Latvia Golden Visa Scheme

Property ownership
Real Estate
€250K
Treasury Bills
Government Bonds
€250K
Capital investment
Business Enterprise
€100K

Latvia is a baltic country, EU member state and a member of Schengen area.

 

Latvia offers golden visa (residence) to foreign investors who invest more than 50,000 euros in the economy. Family members also qualify for temporary residence permits in Latvia. The Latvian golden visa scheme came into existence in 2010 and since then over 10,000 golden visas have been issued.

 

Latvia has the cheapest golden visa scheme in Europe with a minimum investment. Business route and bond option are the most popular options.

 

Benefits

  • No physical presence requirement specified (requirements only specified for those who apply for a permanent status).
  • Temporary residence for a maximum of 5 years.
  • Those who hold a residency permit issued in Latvia are allowed to circulate freely in the Schengen area for up to 90 total days in a 180-day period.
  • Latvian residents are liable for personal income tax (PIT) on their worldwide income. Personal income tax rate at 23 %. Dividends received by individuals are taxed at 10 %. Capital gains on disposal of capital assets (e.g. property, shares) are taxed at 15 %.

 

The following investment options to receive a 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,

  • 50,000 EUR nonrefundable Share Investment
  • 10,000 EUR Sate fee
  • 30,000 EUR Security checks, legal fees, processing fee
  • 2-4 Month processing time depending on Nationality
  • Extendable after 5 years**
  • 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

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  issued for 5 years under this option

 

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:

 

  • 250,000 EUR interest free Government Bonds
  • 38,000 EUR State fee
  • 30,000 EUR Security checks, legal fees, processing fee
  • 2-4 Month processing time depending on Nationality
  • Extendable after 5 years**
  • Instant 5 years Residency
  • Biometric ID cards issued for 5 years. No need to renew!  
  • No minimum stay required
  • Visa free travel in the EU Schengen Zone

 

 

In Latvia, tighter background checks were introduced in 2014 following a flood of applications for its RBI scheme that unveiled information leading to an increase in refusals – and even revocation of some permits already granted. The reasons given were the risk of spying and risk to economic security (as many of the applicants could not prove the origin and the legality of their money).

 

Applicants are screened by the competent authorities. More serious concerns about an individual’s background are handled by the security police.

 

The impact of the Latvian golden visa scheme ‘on the real property market of Latvia was significant.  In some regions of Latvia, the share of real property transactions in which foreigners were involved reached more than 50%.

Family

Relatives can be invited up to second degree relations. Family* is Spouse and Children up to 18 years of age are included and even longer if they are not marred and still depending on the parents.

Permanent residence

After five years of legally living

Latvian Citizenship

After 9 years of legally living and integrating to culture and language of Latvia. Latvia allows dual citizenship in certain cases and has the 11th powerful european passport in the world.