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April 1, 2024
5 min

How to Get Latvia Golden Visa: Process, Requirements and Benefits

Brittany Collins

Latvia’s Golden Visa program, also known as Residence Permit by Investment, is a popular option for wealthy individuals. It allows non-EU citizens to obtain residency in the country by business investment, purchase of government bonds, or making a bank deposit. The minimum sum is €50,000.

Residency by investment program in Latvia is one of the fastest in Europe. Applicants can obtain their residence permit in 1—3 months.

Obtaining a Latvian Golden Visa can also serve as a safety net during uncertain times, offering stability and security for you and your family members included in the application process. They can live, study, and work freely across the EU region.

How to Get Latvia Golden Visa: Process, Requirements and Benefits

How to Get Latvia Golden Visa: Process, Requirements and Benefits

Benefits and Drawbacks of Latvia Golden Visa

1. Affordability. Latvia Golden Visa is one of the most affordable in Europe. For example, the Spanish Golden Visa program requires you to invest at least €500,000 and the Cyprus one — €300,000+.

2. Quick process. It takes only 1—3 months to obtain the Latvia Golden Visa. At the same time, acquiring a Maltese Golden Visa can take 4 months and a Greek one — up to 6 months.

3. Seamless travel. Latvia’s membership in Eurozone and the Schengen Area countries allows holders of Latvian golden visas to travel hassle-free throughout most parts of Europe without additional visas or permits.

4. Economic opportunities. Access one of Europe’s most dynamic economies with low corporate tax rates, making it an attractive destination for entrepreneurs and investors. Latvia’s dynamic economy and steady growth make it a promising destination for foreign investors. Plus, low corporate tax rates make it even more appealing.

Investing in Latvian businesses or real estate can yield significant returns due to the country’s stable property market and growing sectors like IT and manufacturing.

5. A potential path to citizenship. After living in Latvia for a certain period under specific conditions, you may become eligible for permanent residence and even citizenship — with dual nationality allowed.

6. Quality of life. Latvia offers a high quality of life with rich culture, stunning architecture, and natural beauty. It ranks favorably among other European nations in the Quality of Life Index by Country 2023 Mid-Year report.

7. International links. As a transportation hub with well-developed infrastructure and direct flights to numerous global destinations, Latvia provides easy access within Europe and across continents.

8. Family inclusion. Your close family members can participate in the program alongside you. That includes your spouse and children under 18. Children over 18 can also join the application if unmarried and dependent on the investor.

9. Language. Most Latvians speak English at a good level, so you won’t meet any language barrier while being there.

10. Minimum residency requirements. If you don’t plan to obtain Latvian permanent residence or citizenship, you are not required to live there permanently. You only need to visit Latvia once a year to maintain the status of a permanent resident.

However, there are some disadvantages that you need to take into consideration:

  • the path to citizenship takes 10 years — you must live in the country for five years with a temporary residence permit and another five years with a permanent residency;

  • to obtain citizenship, you would need to meet specific criteria — for example, learn the lyrics of the national anthem and prove Latvian language proficiency;

  • to obtain permanent residency, you must live in the country for 183+ days and fulfill tax obligations;

  • Latvian weather is not very pleasant — it gets cold in winter and often rains all year round.

How to Qualify for Latvia’s Golden Visa

Investors participating in the Golden Visa Program in Latvia must meet some requirements.

Personal requirements. The investor must be over 18 and come from countries other than EU and EEA countries or Switzerland. They must have a clean criminal record, a legal source of income, and no significant debts in any country. If applicable, the investor must also buy health insurance for themselves and their family members.

Family inclusion requirements. It is allowed to add close family members to the application. That includes a spouse and dependent children. The investor must prove family ties with these people.

Required documents. Before applying, the investor must collect a package of documents. It usually includes the following:

  • a copy of a passport;

  • an application form;

  • a birth certificate;

  • a marriage certificate, if applicable;

  • bank statements;

  • a certificate of no criminal record;

  • a passport-size photo.

You might be required to provide additional papers depending on your situation and background.

Investing Options for Latvia Golden Visa

Three investment options help boost the Latvian economy: business investment, purchase of government bonds and opening a bank deposit.

Business investment. Put €50,000 into capital companies that employ over 50 people and have annual budgets exceeding €10,000,000. If investing in a larger company, you must double the investment and pay €100,000.

The additional requirement is to pay an annual tax of €40,000 for five years.

Purchase of government bonds. You must invest €250,000 and keep it for at least five years. The bonds are non-interest, so if you decide to withdraw the funds, you will only get what you’ve paid.

Making a bank deposit. The minimum sum of a deposit is €280,000. You must make it to a Latvian bank or a credit institution and hold the investment for at least five years. With this option, you will receive interest.

Overview of Investment Options

Business investment

Purchase of government bonds

Opening a bank deposit

Minimum investment

€50,000

€250,000

€280,000

Government fee

€10,000

€38,000

€25,000

Annual tax

€40,000

Total

€260,000

€288,000

€350,000

How to Apply for Latvia Golden Visa

1

1+ week

Choose an investment option and make an investment

Make your research on available options and transfer money to the required authorities.

To get a Latvian residence permit, you must first invest and then file an application.

2

1+ week

Collect and submit documents

After you’ve made an investment and obtained documents proving it, you can submit documents to the Office of Citizenship and Migration Affairs in the Republic of Latvia.

3

1+ weeks

Wait for the approval

The Office of Citizenship and Migration Affairs will review your documents, conduct Due Diligence checks against international databases and make a decision. If your application is approved, you will receive a temporary D-visa.

4

1+ weeks

Apply for a residence permit

You will need a D-visa to enter Latvia and apply for a residence permit there. You will also be required to take biometrics. Then you will receive your residence permit.

5

Every year

Renew your residence permit

You must come to Latvia every year to re-register with the Latvian authorities. The residency itself is granted for five years. After that, you’re allowed to apply for permanent residence.

How to Get Permanent Residency and Citizenship

Based on a temporary residence permit, the investor can apply for permanent residency or even a Latvian passport.

Permanent residency. Invest in Latvia, get approved, and you’ll receive temporary residence. To obtain Latvia permanent residency, you must maintain your investment and stay in Latvia for five years. Spending more than 10 consecutive months outside Latvia or 18 cumulative months abroad during this period is not allowed.

Citizenship. To become a Latvian citizen, you must have lived continuously in Latvia for ten out of the last fifteen years, including the year before your application. You’ll also need to pass a Latvian language and culture exam, have no criminal record, and show loyalty to the Republic and its laws.

How to get Latvia Golden Visa

Dual nationality is allowed in Latvia, so you do not need to renounce your existing citizenship

Other Golden Visa Programs in Europe

Latvia’s Golden Visa program is an excellent option for wealthy individuals seeking access to the European Union. But it’s not the only program available. Greece and Spain also offer similar programs with their pros and cons.

Greece residency permit by investment. The Greece Golden Visa Program allows foreign investors to gain a residence permit in exchange for investment in Greece. The most popular option is the purchase of real estate, and the minimum sum required for it is €250,000.

There are also options like renting a hotel or a tourist residence, purchasing a land plot, timeshare, inheritance, buying securities, or opening a bank deposit.

Spain residence permit by investment. The Spain Golden Visa Program offers residency in exchange for significant financial investment in Spain. Investors can choose from several options, including a minimum investment of €500,000 in real estate, €2 million in Spanish government bonds, or €1 million in shares of Spanish companies or bank deposits in Spanish banks.

Malta permanent residence by investment. Malta offers the Malta Permanent Residence Programme for non-EU, non-EEA, and non-Swiss nationals. To qualify for this program, applicants must pay administrative and contribution fees, donate charitable funds, and rent or buy real estate.

Rented property must be valued at least €12,000 annually (€10,000 if in South Malta or Gozo). The purchase one — €350,000+ (€300,000+ if in South Malta or Gozo).

Cyprus permanent residence by investment. The Cyprus Permanent Residency Program requires a minimum investment of €300,000 in real estate, securities, or a company. In addition to the investment, applicants must demonstrate a stable annual income of at least €50,000 sourced from abroad, including salaries from employment, pensions, or dividends.

When choosing the program, consider your financial capabilities, long-term plans, personal preferences regarding lifestyle, and more when selecting a program. Seeking the advice of professionals with expertise in immigration and legal matters can be advantageous.

Key Features of Latvia Golden Visa

Latvia Golden Visa gives a chance to obtain a residence permit in Latvia by investment. Options are the following:

  • business investment;

  • purchase of government bonds;

  • opening a bank deposit.

The investment sum depends on the chosen option, but the minimum is €50,000. The applicant must also pay a government fee and annual tax in case of business investment.

The whole process can take as little as 1 month — it’s one of Europe’s fastest Golden Visa programs.

By getting a Latvia Golden Visa, you can benefit from easy travel across the EU and a pathway to permanent residency and citizenship, all with a minimum investment.

Frequently Asked Questions

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