COUNTRY PROFILE
• Capital: Riga
• Population: 1.83 million
• Area: 64,589 sq km (24,938 sq miles)
• Major language: Latvian, Russian
• Major religion: Christianity
• Life expectancy: 69 years (men), 79 years (women)
• Currency: Euro
• Exchange Rate (as of Nov 2023): US$ 1.00 = 0.94 EUR
Situated in North-Eastern Europe with a coastline along the Baltic Sea, Latvia has borders with Estonia, Russia, Belarus and Lithuania. Not much more than a decade after it regained independence during the demise of the Soviet Union, Latvia became a European Union Member in May 2004. Latvia is also a member of the World Trade Organization (WTO), and in 2014 became a member of the Eurozone, accepting the Euro as its method of currency.
The Latvian government launched its Golden Visa Program in 2010 in order to attract foreign investors from third countries and make local economy benefit from their investments. Latvian Temporary Residency Permit (TR) is issued for 5 years and renewable annually. The TR allows its holders visa-free travel to all Schengen states. After five years of Temporary Residence, living in Latvia and passing language test it is possible to apply for Permanent Residency (PR). While passport is not guaranteed, under certain conditions, after 10 years of PR & passing Citizenship Test it is possible to apply for Citizenship & Passport.
| Type of Program | Residency by Investment |
| Type of Investments |
Direct Investment in Latvian Company |
| Minimum Investment |
Direct Investment in Latvian Company: a) Minimum investment required: € 50,000 |
| Dual Nationality Permitted | Yes |
| Minimum Stay | No. 1 visit per year required for ID Card renewal |
| Capital Gains Tax | 20% |
| Personal Income Tax (Non-residents) | 20 – 31.4% |
| Corporate Tax | 20% |
| Property Tax | 0.2% – 3% per annum VAT: 21% |
| Processing Time | 2 – 3 months |
| Passport Validity | The first passport issued has a 5-year validity to ensure the applicant meets the 5-day residency for renewal & oath-taking. Thereafter, a 10-year passport is issued. |
| Restricted Nationalities | Iran, Iraq, Afghanistan, Yemen and Somalia. |
| Visa Free Travel | 27 Schengen countries on PR Card 184 Countries on Passport |
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