Three popular ways of obtaining a residence permit in Latvia.

Three popular ways of obtaining a residence permit in Latvia.

Three popular ways of obtaining a residence permit in Latvia.
Since 1992, Latvia has a law on the entry and stay of aliens and stateless persons, which defines the procedures and rules for the legal stay of aliens in the country. However, the changes that came into force in 2010 allowed foreigners to legally obtain a residence permit by investing.
A residence permit in Latvia grants the right to permanent residence of a person for 5 years. After the changes take effect, it is not necessary to actually stay on the territory of the state, as it was before. Now it is enough to send copies of the necessary documents to the embassy, and you can expect documents of the resident already within 1-2 months.
As for the methods of investing, the most popular are the three options, which we consider below.
The first and most common is the purchase of real estate in Latvia. To date, most foreign buyers are Russian citizens. However, the law provides for some restrictions on the cost: in order to obtain a residence permit, the value of real estate in a large city, for example, in Jurmala, should be at least 250 thousand euros. If a potential resident wants to buy a house outside the city, its value should be at least 80 thousand euros. At the same time, in order to avoid buying up budget housing by foreign citizens, the law prohibits the acquisition of several facilities of a lower cost.
The second way is investing in deposits of Latvian banks. The minimum amount of the transaction should be 280 thousand euros, and the term of the deposit – at least 5 years without the right to early termination of the contract. This method of obtaining a residence permit is the simplest from the point of view of saving time: a potential resident needs only to choose a suitable bank. In addition, all banks in Latvia are covered by a guarantee for EU contributions. It is also convenient that the whole process can be done remotely, and the resident’s presence is required only upon receipt of relevant documents. However, changes to the law of September 1, 2014 provide for mandatory payment of a one-time fee of 250 thousand euros upon receipt of documents.
The third common method of obtaining residence permit in Latvia with the help of investments is the creation of an enterprise or investing in an existing business. At the same time, a foreigner must become the owner of at least 25% of the company’s shares. The minimum contribution to a small business should be at least 35 thousand euros, and in a large – at least 143 thousand euros. In addition, there is another requirement: such a business must pay at least 28 thousand euros of taxes a year. Thus, the authorities limited possible attempts to acquire fictitious enterprises or create “one-day firms”.
Of course, there are other ways of obtaining a residence permit in Latvia, for example, marriage with a citizen / citizen of that state, as well as getting official work. However, such situations require separate consideration.


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