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Latvia

COUNTRY PROFILE
• Capital: Riga
• Population: 2.2 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 May 2018): US$ 1.00 = 0.88 EUR

latvia-map

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. As the cheapest Residency by Investment Program in Europe, Latvia offers investors a wide range of benefits:

  • Fast processing times. TR Card issued in 3-4 months.
  • Visa-free travel to Schengen zone.
  • Latvia residence permit for the whole family (spouse & children under18 years).
  • Rights to live, work and study in Latvia.
  • Minimum investment €50,000 plus service charges (all in under EUR95,000).
  • No residency or relocation requirements. Only 1 visit per annum required to renew TR.
  • No interview or language requirement for Residency.
  • Permanent Residence in 5 years (after living in Latvia for 5 years & passing the language test Level-A2) and Citizenship in 10 years (after passing citizenship exam).

With the Oct.2013 Amendment to Latvia Law Dual Citizenship is permitted with certain countries.

Type of Program Citizenship by investment.
Type of Investment’s

There are several ways to qualify for residence permit in Latvia. With your residence permit in Latvia, you may stay in Latvia for as long as your permit is valid. Work and business may also be conducted depending on the type of residence permit issued. Under every option, temporary residence permit is granted for five years. After five years, temporary residence permit can be converted to a permanent one and later citizenship. Following are the 3 Options to apply for Latvia Residency:

 

1-Real Estate option:

The real estate option is available for minimum 250,000 EUR + 5% state fees + associated expenses. In Riga and Jurmala, this amount must be invested in one real estate. Outside of Riga and Jurmala, the minimum amount can be invested in two real estates. There are some drawbacks that come along with the real estate option.

Please note, if you are planning to rent out the place or sell it after five years, then you must take the Latvian real estate market into consideration. Because of the low inhabitants and low base salary, it is simply not that easy, if not impossible, to rent out a place with that price tag or to sell the real estate. If you are not living in Latvia under the real estate option, then you will not meet the permanent residence permit requirements. Also, if there are real estate law changes during your five years, then you can face problems extending your permit with the same real estate. Also, there are a lot of good real estate available for a lot less, therefore, some of our clients prefer to get their permits under a different option and then buy real estate according to their needs.

 

2-Bond Investment:

The Government Bond investment option is available for minimum EUR 250,000 plus EUR 38.000 state fees plus associated expenses. A total of EUR 325 can be calculated. Depending on the country of origin a 2 to 4-month application period applies.

 

3-Direct Investment:

Minimum investment required is € 50,000 with € 10,000 state fee and € 35,000 associated expenses.

Minimum Investment

Direct Investment:

Minimum investment required is € 50,000 with € 10,000 state fee and € 35,000 associated expenses.

The first payment is € 5,000 which must be paid at signing the contract. The second payment will be € 50,000 (investment amount) and associated lawyer charges when the necessary documents are being submitted. After the second payment, the bank in Latvia will issue an investment certificate which is needed for the residence permit application. The lawyer will prepare all the documents and all the documents will be sent to the investor via courier service. When the investor arrives in Riga to pick up the biometric ID card, the state fee in the amount of € 10,000 has to be paid and balance charges. After meeting the permanent residency requirements for 5 years (1 visit per year is required for renewal), we will file the permanent residency application for you and your family. Passports can be applied after 5 years of PR and upon successfully passing the Language & other tests as required by Government.

Dual Nationality Permitted YES
Minimum Stay NONE. However, 1 visit per year required for ID Card renewal.
Capital Gains Taxes 20%
Personal Income Taxes 20 – 31.4%. NON if Non-resident.
Business & Corporate Taxes 20% of net profits.
Property Taxes 0.2% – 3% p.a. & 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 26 Schengen Countries on Residency & 161 Countries on Passport

 


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