Latvia is a member of the European Union since 2004 and part of the Schengen-zone. The main benefits of the Latvia residence permit compared to other EU countries are:

  • Issued for 5 years with a requirement to visit once-a-year to renew. After this period you may apply for 5 year EU Long-Term Resident status
  • You may enter any of the other 25 Schengen country’s an unlimited number of times and stay there visa-free up to 90 days in a row
  • You are not required to stay permanently in Latvia. Just visit once a year to renew your residency permit
  • You may include your spouse and children to the same residence permit
  • Obtain a Residence Permit when you come to Latvia, without having to go through your local Embassy (visit to Riga, Latvia for 10 days to go through all the procedures and for you to obtain the residence permit)

Who can apply?

If you invest €35 000 in a Latvian company’s share capital. You should also prove that the company paid €40 000 in taxes during 1 taxation year, and will pay at least this amount every following year in 5 year period. In this case you must have income €1080 per month.

Stage 1 (preparation and our services)

IBCC will be assisting you with:

  • Company formation and maintenance, if required (ask for fees);
  • Submitting documents to the Company House for share capital increase;
  • invitation confirmation from Latvian Migration Department;
  • Preparing set of company documents to be submitted to the Migration Department

Stage 2 (visit to Latvia and submission of main documents)

 A foreigner obtains a visa to Latvia (if s/he does not have any other valid Schengen visa) and upon arrival to Latvia gives the necessary documents to the authorized person for submission to Immigration Office:

– valid passport;
– residence permit request form;
– one passport photo;
– certificate confirming no criminal record;
– receipt confirming the state duty payment to examine documents.

The authorized person submits the following additional documents as per the basis of residency permit application:

  • Company documents set and proof of share capital investment;
  • Latvian Migration Department confirmed invitation.
  • Document confirming minimum subsistence income (e.g. bank statement, salary, etc.) -€ 1080 per month;

Stage 3 (obtaining residency permit)

Upon receiving the decision on granting residency permit, the foreigner must personally present to Immigration Office

  • fluorography (the certificate showing that s/he does not suffer from active tuberculosis (the certificate must be issued by a Latvian medical institution)
  • health insurance policy valid for 1 year (costs ~ €50)

In order to make a residency permit card, you will be photographed at Immigration Office. Residency permit will be issued within 5-10 days.

Stage 4 (annual renewal)

The investor must register a residence permit annually (otherwise, the residence permit will become void). 30 – 90 days prior to the residence permit expiration date the foreigner must present to the Immigration Office the following documents –

  • valid passport
  • renewed health insurance policy;
  • renewed certificate showing that’s/ he does not suffer from active tuberculosis
  • document confirming minimum subsistence income (e.g. bank statement, salary, etc.)
  • extract from Latvian tax authorities confirming payment of min. EUR 40,000 taxes for previous fiscal year.

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