Latvia Temporary Residency Program

Latvia is one of Baltic States that enjoys both, wide beaches and dense forest on its landscape. It offers soothing sights for humanity and is one of the ideal places to migrate to. It is a peaceful place to live with family. It has launched Latvia Temporary Residency Program in 2010 to expand the possibilities for foreign nationals to establish themselves in Latvia, simultaneously enjoying the benefits that comes along. This temporary residence permit can be obtained by making investments into the Latvian economy.

Latvia is well-known for its beauty, cultural monuments, astonishing resorts and international festivals – a complete package in country that is also an ideal tourist destination.

BENEFITS

Stay in Latvia for up to five years
Freedom of movement across the entire European Union and several non-EU countries
Freedom to stay in EU countries for up to 90 days with the exception of Ireland, Cyprus, Bulgaria and Romania
Becoming a permanent resident of Latvia or in other words, become a EU permanent resident after five years of stay
Spouse and children are allowed to apply along with the main applicant on this visa

Visa Process

Download and carefully fill up the application for temporary residency in Latvia
Arrange for all the documents that are asked
The applicant is entitled to submit the documents for requesting temporary residence permit of Latvia in the Office of Citizenship and Migration Affairs (OCMA)
The decision on the residency permit shall come within 30 days of the receipt of the complete documents. The decision of granting permanent residence is valid up to 3 months
After migrating to Latvia, visit the OCMA to receive the temporary residence permit
While receiving the permit, certain documents have to be submitted – valid health insurance policy, health certificate issued by Latvian Medical Institution. Also you will have to submit biometrics and your photograph shall also be taken
The residence permit will be issued in the form of an identity card will be prepared within 10 days and can be used as identity card across Latvia

Eligibility Requirements

There are three investment options under which an applicant can deem to be eligible to obtain Latvia Temporary Residency Permit:

Option 1: Invest in real estate

The total investment in one or several real estates must be at least EUR 250,000 in large cities or at least EUR 125,000 in other places (in which case at least two properties must be bought)
For purchasing in real-estate, non-cash funds must be utilized
The applicant must ensure that there has never been any debt of payments of real estate tax against him/her
After the ownership is registered in the Land Register, the residence permit is issued

Option 2: Invest in Latvian Credit Institutions

Total financial investments must amount to at least EUR 286,000
The term of transaction must be of five years, prior to the term of repayment of the deposit, the investor cannot terminate it

Option 3: Invest in equity capital of an Enterprise

Investment must be made of at least EUR 36,000
The taxes payable for the next year must be at least EUR 28,600

Other eligibility requirements are:

A complete application
Proof of no criminal history
Photograph
Proof of enough funds for investment as well as sustenance in Latvia
Document confirming the planned place of residence in Latvia (lease agreement, ownership deed etc.)
Proof of payment of fees to the state

Processing Time And Fees

The processing time on the decision of the residency permit of Latvia is anywhere between 5 days to 30 days, which shall depend upon how sooner the applicant wants the decision to arrive and he/she will have to submit the fee accordingly –

For the main applicant:

Within 30 days – 100 EUR
Within 10 business days – 200 EUR
Within 5 business days – 400 EUR

For spouse –

Within 30 days – 70 EUR
Within 10 business days – 200 EUR
Within 5 business days – 400 EUR

For children (16 to 18 years of age) –

Within 30 days – 50 EUR
Within 10 business days – 200 EUR

Children below 16 years of age are exempted from paying the state fees for processing of the application, except an accelerated decision is required.

How Abhinav Can Help You?

To migrate to a different country is an uphill task altogether. It involves a lot of documentation and procedural formalities and that is why taking an expert’s help is always recommended. Abhinav Immigration Services is a veteran expert consultancy that offers comprehensive services in the field of immigration. Whether you wish you make an investment or establish a business in a different country, we have an expert team dedicated to each segment of migration pathways that are available.

Are you ready to start with us? Just fill our free assessment form or call us at
(+91) 859 533 8595
and let our immigration experts help you make the move as smooth as possible.