Residence permit in Latvia
- Real estate cost: From 250 000 EUR
- Maximum number of properties: 2 properties
- State budget contribution: 5% of property cost
- Property onwership title tax: 2% of property cost
- Application state fees: 1 000 EUR
- Length of the process: 1 - 3 months
- Visa-free travel: European Union
Latvian Immigration Law provides several investment options for obtaining residency in the country based on different residence permit programs, including receiving a temporary residence permit (TRP) and a permanent residence permit (PRP) afterwards. Choosing correctly between the available options is strategically important for each foreigner and his family members relocating to the country when it comes to making plans for the future.
According to official data of Latvian Office of Citizenship and Migration, there were 205 TRP issued in a four month period between January 2016 and April 2017, all of which were based on investing in real estates.
Residence for investment program: purchase of real estate
Residence permit program in Latvia based on real estate purchase offers foreigners great opportunities to invest their financial means in Latvian immovable property in order to obtain country’s residency. This type of investment provides profound security together with a high liquidity and profit as the purchased property can be rented at any time, returning 4-7% of the investment annually.
If you have any questions regarding the procedure or you are willing to apply – contact our agents now!
Eligibility
In Latvia a foreigner is eligible to apply for a residence permit, if he or she has reached legal age of 18 years, has no criminal record, does not have any real estate purchase debts, has a legal source of income and can meet all the investment requirements listed below. It is also possible to submit a request for family members – main applicant’s children under the age of 18 and spouse.
Requirements
In order to acquire a temporary residence permit of Latvian Republic on the grounds of purchasing a real estate property several requirements must be met.
Major requirements
- The purchase of one real estate must be made with a total price not less than 250 000 EUR, with a cadastral value of the property not less than 80 000 EUR;
- Not more than two real estate properties must be purchased, both costing at least 250 000 EUR, with a minimal cadastral value of 40 000 EUR.
Extra requirements
- The property must be purchased from a legal person registered in Latvian Republic, who is its citizen, or a non-citizen, a citizen of the European Union or other foreigner, staying in the country with a valid residence permit;
- The property purchase does not include buying an agricultural land plot or a designated forest plot;
- The property purchase does not include buying an agricultural land plot or a designated forest plot;
- The property must be purchased from foreigner’s personal funds, resting in his or her personal account;
- A purchase contract must be signed and the Land Register certificate shall be completed in the name of the person requesting a residence permit;
- All fees and extra costs should be covered as well;
- Payment for the real estate must be performed as a bank transaction.
State fees and costs
In order to successfully apply for a residence, following fees are involved:
- additional 5% state fee of the property value paid to the Latvian Government;
- property ownership title transfer in Land Register state fee ~ 3000 EUR;
- notary fees ~ 300 - 450 EUR;
- examination of the documents submitted for requesting a temporary residence permit 100 - 400 EUR for the main applicant, 75 - 360 EUR for the spouse, children (depends on the processing period);
- documents legalization fee 15 - 60 EUR (if applicable).
Documents
To receive a temporary residence permit in the Republic of Latvia, the foreigner must present a valid travel document and submit the following documents:
- a copy of passport;
- a definite sample form for a residence permit request;
- a police clearance certificate;
- a copy of land book certificate;
- a document, proving that the purchase cost was paid by a bank transfer;
- a document confirming the necessary subsistence funds;
- a document confirming the envisaged place of residence in the Republic of Latvia (not necessary if buying residential property);
- a personal photography;
- a document confirming that the foreigner holds a valid health insurance policy (prepared and submitted after a positive decision is issued);
- copies of documents confirming relationship: birth or marriage certificates (if applicable, required for family members applications).
Timescales
General time frames for obtaining the temporary residence permit are 1-3 months once the formalities of owning the property are completed (2-4 weeks). However, there might different timescales applied by the local immigration authorities on case-to-case basis.
Annual extension
After a temporary residence permit is issued – it must be registered on annual basis. Annual extension takes 1 to 2 weeks and is valid 1 year.
Benefits of holding Latvian temporary residence permit
While Latvian residence permit have a complex procedure to undergo, once received – it grants numerous advantages to its holder, including EU free travel rights and easy extension procedure, as well as:
- living in any Schengen country for 3 months in 6 month period;
- visa-free travel to numerous countries;
- having an employment permit and getting a job in one of the country’s companies;
- having an access to country’s healthcare and education systems;
- having a right to receive a driving license;
- having an access to financial benefits and discounts of social services granted by the State Social Insurance Agency;
- acquiring a local resident status for taxation and other purposes;
- opportunity to start and operate business locally;
Permanent residence application
After acquiring temporary residence, if the foreigner lives in Latvia for at least 1460 days (4 years) within next 5 year period – he or she may apply for a permanent residence.
Otherwise a person can reapply for another 5 years of temporary residence upon expiration.
If you still have questions regarding this program – check our F.A.Q. section or contact us directly.
