Citizenship by Investment in Latvia
Latvia’s immigrant investor visa program has been running since 2010 and is one of the cheapest programs to immigrate to Europe with family.
Latvia does not have a direct citizenship by investment program, but the investor visa scheme (golden visa) offers a path to citizenship in Latvia after living 10 years in latvia and fully integrating to local culture and language.
Foreigners can get permanent resident status in Latvia by purchasing Residency bonds issued by Government for €250,000. The residence permits issued by Latvia is valid in all EU schengen states.
In 2007 Latvia joined the Schengen Area, which brought significant benefits to its citizens and residents.
Immigrant Investor Program
The following four options are available under immigrant investor visa scheme
- Real Estate: Purchase of real estate of €250,000, plus a one-time payment of 5% of the purchase price to the state budget; or
- Bank deposit: Investment of €280,000 in the subordinated capital of a Latvian bank for a period of five years, plus a one-time payment of €25,000 to the state budget; or
- Latvian company share: Investment of between €50,000 and €100,000 in the equity capital of a Latvian company (investment amount depends on the size of an enterprise); or
- Government bonds: Purchase of special purpose interest-free bonds at a nominal value of €250,000, plus a one-time payment of €25,000 to the state budget.
The Latvian business option is the most popular and cheapest option where investors can invest atleast €50,000 in several stages spread over 5 years.
Government bonds is another most popular option as the entire investment is guaranteed and refunded by Government after five years. Once the investment is retrieved the investor and family can keep the permanent residence card indefinitely.
Property investment is also most popular with Russians and Chinese.
Citizenship in Latvia
The permanent resident status provides a path to Latvian citizenship subjected to following conditions:
- Stable source of income
- Uninterrupted resident in Latvia for 10 years
- Pay taxes, health care and social contributions
- Hold permanent resident status
- Latvian language knowledge
- Free of criminal history
- Integration to Latvian culture, people and history.
- Become a EU citizen
Latvia has approved almost 10,000 golden visas every year and the scheme is contributing €180 million euros every year.
According to a latest report, a total of 17,342 foreign investors have bought residency through golden visa scheme in Latvia from 2010 to 2017 with over 70% of the investors are Russians.
- Russia – 12,097
- China – 1,428
- Ukraine – 1,376
- Uzbekistan – 723
- Kazakhstan – 665
Latvia passport is rated as the 11th most powerful european passport in the world with visa free access to 179 countries.
As of 2018 according to ministry of foreign affairs, Latvian citizens can visit Canada (6 months ESTA), United States (90 days ESTA), United Kingdom (90 days within 6 months), Australia (90 days e-visitor) and full rights of establishment in the EU member states.
Visas are required for Latvian nationals to visit Russia and China
Latvia is a baltic country lies in Northern Europe with a population of 1.9 million residents. Latvia’s population accounts for just 0.4% of the total EU population of 512 million people and has steep decline in population according to EU study.
Latvia is a member of the World Trade Organisation (1999) and the European Union (2004). On 1 January 2014, the Euro became the country’s currency, superseding the Lats. Russian is also widely spoken in Latvia.