Residency in the Republic of Latvia.

The following forms of temporary residence permit are the most common:

  1. Purchasing real property

The price of the real property must be EUR 250000 at least, while the cadastral value thereof as of the date of purchase must be at least80 000 EUR.In case the cadastral value is below 80 thousand, this shall require an assessment provided by a certified appraiser.

Apart from that, a one-time state duty of 5% of the amount of the purchase (the price of the real property – 250000 minimum) is payable into the state budget after positive decision and 2% registration feeto the Land register(17`500,- EUR in total).

Temporary residence permit is issued for a 5 year period with a prolongation option for another 5 years as a temporary or permanent residence permit. After 10 years it is possible to obtain the Latvian citizenship.

(Please check our discounted property list (STARTING AT 140`000,- EUR) that allows to obtain the residence permit)

Baltic Law Offices legal service fee for 5 years is 10% of the actual real estate price

(Application +fee, prolongation+ fee, notary fee, state fee, translations, legalization, legal support regarding residence permit is included).

  1. Investment into the fixed capital of a company registered in the Republic of Latvia

According to Immigration Law the minimum investment into the fixed capital of a company to obtain temporary residence permit shall be EUR 50000. Such company shall pay the total of at least EUR 40 000 in taxes into the state and municipal budgets annually.Apart from that, a one-time state duty in amount of 10`000,- EURis payable into the state budget after positive decision.

Temporary residence permit is issued for a 5 year period with a prolongation option for another 5 years as a temporary or permanent residence permit. After 10 years it is possible to obtain the Latvian citizenship.

You shall take into account all other related expenses, namely, taxes, accountant, secretary, legal assistance, legal address, etc. Approximately 18000 EUR per 5 years.

Baltic Law Offices legal service fee for 5 years is 10% of the investment.

(Registration of the company in a Company register, legalization process, application fee, prolongation fee, notary fee, state fee, translations, legal support regarding residence permit included)

Benefits that come along with a residence permit in the Republic of Latvia

  • The right to travel and reside freely in the Schengen Area, Switzerland, Norway and Iceland.
  • Facilitated procedure of obtaining a visa to the USA, Canada, the United Kingdom and Australia.
  • The right to acquire and register a vehicle within the territory of Latvia, travel around the entire Schengen Area without paying any customs duties.
  • Obtain a Latvian driver’s licence, which is valid in all Member States of the European Union.
  • Permission to work in Latvia, without the right to work in other countries of the Schengen Area.
  • The right to receive discounted or free education within the European Union.
  • Entitlement to the entire scope of social safeguard equal to that for citizens of Latvia (maternity allowance, pension in Latvia, free social healthcare, etc.)
  • A permanent residence permit in the European Union may be obtained in 5 years.
  • In 10 years, the bearer may apply for Latvian citizenship (naturalize), which facilitates the process of obtaining a visa for travelling to Canada, the United States, Australia and the United Kingdom.

Our Proposal to invest into share capital:

We offer to investnon-refundable amount of EUR 55`000 into various kinds of top class successful Latvian enterprises offered and accepted by Baltic Law Offices that pays at least 40000EUR in taxes annually.Apart from that, a one-time state duty in amount of 10`000,- EUR is payable into the state budget after positive decision.

Baltic Law Offices has performed Due Diligence of every company that is offered to the client on its status in the market, previous performance, financial capability, tax contributions and other sufficient legal aspects to ensure its long lasting business.

You can get up to 10% shares of the company and obtain a residence permit in Latvia (European Union), which is valid for 5 years with an option to prolong it for another 5 years(or more) as a temporary or permanent residence permit. Residence permit enables the bearer to reside, work, open a company and travel freely in the entire Schengen Area.Currency in Latvia is EURO and Latvia is a full member of NATO.

There are no other related expenses whatsoever.

Benefits:

  • No need to invest considerable fundscompared to investment amount in a real property.
  • No additional expenses for the application, state fee, notary, translations, legalization, shipping services, personal address, registration in the Company register etc.
  • No additional expenses for prolongation process annually.
  • No need to care about requirement of law regarding duty to pay at least 40000EUR in taxes annually.
  • No need to care about expenses regarding maintenance of the daily activity of the company (company register, management, accountant, secretary, legal services, stationery, legal address, etc.)
  • Investment transfer secured by the escrow account.
  • Shareholding in a prestigious enterprise.
  • Full legal support in 5 year period regarding residency issues.
  • No risk of real property depreciation.
  • All members of the bearer’s family, children under the age of 18, are granted a residence permit as well.
  • The residence permit is issued within a period of 7-30 days.

In case you decide to prolong residence permit after 5 years on the same terms and conditions for the next 5 years it will cost around 10000 – 15 000 EUR.

PROCEDURE

In order to obtain the temporary residence permit the following documents will be required:

  • Power of Attorney (optional)
  • the copy of the person’s passport and information on the person’s address abroad;
  • person’s marriage dates, info on spouse, parents, children, brother, sister, knowledge of languages, education, serving in military services, residence in foreign countries indicated in official Application form;
  • information on the person’s possible place of residence in Latvia;
  • a confirmation of no criminal record issued by a competent institution of the citizenship or the host country (for a foreigner more than 14 years old), if a foreigner has resided in that country longer than 12 months;
  • Health insurance policy.

*Documents issued by foreign entities have to be legalized (Apostille certification)

In applying for a residence permit for the first time, a foreigner from outside of the Schengen area and the EU must submit documents personally to a diplomatic or consular representative office of Latvia abroad.

Investors in real estate, share capital of the company or credit institutions who legally visit Latvia shall submit all documents to the Latvia Immigration department. This rule is not applicable to the citizens of Afghanistan; Algeria; the United Arab Emirates; Bahrain; Bangladesh; Egypt; Indonesia; Iraq; Iran; Yemen; Jordan; Qatar; Kenya; Korea, Chechnya, Dagestan and Ingushetia; Kuwait; Lebanon; Libyan Arab Jamahiriya; Morocco; Nigeria; Oman; Pakistan; Palestine; Saudi Arabia; Syria; Somalia; Sudan; Sri Lanka and Tunisia.

Investor has to prove subsistence funds in amount of EUR 13`320 per year (1110 EUR per month).

Spouse must have a monthly income of 370 EUR and a child of 216 EUR coming either from their own earnings/savings or from the income of the primary person receiving the residence permit and being transferred into their own account.

Please do not hesitate to contact us if you have any questions or queries

Mag. iur. Toms Eglītis /Partner/

Phone: +371 26588709

mail: