Residence permit in Latvia

We offer you to get a residence permit in Latvia with the help of our specialists and our partners.

Latvian “Immigration Law” has been amended on July 1, 2010. These amendments allow foreigners to get a residence permit in the Latvian Republic. The residence permit guarantees free movement within the Schengen area. Moreover, you don’t have to stay permanently in Latvia to keep you residence permit valid.

There are two ways for obtaining a temporal residence permit for the period of up to 5 years (later you will be able to get a permanent residence permit). In our opinion, the following two ways are the most convenient for the clients:

  • Opening a subordinated deposit in Latvian bank in the amount of at least 500.000 USD for a period of 5 years.
  • Acquisition of real estate in Latvia. The value of real estate in Riga and other cities of Latvia should be at least 200 000 USD; in rural areas in Latvia - at least 100 000 USD, payment should be made by a wire transfer.

Latvia is one of the EU countries which have suffered most from the economic crisis of 2008. House prices have fallen two or three times in average since 2007; service prices have decreased considerably as well. There is one more way for obtaining the residence permit. It is investing in the equity of a company resident in Latvia. But we think, that such way demands a lot of money and time.

Our specialist and our partner in Latvia will help you to find appropriate house and execute the deals.

The residence permit is also can to request for the investor’s family members – spouses and underage children.

Peculiarities of the residence permit:

  • No minimum or maximum term for stay in Latvia is required (Earlier a person had to leave in Latvia not less than 6 months);
  • The persons having the residence permit can freely visit and stay in Schengen countries;
  • After 5 years, the residence permit can be extended;
  • The conditions, on the basis of which the permit was granted, shall preserve.

Latvia has everything to make your stay there pleasant – Riga city has unique history and architecture; the sea coast and well developed infrastructure provide excellent opportunities for a comfortable living. Besides, you can use a purchased house for commercial purposes letting it out for lease.

The procedure of the residence permit obtaining takes from one to two months; the deals are executed in two or four weeks.

If you are worried about what would happen if Latvia cancels this program, we can assure you that you will gain anyway. Here is the reason: you can get the deposit back with the interest accrued, or sale the property. The price of its sale will be considerably higher than the price at which you had bought it. Latvia introduced this program because of house prices fall and it will cancel it only if the house prices will increase.

If you decide to get a residence permit in Latvia, we will provide you with full consulting and organizing support.