Latvia is a baltic schengen member country which joined the European Union in 2004 and the currency in Latvia is Euro. Latvia has the oldest and longest running golden visa or residence by investment schemes in Europe for wealthy HNW families. It is the cheapest immigrant investor program in the entire Europe.
Latvia introduced its golden visa scheme in 2010 against the purchase of property investment. In 2014, a new limit introduced in 2014 to the first 800 applicants.
Some of the benefits of immigration to Latvia are
- EU schengen member country
- Visa free travel to schengen and other EU countries including Switzerland
- Real Estate Investment
- Invest in Government bonds or stocks
- Business investment in Europe
- Low cost of living
- Family and children receive european residence.
- Cheapest golden visa in Europe
- Permanent residency for spouse and children
- No requirement to live in Latvia (visit once a year)
- Ease of doing business in Europe
- Qualify for permanent settlement in Europe
Golden visa options in Latvia
- Business investment (EUR 90,000)
- Real Estate (EUR 250,000)
- Government bonds (EUR 250,000)
- Bank deposit (EUR 250,000)
- Company shares (EUR 50,000)
TRP Residence Permit
The temporary residence permit (TRP) grants the investor right of free movement to other European countries in Schengen zone. The investor is free to leave the country anytime and is not required to stay permanently in Latvia.
If the foreigner wants to apply for “permanent residence permit” after 5 years, he/she must have continuously stayed in Latvia for 4 years and 2 months for the past 5 years.
Non-EU investors will be issued TRP `temporary residence permit` with renewal every or two years. You have to visit Latvia while renewing the permit, takes 7-10 days. The TRP residence permit issued is a biometric card (replaces visa sticker) allows visa free travel to all 26 Schengen countries including Switzerland, Germany, France etc.
It is also issued to any family members accompanying with the investor.
Non EU citizens also have to fulfill one of the below criteria to receive Temporary Residence Permit (TRP) based on investment activity such as real estate, board member or director in a company or bank deposit.
- The Investor, spouse and minor children, as well as dependants may apply for the residence permit valid for the period of 5 years.
- After a lapse of five years, the temporary residence permit (TRP) may be extended.
- TRP grants an investor the right to work in Latvia*;
- TRP is also granted to an investor’s family members;
- TRP does not oblige an investor and members to reside permanently in Latvia;
- TRP is issued for a period of five years;
- TRP shall be registered annually;
It is possible to apply for Latvia citizenship after 10 years of legal residence in Latvia. Other conditions include
- Clean criminal record
- Integration to Latvian culture
- Fluent in latvian language