Latvia residence permit

Economic investment based residence permit in Latvia

Latvia, one of the Baltic states, is in the European Union and a Schengen member state, therefore, the benefits are endless. Latvia is one of the fastest growing economies in the European Union.

 

Located at the centre of the three Baltic States, Latvia provides a strategic location as a commercial, financial, and transportation hub for the Nordic/Baltic region. Most of the people here speak multiple languages i.e. Latvian, Russian, English and a lot of them speak German as well.

 

Latvia Benefits

 

  • Purchasing personal property such as a car, boat, or house
  • Possibility of obtaining a European driver’s license
  • The right to obtain a European boating license
  • Higher standard of equality and human rights
  • Personal safety within a European lifestyle
  • Low cost of living compared to other european countries.
  •  Latvia is a springboard for European business
  •  Access to the reputable state education in Latvia and tuition fee reductions
  • High quality healthcare in Latvia and across the EU
  • Open a  European bank account as resident of Latvia
  •  And many more.

 

Economic Residence permit

 

By law of the Republic of Latvia an Investor can apply for a residency permit. The permit is given for a period of 5 years which can be extended to a permanent residency and possible passport.

The investor can include the spouse and children under 18 years of age. Since the law has changed the children who turn 18 after they have received residency with their parents but are still dependent can extend their residency too.

 

Residence permit

 

Foreigners qualify for biometric residence permit based on the following investment options..

 

  1.  Real Estate: A foreign national who buys property with no less than 250,000 EUR in Latvia can get 5 years of temporary residency.
  2.  Direct Investment: A foreign national who invests 50,000 EUR in a Latvia company can get 5 years of temporary residency.
  3.  Contract Based: A foreign national who becomes a Representative of a Latvian company as Board Member, Council Member or Procura Holder can get 5 years of temporary residency.

 

All paperwork and application forms will be prepared by our Law department for easy processing.

 

Social Benefits

 

  • Holder of a temporary residence permit has partial right to receive social benefits (welfare).
  • After permanent residency, the person is subject to the full social benefit system.
  • The partial welfare for an employee having residence permit includes: sickness benefit, maternity benefit, disability benefit, compensation for accident at work, funeral benefit.

 

Biometric ID Card

 

When the investor got his/her Residency granted a Biometric ID Card is issued.

The card will contain the personal code and biometric data. The ID card is used to identify the holder, is used as travel document in the European Union Schengen Member States and documents the status.

For the first fife year, the ID card will be renewed annually.

 

 

Photo credit: Flickr