Latvia is situated in Northern Europe on the Baltic Sea. 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. The official language is Latvian, but Russian is also widely spoken by most of the population.
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 UN since 1991 and a member of the EU and NATO since 2004. In 2007, Latvia joined Europe’s Schengen Area, which brought significant benefits to the country’s citizens and residents.
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.
Benefits of the Latvia Residence By Investment Program
- ⭕Visa-free access to Europe’s Schengen Area
- ⭕No minimum stay required to be eligible for the residence permit renewal
- ⭕Fast-track application procedure
- ⭕Excellent transport links with Russia and other EU member states
- ⭕Eligibility to apply for citizenship after 10 years of legal residence
Requirements
To obtain a residence permit through the Latvia Residence by Investment Program, applicants are required to fulfill the following requirements:
- ⭕ Commit EUR 50,000 into the equity capital of a Latvian company (provided that the company annually pays at least EUR 40,000 in taxes)
- ⭕ Make a one-time payment of EUR 10,000 to the state budget
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:
- ⭕ EUR 15,480 per year for a single main applicant
- ⭕ EUR 20,640 per year for a main applicant and spouse
- ⭕ EUR 22,188 per year for a married couple with one child3
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