Persons who obtain a Temporary Residence Permit in the Republic of Latvia will be eligible for an EU national ID card. Having an EU national ID card guarantees free movement within the Schengen area, consisting of 25 European countries.
Fulfilling any one of three criteria below would allow a person to apply for a 5 year residence permit in Latvia:
- Placement of term deposit or acquisition of bonds worth a total of approximately 300000 EUR within Latvia for a minimum term of 5 years.
- Investment in Real Estate with a value of greater than 143 000 EUR in Riga and other major cities, or with a value of 72 000EUR in other regions of Latvia
- Investment in a Business establishment where the investment amount is greater than 36000 EUR where the taxes on the business establishment amount to greater than 28000 EUR/annum. Investing more than 143000 EUR will eliminate the tax volume requirement. Note that an invitation is required for the residence permit application to be granted when applying under this criteria.
The temporary residence permit will be available for investors and their family members – spouses, underage children and persons under the official care of the investors are all eligible. Upon the 5 year expiration of the residence permit, investors and their spouses and dependents may apply for renewal of the temporary residence permit.
The information above is provided as a general guidance only. The rules on Latvian Residence Permit are complex and therefore you should always seek professional advice. In association with established network partners- Arlington Corporate would be happy to assist you and answer all your further queries.