Latvia golden visa scheme was launched in 2010, since then it has remained the cheapest golden visa scheme in Europe. The scheme attracts Russians and others from baltic countries
Latvia offers the cheapest and most affordable investor visa schemes in Europe. Investors with their family members receive long term residency through business investment with free movement in the Schengen area.
- Instant 5 years Residency
- Biometric ID cards issued for 1 year. Renewable each year.
- No minimum stay required
- Visa free travel in the EU Schengen Zone
European Residency including work permit, commercial activities, and free travel in the Schengen Zone in just 2 to 4 months depending on Nationality.
Note: Malta also offers golden visa through financing option, which costs the same as Latvia starting from €100K.
The following are are the investment options for golden visa in Latvia which offers investment options in real estate , business and guaranteed government stocks.
1. Business Capital Investment
If the foreigner has invested in the equity capital of a capital company by increasing it, or has invested in the equity capital of the capital company, founding a new capital company, and requesting for the first temporary residence permit has paid EUR 10 000 into the State budget, as well as the investment made is at least:
a) EUR 50 000, and it has been performed in a capital company, which employs no more than 50 employees, the annual turnover or annual balance of which does not exceed EUR 10 million. Upon investing in the equity capital of one capital company, a temporary residence permit shall be issued to no more than 10 foreigners, if each of them has made the investment laid down in this paragraph and paid EUR 10 000 into the State budget,
b) EUR 100 000 and it has been performed in the capital company, which employs more than 50 employees and total annual turnover or annual balance thereof exceed EUR 10 million,
c) EUR 100 000 and it has been performed in the equity capital of a capital company, which together with one or several subsidiaries registered in the Republic of Latvia employs more than 50 employees and total annual turnover or annual balance thereof exceed EUR 10 million;
Residence permit granted for 5 years
2. Real Estate Investment
If the foreigner in Riga or Jurmala, or in Adazi, Babite, Baldone, Carnikava, Garkalne, Ikskile, Kekava, Marupe, Olaine, Ropazi, Salaspils or Stopini municipalities has acquired and owns one functionally connected immovable property (with exception of the case when the immovable property represents a vacant land), which value is at least EUR 250 000, or outside the said administrative territories – no more than two immovable properties (with exception of the cases when the immovable property represents a vacant land) and each of them represents one functionally connected immovable property, total value whereof is at least EUR 250 000, if conditions as follows are present at the same time:
a) he or she does not have and has never had payment debts of immovable property tax,
b) the total value of immovable properties was paid for by non-cash settlement,
c)immovable property which has been acquired from a legal person registered in the Republic of Latvia or a European Union Member State, European Economic Area State or the Swiss Confederation, which is a taxpayer in the Republic of Latv ia within the meaning of the laws and regulations governing the field of taxes of the Republic of Latvia, or from a natural person who is a citizen of Latvia, a non-citizen of Latvia, a citizen of the European Union or a foreigner who is staying in the Republic of Latvia with a valid residence permit issued in the Republic of,
d) The cadastral value of immovable property at the time of acquisition thereof was not less than EUR 80 000. If a foreigner has acquired two immovable properties outside Riga or Jurmala, or in Adazi, Babite, Baldone, Carnikava, Garkalne, Ikskile, Kekava, Marupe, Olaine, Ropazi, Salaspils or Stopini municipalities, cadastral value of each immovable property at the time when it is acquired is at leastEUR 40 000. If the cadastral value is less than that indicated in this Sub-paragraph, the value of immovable property may not be less than EUR 250 000 according to the market value of immovable property determined by a certified assessor of immovable or, if a foreigner has acquired two immovable properties, — the market value of each immovable property may not be less than EUR 125 000,
e) upon requesting the first temporary residence permit, he or she pays five per cent of the value of immovable property into the State budget,
f) the composition of the immovable property does not include land for agricultural use or forest land:
Residence permit for 5 years
3. Bank deposit with financial institution
If the foreigner has subordinate obligations with a credit institution of the Republic of Latvia in an amount of not less than 280,000 euros and the term of transaction entered into with such a credit institution is not less than five years and, requesting the first temporary residence permit, he or she pays EUR 25 000 into the State budget:
Residence permit for 5 years
4. Government bonds/stocks
If a foreigner purchases interest-free State securities dedicated to a specific purpose with the nominal value EUR 250 000 and pays EUR 38 000 into the State budget:
Residence permit for 5 years
2-4 Month processing time depending on Nationality
How to apply?
- Pay the initial advance
- Sign a contract committing to the investment
- Make the investment
- Apply for D visa at Latvian embassy/consulate in your consulate with the investment papers
- Visit Latvia and collect your residence permit.
If you have already a schengen visa, you can visit the migration office in Latvia to collect your residence permit.
Family members – Spouse, Parents and Children up to 18 years of age are included and even longer if they are not marred and still depending on the parents. Relatives can be invited up to second degree relations.
Clean Criminal record from the country of residency, clear funds in a private account and over 18 years of age are the main requirements to qualify for the Latvian residency program.
The permanent residency card is issued after 5 years of uninterrupted living in Latvia.
Citizenship is possible after 10 years of living, speaking latvian, paid taxes and healthcare, integration to latvian culture and history.
Latvian passport has been ranked 11th powerful passport in the world with visa free travel to 179 world countries, according to 2018 Henley passport index.
As of 2018 according to Ministry of foreign affairs, Latvian citizens can visit these countries without visa
- Canada (6 months ESTA),
- United States (90 days ESTA),
- United Kingdom (90 days within 6 months),
- Australia (90 days e-visitor)
- New Zealand (90 days)
- Ireland (90 days)
- United Arab Emirates (90 days)