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Residence permit in Latvia

The Republic of Latvia is a Member State of the European Union and a party to the Schengen Agreement. A residence permit in Latvia provides for visa-free visiting of any country in the Schengen area. A temporary residence permit for the term up to five years provides for a stay in the territory of Latvia without a minimum and maximum period (1 to 365 days a year) and stay in the countries in the Schengen area for a period of up to 90 days in 6 months. The existing Migration legislation of Latvia provides for confirmation of a temporary residence permit with an aim to control over compliance by a foreigner with the investment requirements subject to the conditions for obtaining a relevant residence permit.

GROUNDS FOR OBTAINING A TEMPORARY
RESIDENCE PERMIT BY INVESTORS:

Purchase of property in Riga or Riga planning region and in Latvian cities of national status for at least 250,000 Euros.

A temporary residence permit covers investor’s family members (spouse and their minor children) too.

THE FOLLOWING CONDITIONS ARE TO BE
TAKEN INTO ACCOUNT TO OBTAIN A
RESIDENCE PERMIT IN LATVIA:

  • Property is to be purchased from a legal entity registered in Latvia or an individual being a resident of Latvia or a citizen of the EU or a holder of a valid Latvian residence permit
  • The cost of the property is to be equal or exceed the statutory minimum
  • The purchase of the property is to be paid by bank transfer
  • The cadastral value of the property is to meet the statutory requirements too

ADVANTAGES

As you obtain a Latvian residence permit, you become a holder of a European (EU) residence permit simultaneously. A holder of a Latvian residence permit may travel in Europe and live in Latvia without any limitations.

The Latvian residence permit guarantees the freedom of residence in Europe. This document grants a right to stay in the Republic of Latvia for a certain time period (a temporary residence permit in Latvia) or permanently (a permanent residence permit in Latvia) to a foreign national. 

  1. As you obtain a residence permit in Latvia, you may move across the Schengen area in Europe without limitations.
  2. A residence permit in Latvia gives an opportunity to live in the territory of Latvia permanently and to live in other European countries, parties to the Schengen Agreement, for the period up to 90 days.
  3. A residence permit in Latvia does not provide for an obligatory requirement to a minimum period of residence as it is provided by the legislation of other European countries.
  4. If you are a holder of a residence permit in Latvia, you may carry out business as a rightful European resident in a country with the most liberal tax legislation in Europe.
  5. Obtaining a residence permit in Latvia grants social guarantees, an opportunity to work with a residence permit, study, use medical services of European quality, make invitations for issuance of Schengen visas for other persons.
  6. A residence permit in Latvia grants to minor children a right to attend a Latvian state school for free, including Russian-medium schools.
  7. A holder of a residence permit in Latvia does not have to leave Europe (Schengen area) for annual registration and submit their passport.
  8. Obtaining of a residence permit in Latvia facilitates a foreign national’s entrance to other countries, not parties to the Schengen Agreement in Europe, e.g. England, the US, Canada, etc., allows applying for visas in embassies of these countries in Latvia.
  9. A residence permit in Latvia can be extended for another five-year period or a permanent residence permit can be obtained after five years.
  10. The Russian language is widely spoken in Latvia.
  11. Main European cities can be reached from Latvia by plane with no connections.
  12. A residence permit in Latvia gives an opportunity to buy and register cars, motor boats and yachts in Latvia and to obtain a driver’s license, valid in Europe and other countries.
 
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