For those looking for an excellent yet affordable EU Residence by Investment program, Latvia is an excellent option. Located in Europe, Latvia is a member of the EU. Its citizens are given movement freedom across the union. The Latvia Investor Visa is well established and offers numerous investment options. It’s often viewed as an alternative to the Estonia Residence by Investment programs.
The Latvia Investor Visa
The country offers a residency permit to all countries, even 3rd country nationals. The permit lasts for 5 years. Applicants may bring their children (less than 18 years of age) and their spouses.
Additionally, the process for signing up is simple. The application doesn’t take time, and it’s relatively inexpensive.
Its fees are as follows:
- 150 to 400 euros (for applications)
- 5 to 30 working days for processing (depending on the investment program)
After the 5-year permit expires, investors may apply for permanent residency. Also, following 10 years of residency, Latvia offers the possibility of naturalization.
Latvia’s Investment Programs.
Latvia offers 4 options for investors. They are as follows:
- Share Capital
- Real Estate
- Credit Institution
First: Latvia’s Share Capital Program
This program is available to individuals who invest in a company’s share capital.
It’s also available to individuals investing to increase the company’s capital, or upon its founding.
In addition to the investment, the applicant needs to contribute to the state budget (an amount of EUR 10,000 minimum).
- The starting investment of the business must be 50,000 EUR. Also, the business needs to generate employment, with employees being less than 50 in count. Next, the company’s yearly turnover and balance shouldn’t exceed EUR 10 million.
If the previous conditions are met, a residency permit is given to the business’ founders. Permits may even be extended to additional founders of the business. Up to 10 foreigners may receive the permit if they’re contributors.
Do note that the contributing founders are also charged the EUR 10,000 as contribution to the state’s budget. Also, each member is expected to invest EUR 50,000 minimum into the business.
- For larger businesses who employees exceed 50, and whose yearly turnover and balance exceed EUR 10 million – the founders are required to invest EUR 100,000 each at minimum.
- Alternatively, the investments can be made to the capital of an already existing company. Those must be made directly to the company’s equity capital. The company must be registered in Latvia, employing over 50 people, and with a yearly turnover and balance exceeding EUR 10 million.
Second: Latvia’s Real Estate Program
The program’s minimum investment amount is EUR 250,000.
Investors are required to own a certain amount of properties, depending on the municipality they’re in.
If an investor is in Stopini, Salaspils, Ropazi, Qlaine, Marupe, Kekava, Ikskile, Garkalne, Carnikava, Baldone, Babite, Adazi, Jurmala, or Riga – then only ownership of one immovable property minimum is acceptable.
Within other municipalities, owning two is required.
Additionally, vacant lands do not count as immovable property. That is, they’re not counted towards the investment required for this program.
Third: Latvia’s Bond Program
The minimal accepted investment value is EUR 250,000. This program is aimed at individuals willing to purchase government bonds (interest free).
Only special investors are allowed access to those bonds. After a decision it made to accept an investor, they are issued a temporary residency permit.
Also, the investor must make an extra EUR 38,000 payment into the state budget.
Fourth: Credit Institution Program
This program applies to individuals with subordinate liabilities to a Latvian credit institution. The minimum liability should be EUR 280,000.
The individual should enter into a transaction with the institution that lasts 5 years minimum.
Also, the investor must pay an extra EUR 25,000 after receiving their 1st residency permit. That amount is handed as a contribution to Latvia’s state budget.