Are you considering moving to beautiful Latvia? With a capital city deemed a UNESCO World Heritage site and the range of investment opportunities, it’s easy to see why living in Latvia is quickly becoming a top option for investors.
In this guide you will learn about:
What is the Latvia Golden Visa?
The Latvia Golden Visa, also known as the Latvia Residence by Investment Program was designed to attract foreign investors to Latvia. The Latvian Residence by Investment scheme offers foreign investors a range of investment options, making it one of the more accessible pathways to European residency.
How to Obtain a Latvian Golden Visa
If you are considering relocating to Latvia, then the Latvia Golden Visa is a popular immigration option. The scheme is open to individuals who are willing to invest in the country’s economy in return for residency. It’s a win-win – you receive residency in a charming European country, while Latvia significantly boosts its economy. In order to apply, you will need to be a non-EU, non-EEA, or non-Swiss citizen.
One of the many advantages of applying for a Latvian Golden Visa is the different types of investment options on the table. The following sections will provide you with key information on each, from making a real estate investment to making a bank transfer.
Option 1: Real estate investment
The most popular option to acquire a Latvia Golden Visa is through making a property investment in the Latvian real estate market. Applicants must invest at least €250,000 in real estate in Latvia, and the investment must be held for a minimum of five years. You will also need to pay a one-time government fee equivalent to 5 percent of the purchase price.
Option 2: Business investment
The most affordable option to secure a Latvia Golden Visa is through making a business investment – this is the Latvia Investor Visa €50,000 option.
There are two options under the Latvian business investment option:
- Invest €50,000 in a capital company with fewer than 50 employees and an annual budget under €10 million.
- Invest €100,000 in a larger Latvian company with more than 50 employees and an annual budget over €10 million
Both options require a minimum state fee of €10,000.
You can find more information and start the application on the Latvia Golden Visa official website here.
Option 3: Government bonds
You can also acquire a Latvia Investor Visa by purchasing government bonds amounting to €250,000. The bonds are non-interest bearing, meaning that at the end of the mandatory five-year holding period, you can get back what you paid, should you choose to withdraw the funds.
Note that there is a government fee of €38,000 if you choose this route to the Latvia Golden Visa.
Option 4: Make a bank deposit
The fourth and final option is to secure Latvia residency by bank deposit. You will need to make a deposit of €280,000 to a Latvian bank or a credit institution to purchase its bonds, and you will be required to hold this investment for a period of five years.
A difference between this option and the government bonds investment option is that if you choose to make a bank deposit, then you will be able to receive any interest that may be applicable, whereas this is not the case if you invest in government bonds.
There is also a government fee of €25,000, should you choose this option.
Latvia Golden Visa Requirements
Here are the basic requirements to apply for the Golden Visa Latvia program:
- Applicants must be at least 18 years old
- Applicants must be from non-EU, non-EEA, or non-Swiss countries
- Applicants must have a clean criminal record is mandatory
- Applicants must be in good health
- Applicants must have no outstanding tax liabilities worldwide to qualify for the program
- Applicants must show proof of enough financial resources to sustain them and their family in the country.
- Applicants must hold the investment for a minimum of five years.
- Proof of comprehensive health insurance coverage for at least one year for the applicant and any dependents.
Important to note: These are general requirements. Each applicant is required to do their own due diligence to understand the requirements for their specific case. Speaking with an immigration specialist can help in understanding your specific circumstances.
Document Requirements for the Latvia Golden Visa
Here is a list of the required document for the Latvia Golden Visa:
- Proof of investment: Documentation confirming the investment made in real estate, business, government bonds, or bank deposits, depending on the chosen investment option.
- Application form: A completed application form for the Latvian residence permit.
- Valid passport: A copy of the applicant’s valid passport, along with copies of any previous visas.
- Health insurance: Proof of comprehensive health insurance coverage for at least one year for the applicant and any dependents.
- Clean criminal record: A certificate or official document proving that the applicant has no criminal record in their home country or any country where they have resided for more than six months in the past five years.
- Proof of financial stability: Documentation demonstrating sufficient financial resources to support oneself and any dependents in Latvia. This may include bank statements, income statements, or proof of assets. The minimum required is €8,400 on the bank account balance. In addition, for each additional dependent the amount increases to €4,200 for a spouse and €2,520 for each dependent
- Proof of source of funds: Such as salary, business profit, sale of real estate or similar
- Tax compliance: A declaration or certificate confirming that the applicant has no outstanding tax debts worldwide.
- Medical certificate: A medical certificate confirming the applicant’s good health, if required.
- Photographs: Recent passport-sized photographs of the applicant and any dependents.
- Proof of relationship (for dependents): Marriage certificate for spouses and birth certificates for children to prove the relationship with the main applicant
- Proof of address: Utility bill no older than 3 months
Latvia Golden Visa Cost
The cost of obtaining a Latvia Golden Visa will depend on the type of investment. Here is a breakdown of costs involved:
- Purchasing property: Minimum investment of €250,000, five percent of property value paid to Latvian government, and two percent of purchase price paid as stamp duty to register ownership.
- Business investment: Minimum of €50,000, the business must pay at least €40,000 in taxes annually to the Latvian government, to maintain a residence permit, tax payments of a company shall annually correspond to at least €21,350.
- Bank deposit: Minimum of €280,000 to a Latvian bank.
- Government bonds: Minimum of €250,000 to purchase government bonds.
Latvia Golden Visa Processing Time
It generally takes anywhere between 30 days to six months for your Latvia Golden Visa application to be processed. Ensure that your application is complete to avoid any unwanted delays.
How to Apply for the Latvia Golden Visa 2024: A Step-By-Step Guide
The Latvia Golden Visa boasts a straightforward process for obtaining residency, which is one of its key benefits. Within a span of two to three months, you and your family members, including your spouse and dependent children, can enjoy the freedom to travel throughout Europe.
The following section provides a step-by-step guide to applying for a Latvia Golden Visa.
Step 1. Make the investment and prepare your documents
While some Golden Visa programs allow you to make the investment later in the application process, this is not the case for the Latvia Golden Visa. In Latvia, you will need to make the investment before you apply for residence in the country.
Once you have determined which investment option is the right one for you, you should make your investment and send the required documents. The Office of Citizenship and Migration Affairs in the Republic of Latvia is responsible for analyzing the documents.
Step 2: Apply for residence in Latvia
You will receive a temporary D-Visa to enter Latvia. When you have entered to country, you will need to attend a biometrics appointment and will receive your five-year temporary residence permit.
Step 3: Renew residence annually
There is no minimum stay requirement to maintain residency. However, holders of a temporary residence permit are required to visit the country every year to re-register with the authorities. Additionally, to renew the Latvian residency permit after five years, individuals must demonstrate that their investment has been maintained. At this time, you can exchange your temporary residence permit for a permanent residence permit, provided you meet the stay requirements.
Step 4: Get Latvian permanent residence by investment
In order to secure permanent residency after five years, Golden Visa holders will need to spend the majority of their time in the country during the time they hold a temporary residence permit. After five years of living in Latvia with permanent residency, you can then secure Latvian citizenship, provided you fulfill all the requirements under Latvian Nationality Law.
The Latvian Golden Visa scheme offers a temporary residency permit rather than a permanent residency option through investment. To acquire permanent residency in Latvia through investment, you must reside in the country for at least four years out of five, meaning you must spend a minimum of 183 days per year living in Latvia and pay taxes in the country.
Step 5. Obtain a Latvian passport
Should you secure Latvian citizenship, you are also eligible to obtain a Latvian passport. The Latvian passport is considered the 43rd strongest passport in the world, according to our innovative Global Passport Index.
Advantages of the Latvian Golden Visa
If you are still digging into which Golden Visa program could be the right fit for you, Latvia has many good points to its name. Some of the Latvia Golden Visa benefits are:
Travel across the Schengen Area
Travel across the Schengen AreaLatvia is an EU member country and part of the Schengen Area, providing easy access to Europe.
Enhanced mobility
Enhanced mobilityA Latvian passport provides visa free travel to 172 countries, perfect for non-EU, non-EA, and non-Swiss citizens looking to enhance their global mobility. The Latvia passport ranks 39th position in the GCS Enhanced Mobility Index. You can secure Latvian citizenship through the program if you have lived in Latvia for a ten-year period (five years with temporary residency and five years with permanent residency).
Family eligibility
Family eligibilityFamily members can be included in the application, such as your spouse and children (aged 18 or younger or aged above 18 in some cases where they are unmarried and still dependent on the main applicant).
An affordable golden visa
An affordable golden visaThe Latvia Golden Visa is one of the most affordable Golden Visa programs in Europe.
Minimum physical residency requirements
Minimum physical residency requirementsYou only need to visit the country once a year to maintain residency. However, note that if you are looking to secure permanent residency and, ultimately, citizenship, you will need to live in Latvia for the majority of the year.
High quality of life
High quality of lifeLatvia boasts a high quality of life, a welcoming population, and excellent healthcare and infrastructure, alongside one of the fastest Wi-Fi networks in the world. Latvia ranks 37th position in the Quality of Life Index
Strategic location
Strategic locationWith many travel opportunities to Europe, Russia, and further afield, you are very well connected.
Language
LanguageYou should find that most Latvians speak a good level of English, even in the more remote areas.
Route to permanent residency and citizenship
Route to permanent residency and citizenshipAfter five years of maintaining your investment, you can apply for Latvia permanent residency, and after a further five years with permanent residency status, you can apply for Latvian citizenship.
Disadvantages of the Latvian Golden Visa
Every Golden Visa program will have its drawbacks, and Latvia is no different. Some of the cons of the Latvia Golden Visa include the following:
- To apply for permanent residence in Latvia after five years, you will need to spend 183 days in Latvia each year and fulfill your tax obligations.
- The weather can get cold in the winter months, which can be difficult if you are accustomed to warmer climates.
- The route to citizenship takes ten years (you will need to have a valid residence permit for the duration of this time – five as a holder of a temporary residence permit and five with Latvia permanent residence). There are also certain requirements that you will need to meet, such as knowing the lyrics of the national anthem, showing Latvian language proficiency, etc., which can make securing citizenship tricky.
While each Golden Visa program has its pros and cons, the advantages far outweigh the disadvantages for the Latvia residency by Investment program.
How Can Global Citizen Solutions Help You?
Global Citizen Solutions is a boutique migration consultancy firm with years of experience delivering bespoke residence and citizenship by investment solutions for international families. With offices worldwide and an experienced, hands-on team, we have helped hundreds of clients worldwide acquire citizenship, residence visas, or homes while diversifying their portfolios with robust investments.
We guide you from start to finish, taking you beyond your citizenship or residency by investment application.
Frequently Asked Questions about the Latvia Golden Visa
Does Latvia have a Golden Visa?
Yes, Latvia has a Golden Visa program, allowing third-country nationals with the means to secure EU residency in return for an investment in real estate, a Latvian business, bank deposits, or government bonds.
What are the requirements for the Latvia Golden Visa?
The process to secure a Golden Visa is quite straightforward. You will need to fulfill the following requirements.
- Be a non-EU, non-EEA, or non-Swiss citizen
- Sufficient funds to apply for the program
- A good character, good health, and sufficient funds to support yourself (and family members, if applicable) in Latvia
- Clean criminal record
- No outstanding tax debts worldwide
- Health insurance for yourself (and your family if applicable) for one year
What are the investment options for the Latvia Golden Visa?
There are four investment options for the Latvia Golden Visa, including, real estate, a bank deposit, governments bonds, and business investment.
How does the Latvia Golden Visa program work?
The Latvia Golden Visa program works by offering investors residency in Latvia in exchange for significant investment into the Latvian economy. It is also the first step in obtaining Latvian citizenship by naturalization which takes ten years.
Can I invest in real estate for the Latvia Golden Visa?
Yes, the Latvia Golden Visa real estate program invites investors to invest a minimum of €250,000 in Latvian real estate.
Is there Latvia citizenship by investment?
No, there is no direct pathway to citizenship by investment in Latvia. However, the Latvia Residence by Investment program does offer a stepping stone for obtaining citizenship in Latvia.
Does Latvia allow dual citizenship?
Latvia permits dual citizenship under specific conditions. Latvian citizens can retain their citizenship when obtaining citizenship from any EU or EFTA member state, any NATO country, Australia, Brazil, or New Zealand. Citizens of other countries usually need to renounce their current citizenship unless they qualify through automatic acquisition (e.g., marriage or adoption) or if the Latvian government grants an exception for national interest.
Can family members be included in a Latvia Golden Visa application?
Absolutely! Spouses and dependents are welcome to join the main applicant in applying for the Latvia Investment Visa in 2024.
Are there alternatives to Latvia's Golden Visa Program?
Yes, European alternatives to Latvia’s Golden Visa include:
- Portugal: The Portugal Golden Visa offers investments in real estate, funds, and heritage projects.
- Spain: The Spain Golden Visa offers investment options in real estate, business, stocks, and more, providing residency in a lively, diverse country.
- Greece: The Greece Golden Visa offers an affordable option, with real estate investment options and access to its sunny, historical landscapes.
- Italy: The Italy Golden Visa enables residency through investments in bonds, companies, or strategic projects, ideal for lovers of Italian culture.
