Foreigners may enjoy the benefits of the hospitable Baltic country, which provides the investor and his family with the opportunity to immigrate upon the purchase of real estate. A Latvian residence permit opens visa-free access to Schengen, is issued almost instantly - from five working days, is valid for five years, can be extended or converted into citizenship. Among the advantages: a relatively low entry threshold and the ability to attract credit money.
The official website of the program
A number of amendments were made in 2010 to the Latvian law "On Immigration", which secured the right of property owners to apply for a residence permit. The project turned out to be in demand among the Chinese, Vietnamese and other foreigners who are interested in moving to the European Union.
The conditions of the Latvian program "Residence by investment Program" have changed several times over the years . Basically the requirements have become more strict. The minimum price threshold was raised to € 250 thousand, there has appeared a non-refundable one-off sum of 5% of the price of the object, duties have been introduced for the renewal of the document after five years - € 5 thousand (an installment plan with the first payment of € 1000 is possible).
Despite this, Latvia still offers one of the most affordable ways to move to the European Union based on the purchase of real estate. Especially considering the fact that part of the funds can be borrowed, and the purchased object is allowed to be rented out. There is an important advantage for those who do not intend to spend most of the year in Latvia: the terms of the program do not oblige you to move and change your tax residency.
The first residence permit for purchasing real estate is issued for five years, it can be renewed an unlimited number of times if the property remains in the ownership. After 5 years of legal residence in Latvia, you can get a permanent residence permit, after another five years you will be able to receive a passport. Latvia does not recognize dual citizenship, which means that the first one will have to be abandoned.
Investments in the capital and major cities
€250,000 - purchase of one residential or commercial property in the capital and largest cities of Latvia (Jurmala, Adazi, Babite, Baldone, Carnikava, etc.). The cadastral value should be from €80,000.
5% of the property cost (from € 12,500) - one-time government fee.
Investment in the province
€250,000 - purchase of up to two real estate objects in small towns and villages of Latvia. The cadastral value of each one should be from €40,000.
5% of the property cost (from € 12,500) - one-time government fee.
In order to participate in the program, you should transfer all funds for real estate by a non-cash method. You may not purchase an object owned by a foreigner without a residence permit or a legal entity that is not registered in the EU, Switzerland or in the Eurozone.
The Latvian program is the only one in the EU that does not prohibit the applicants for an investment residence permit to use loans: part of the funds can be borrowed from a bank. The purchased property is also allowed to be rented out.
The spouse and children under 18 can obtain a residence permit together with the investor.
The main requirement is to purchase a property that meets the conditions of the program. The security service also checks whether the foreigner has connections with the political elite, whether he is on the sanctions lists, or whether he is wanted by Interpol. There is no need to pass language tests or tests on the history of the country.
Other requirements to the applicants:
The documents can be submitted in Latvian, Russian, English, French and German to the Riga Office of Citizenship and Migration Affairs (OCMA).The second option is a Latvian consulate in your country or a territorial office outside Riga.
Officials in the process of considering an application may require additional documents, for example, a resume (in order to track the legality of savings).The term for obtaining a residence permit can be extended up to 6 months in exceptional cases.
Personal documents:
Proof of investment:
From €120 per year and more, depending on the number of family members, health status, age and other parameters.
The buyer's expenses are 3-5% of the property price.
The legal costs of buying and obtaining a residence permit for a deal with a new building can be covered by developers.
The Latvian "golden visa" does not impose hard restrictions on the investors. You may work, study and do business freely, travel within the EU or permanently reside in Latvia, have regular vacations on the Baltic Sea and live in your native country most of the year - the choice is for the holder of a residence permit. In order to renew the status, real estate should not be sold.