Investment Immigration Program
Latvia offers a high standard of living whilst boasting very low living costs. It has a moderately rated tax system and demonstrates a very stable political infrastructure. Furthermore real estate in Latvia offers excellent value for money and is consequently a prominent attraction for potential foreign investors.
The Latvian immigration law was amended and enables foreign investors from non-EU countries seeking permanent residency visas to be granted a residence permit. The Latvian residence permits are only valid for a 5 year term, however it enables the investor and his family the right to live in Latvia and travel freely in the Schengen area.
Latvia investment immigration is available in return for a permanent residency permit, provided the investment is beneficial to the growth and development of the economy. Each jurisdiction has different requirements to be met in order to qualify for a visa, and it is important to be fully aware of the criteria involved.
Under the latest Latvian investment immigration regulations, which came into force in July 2010, the investor (upon residency visa approval) must demonstrate evidence of his investment to the relevant Latvian government to validate their permit. The documents for visa validity purposes are required on an annual basis and can be in the form of deposit, real-estate of other business certifications. The relevant visa application and extension documents can be submitted to the OCMA (Office of Citizenship and Migration Affairs).
For a foreign investor to receive an approved residency visa in Latvia, he/she must satisfy one of the following conditions to gain visa authorization:
The applicant must invest a subsidiary deposit into Latvia, the deposit must be a minimum of EUR 280,000 (plus a one time fee of EUR 25,000 to the government) and termed for a period of 5 years.
The applicant must purchase Latvian real estate, value of which must be at least EUR 250,000. The real estate cadastral value as of the purchase date should be at least EUR 80,000.
The applicant must invest a minimum of EUR 50,000 into a Latvian company plus a one-time fee of EUR 10,000 to obtain a residence permit. Corporate taxes on the company must be paid at a minimum rate of EUR 40,000 per annum to maintain a residence card. The company must have no more than 50 workers and the annual turnover or annual balance does not exceed 10 million EUR.
The most popular category which foreign investors tend to opt for is the investment of a subordinated deposit. This program allows for the investor to gain a residency permit in the easiest and most timely manner. The approval will be decided within one day and there is no prerequisite to travel to Riga, Latvia, for a pre-approval interview.