Residence permit in Latvia - a great alternative to the old Europe
Contributed by Sanemto, 27 January, 2015
Many people who wish to obtain a visa or residence permit in Europe look for such countries as Germany, France, Spain, or Italy. Less well known are options to obtain a residence permit or visa in Latvia, on the Baltic Coast.
Latvia is a popular destination for Russians, Ukrainians, and inhabitants of other former Soviet countries. Latvia also has many Chinese citizens who have a residence permit in Latvia. Latvian residence allows individuals to live and travel without visas in the whole of the Schengen area, and nowadays Latvia has the shortest time for document review in Europe - from submission to ID card it takes only seven working days.
There are several ways how to obtain a temporary residence permit, which is valid for a period of time not exceeding five years:
- If he or she has invested in the equity capital of the capital company, increasing it, or has invested in the equity capital of the capital company, founding a new capital company, and the investment is at least:
- EUR 35,000, and it has been performed in a capital company, which employs no more than 50 employees, the annual turnover or annual balance of which does not exceed EUR 10 million and which during the economic year pays not less than EUR 40,000 in taxes into both the state budget and local government budget. Upon investing in the equity capital of one capital company, a temporary residence permit may be requested by no more than three foreigners,
- EUR 150,000 and it has been performed in a capital company, which employs no more than 50 employees and the annual turnover or annual balance of which does not exceed EUR 10 million;
- If he or she has acquired in the Republic of Latvia and he or she owns one functionally linked and built-up immovable property, the value of which is not less than EUR 250,000, if the following conditions exist concurrently:
- He or she does not have and has never had payment debts of immovable property tax,
- The total value of immovable properties was paid for by non-cash settlement,
- Upon requesting the first temporary residence permit, he or she pays five per cent of the value of immovable property into the state budget;
- If he or she has subordinated liabilities with a credit institution of the Republic of Latvia in the amount of not less than EUR 280,000 and the term of the transaction entered into with such credit institution is not less than five years and, upon requesting the first temporary residence permit, he or she pays EUR 25,000 into the state budget;
- And moreover, if the client has no criminal records, he or she can be certain to obtain this temporary residence together with his or her family.
This means that Latvia has options for different investors, such as business people, who wish to run a business in a country whose taxes are among the lowest in the European Union, and property owners and who are ready to put money in the bank and don't have anything other business or property in Latvia.
For more information go to www.sanemto.com or contact Aigars GEIBA on +371 29 923147 or email: aigars@sanemto.com.
