of annual renewal of the ID card.
There is no minimum number of days of physical presence in Latvia required in order to renew the residence permit.
After five years of receiving the residence permit, the applicant may apply for a permanent residence permit. To qualify for a permanent residence permit, the candidate must have resided in the country for four years out of the five-year period and should have successfully passed the basic Latvian language test at Level A2. The applicant must also have a proven knowledge of the general history of Latvia and the national anthem. Applicants must renounce their former citizenship in order to be granted Latvian citizenship, although exceptions may apply.
The Latvia Residence by Investment Program offers residence to individuals and their families through substantial investments in the country.
Investment options include either investing in the equity capital of a Latvian company and making a one-time payment to the state budget or acquiring real estate property in Latvia and paying a state fee. Additionally, applicants must demonstrate sufficient funds to maintain their standard of living without government assistance.
Benefits include the right to live, work, and study in Latvia, visa-free travel within Europe’s Schengen Area, and quick and effective application procedure.
The minimum investment starts at EUR 60,000 to the equity capital of a Latvian company and a one-time payment to the state budget.
Processing times for residence by investment applications may vary. Please contact us to find out more.
Yes, the main applicant can include their spouse and dependent children under 18 years old.
There are no specific residence or physical presence requirements, but applicants must visit Latvia annually and confirm that they still hold their investments in the country.
Required documents include a valid passport, proof of investment or contribution, a clean criminal record, and other supporting documents.
Yes, after maintaining residence for ten years, investors may be eligible to apply for Latvian citizenship.
Applicants must choose a qualifying investment, submit the application with the necessary documents, and undergo a due diligence process. Upon approval, the investor must visit Latvia within three months to collect their temporary residence permit ID card.
Should you have any questions, or if you would like a detailed breakdown of the exact costs for your family, kindly contact us and we will be delighted to help you.
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