RESIDENCE PERMIT IN LATVIA
OBTAINING A RESIDENCE PERMIT IN LATVIA
At present, an obtaining of residence permits through investments is very actual in Latvia, as on July 01, 2010, amendments to the Immigration Law became effective, allowing foreign investors to obtain a temporary residence permit in the Republic of Latvia. A residence permit provides a foreigner the rights to permanently reside in the Republic of Latvia, and also a free travelling and staying in the member states of Schengen without visa.
A RESIDENCE PERMIT IN LATVIA WITH INVESTMENTS CAN BE OBTAINED IN THE FOLLOWING CASES:
- Person who in Republic of Latvia purchased and owns one functionally related real estate with buildings in the Republic of Latvia and the total value of the real estate is at least EUR 250 000, if the following conditions exist concurrently:
a) Person has no real estate tax debts and you have never had such debts,
b) The payment of the total real estate value has been made by non-cash settlement,
c) The real estate has been purchased from a legal entity registered in the Republic of Latvia or a Member State of the European Union, any country of the European Economic Area or the Swiss Confederation and the legal entity is a taxpayer in the Republic of Latvia within the meaning of the tax laws of the Republic of Latvia; or the real estate has been purchased from a natural entity who is a citizen of the Republic of Latvia, a non-citizen of the Republic of Latvia, a citizen of the European Union or a foreigner who is staying in the Republic of Latvia on the basis of a valid residence permit,
d) The total cadastral value of the real estate is at least EUR 80 000 at the moment of purchase. If the cadastral value is below the amounts referred to in this sub-clause, the total value of the real estate in accordance with the real estate market value determined by a certified real estate appraisal shall not be below EUR 250 000;
e) Upon applying for a first temporary residence permit, the person must pay 5% of the real estate purchase value into the state budget;
f) The real estate must not comprise agricultural land or wooded land.
- If person wish to obtain a residence permit in the Republic of Latvia as a person who has invested in the share capital of a company for the purpose of increase thereof or who has invested in the share capital of a company upon founding of a new business company, provided that:
a) such investment is at least EUR 35 000 and is made in a business company with the number of employees not exceeding 50, such company’s annual turnover or annual balance does not exceed EUR 10 million and it pays the total of at least EUR 40 000 in taxes into the state and municipal budgets; by investing in the share capital of one and the same business company not more than 3 foreigners may apply for the temporary residence permit, or
b) such investment is at least EUR 150 000 and is made in a business company with the number of employees exceeding 50 and such company’s annual turnover or annual balance exceeds EUR 10 million.
- If person wish to obtain a residence permit in the Republic of Latvia as a person who has subordinate liabilities toward a credit institution of the Republic of Latvia in the amount of at least EUR 280 000 and the term of the transaction entered into with that credit institution is at least five years. Upon the receipt of the first temporary residence permit, the applicant must pay 25 000 euro into the state budget.
- If person want to receive a residence permit in the Republic of Latvia as a person who acquires interest-free government bonds determined for special purpose with the nominal value of 250 000 euro. When receiving a first time temporary residence permit, the recipient shall make a payment in the State budget of EUR 25 000.
LATVIAN RESIDENCE PERMITS HAVE ITS SIGNIFICANT ADVANTAGES:
- Simple procedure of residence permits registration.
- The costs of residence permits are on average lower than in EU countries.
- The costs of real estate in Latvia are on average lower than in EU countries.
- Bought property can be used for both personal and commercial purposes (one of the most common ways is renting).
- Obtaining a residence permit in Latvia allows a foreign citizen not only reside in the territory of the Republic of Latvia, but also freely enter in and travel between the Schengen countries without a visa.
- A foreign citizen who has received a residence permit in Latvia is not obliged to reside permanently in Latvia and also there are no requirements regarding the minimum amount of time spent in the country.
- In addition, the spouse and minor children of a person with a residence permit in Latvia can also benefit from rights to obtain a residence permit, which provides them with a perspective of a completely unrestricted residing in Latvia itself and being in the countries of the Schengen zone.
OTHER POSSIBILITIES TO OBTAIN A RESIDENCE PERMIT:
Immigration Law provides that a residence permit in the Republic of Latvia can be acquired also in the context of:
- family unification;
- commercial activity (member of the Board of an enterprise, an individual merchant, self-employed person);
- a representative of a foreign corporate entity;
- labour (a labour agreement or an enterprise agreement);
- cooperation in scientific work;
- studies at an accredited educational establishment;
- treatment in the stationary medical institution;
- religious activity;
- high qualification of a foreign person;
- being a citizen or a non-citizen of the Republic of Latvia prior to acquiring the citizenship of another country.
Every particular situation requires a detailed analysis and an individual approach according Your expectations.
Law Office “INLAT PLUS international” can provide a full range of legal services ranging from settling a deal of a real estate property purchase in order to obtain ownership rights on Your name or preparing all necessary documents for a company registration etc. (depending on what kind of a residence permit program is the most suitable for You) and ending with a preparation and submission of documents for a residence permit in Latvia for You and Your family.
For example, in case of an acquisition of a real estate property in order to obtain a residence permit the range of the Law Office’s services includes, but not limits to the following steps as below:
- a selection of real estate objects of interest to You;
- an analysis of documents of a property to ensure conformity to immigration requirements, to detect encumbrances, claims of third parties and possible additional costs associated with the continued use of real estate;
- a development of a concept of a deal taking into account the analysis of documents and an aim to obtain a residence permit;
- an agreement with the seller of the property on terms of a contract of sale with a protection of Your interests;
- a preparation, drafting and receipt of all documents required for the deal and registration of an ownership of real estate property in the state institutions;
- a representation of Your interests in all state institutions in Latvia related to the acquisition of real estate property in order to obtain a residence permit;
- a representation of the Yours interests in Latvian banks for the transaction of purchase and sale of real estate in order to obtain a residence permit;
- a provision of receiving necessary information from Latvian medical institution and insurance company;
- an accompaniment of a client and legal support on all related issues in all private and public institutions in Latvia;
- other necessary actions related to the acquisition of real estate and obtaining a residence permit.