In an attempt to lure international entrepreneurs, Latvia created a residency-by-investment program in 2010. In return for property investment, this European Golden visa program provides EU resident status and nationality.
Latvia is a lovely country with its distinct heritage, values, and belief systems. It is inexpensive to live there, but not at the sacrifice of luxury. You can buy a luxurious home with high-end amenities and be qualified to file for Latvia Short Residency by financing €250,000 in the housing market. The residency request procedure takes 30–90 days.
The following investing possibilities are available to obtain a golden visa in Latvia, including property investment, commerce, and insured state shares.
Government bonds
If you contribute EUR 38 000 into the General fund and buy interest-free Government bonds allocated to a specified objective with a net value of EUR 250 000:
- In the EU Schengen Area, you can move without a visa.
- Biometric identification cards are valid for five years. There’s no requirement to update!
- You can extend the visa after five years.
- Residency for five years on the spot.
The investor can obtain the Interest-free State Securities of 250,000 EUR after paying the State charge of 38,000 EUR and security measures, administrative costs, and service charges total of 30,000 EUR.
Deposit in a Latvian bank
If the investor has deposited their money in the local bank of the Republic of Latvia in the sum of not less than 280,000 euros, they can apply for Latvian citizenship. Yep, the applicant can also submit EUR 25 000 into the General fund when applying for the first short-term residency visa.
Real estate investment
Suppose the person has bought and possesses one operationally linked private land worth EUR 250 000 in Latvia. In that case, he is eligible for Latvia citizenship by real estate investment. However, the below-mentioned requirements must be fulfilled:
- Land for farming purposes or forest territory is not included in the physical estate’s component.
- They deposit 5% of the estate worth into the National fund when applying for the first short-term residency visa.
- At the purchase date, the market price of real estate was at least EUR 80 000.
- Real estate must be bought from a legal entity established in the Republic of Latvia or a partner country of the Eu Community.
- The non-cash payment was used to pay for the net amount of private land.
- The investor never had any property taxation issues.
Business capital investment
Suppose an immigrant has started a small firm in Latvia that generates the job positions for Latvian nationals or has paid EUR 10,000 into the State budget while applying for the first short-term residency visa. He is considered eligible for Latvian citizenship. The funding must be at least € 50000.
Requirements for Latvian golden visa
The primary candidate must be at least 18 years old to be considered. A wife, young kids, economically reliant kids, and father and mother are all examples of dependents. Along with the primary candidate, all dependent relatives can request a Latvia Residency Visa. The residency visa is active for five years and must be renewed annually. Besides these following are the required conditions:
- No criminal history.
- There are no pending property tax issues.
- Excellent physical and mental wellness.
- You have enough resources to fund yourself.
- After the permission is approved, you must purchase healthcare insurance for one year.
Before asking for a residency visa in Latvia, you and your spouse do not need to stay in Europe. You would not be required to undergo an assessment or demonstrate your understanding of Latvian. Latvia’s Golden Visa provides the most affordable real-estate investment opportunities in Europe.
