Residence Permit obtaining rules

 

 

 

 

 

1. Purchasing real property

 The price of the real property must be EUR 250 000 at least, while the cadastral value thereof as of the date of
purchase must be at least 80 000 EUR. In case the cadastral value is below 80 thousand, this shall require an
assessment provided by a certified appraiser.

Apart from that, a one-time duty of 5% of the amount of the purchase (the price of the real property) is payable
into the state budget.

2. Bank deposit

A subordinated bank deposit of at least EUR 280 000 must be placed for a period of 5 years.
Apart from that, a one-time duty of EUR 25 000 is payable into the state budget.

3. Position of a member of a company’s Board

The company must pay a total of at least EUR 21 350.00 of taxes into the state budget annually.

4. Investment into the fixed capital of a company registered in the Republic of Latvia

Beginning with EUR 50 000, the company must pay a total of at least EUR 40 000 of taxes into the state budget
annually.

Benefits that come along with a residence permit in the Republic of Latvia

• Freedom of travel around the Schengen Area.
• Facilitated procedure of obtaining a visa to the USA, Canada, the United Kingdom and Australia.
• The right to travel and reside freely in the Schengen Area, Switzerland, Norway and Iceland.
• The right to acquire and register a vehicle within the territory of Latvia, travel around the entire Schengen Area
  without paying any customs duties.
• Obtain a Latvian driver’s licence, which is valid in all Member States of the European Union.
• Permission to work in Latvia, without the right to work in other countries of the Schengen Area
• Entitlement to the entire scope of social safeguard equal to that for citizens of Latvia (maternity allowance,
  pension in Latvia, free social healthcare, etc.)
• A permanent residence permit in the European Union may be obtained in 5 years
• In 10 years, the bearer may apply for Latvian citizenship (naturalize), which facilitates the process of obtaining
  a visa for travelling to Canada, the United States, Australia and the United Kingdom.

Proposal:

Invest an amount of EUR 55 000 into an enterprise registered in the Republic of Latvia and obtain a residence
permit in the European Union, which is valid for 5 years and enables the bearer to reside and travel freely in the entire Schengen Area. This amount is paid in five instalments, the first one being EUR 35 000; afterwards, an
amount of EUR 5 000.00 is paid annually for extending the residence permit. The total amount is decreased
to EUR 50 000 if paid in one payment.

There are no other expenses whatsoever.

 Benefits

• No need to invest considerable funds.
• This amount is paid in five instalments, the first one being EUR 35 000; afterwards, an amount of EUR 5 000.00
  is paid annually for extending the residence permit.
• The entire amount may be paid in one payment; at that, the total amount will be EUR 50 000.
• No additional costs, including the absence of the need to pay annual corporate taxes of EUR 40 000.
• No management costs.
• No risk of real property depreciation.
• All members of the bearer’s family, children under the age of 18, are granted a residence permit as well.

The residence permit is issued within a period of 30- 45 days.