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Residence permit through investments On July 1, 2010, amendments to the Law on Immigration of the Republic of Latvia came into force, which expand the possibilities of obtaining a residence permit in Latvia for foreigners who wish to stay and move freely in the Schengen area. The uniqueness of these changes lies in the introduction of a new method of obtaining a residence permit – investing in real estate. It has attracted a large number of investors as a foreigner investing in real estate (which can be used for profit) has the opportunity to move freely within the Schengen area provided he or she has a passport and sufficient financial means has. Citizens of the Russian Federation are particularly interested in using this opportunity, since Latvia is nearby and is a tourist destination due to its unique cultural monuments, well-known resorts and international festivals. What is the advantage of a residence permit? A residence permit is a document granting a foreign citizen the right to reside temporarily (a temporary residence permit) or permanently (a permanent residence permit) in the Republic of Latvia. A temporary residence permit gives a foreigner the right to: residence in the Republic of Latvia for a period not exceeding five years; to freely cross borders of EU member states and non-EU countries; to relocate and stay up to 90 days within the territory of other EU countries except the UK, Ireland, Cyprus, Bulgaria and Romania; to obtain a Latvian or EU permanent residence permit after five years; to obtain a temporary residence permit for the spouse and children. How do I apply for a residence permit? A residence permit is required if you intend to stay in the Republic of Latvia or the Schengen Area for more than 90 days within a six-month period. This document is issued in the form of a visa and is pasted into the passport, indicating the name, surname and identity number of the person. You can obtain a temporary residence permit from: Investments in real estate after July 1, 2010; investments in Latvian credit institutions; Investing in a company's equity. Conditions for investing in real estate: the total amount of the transaction (for one or more properties) must be at least 143,000 euros in large cities and at least 72,000 euros in other locations; only material resources may be used for the acquisition of real estate; a foreigner has and has never had debts from real estate tax payments in Latvia; the transaction will close after July 1, 2010; a residence permit is issued after the property has been registered in the land register. Conditions for investing in Latvian credit institutions: the amount of the investments must be at least EUR 286,000; The term of the transaction must be at least five years without the right to cancel before the term of the deposit expires. Requirements for participation in the equity of a company: the investment sum must be at least 36,000 euros; the tax amount for the following year must be at least 28,600 euros. |
