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Latvian residency by investment in 2021

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Residence permit in Latvia
Ingus Kruklitis / Shutterstock

Latvia’s popularity as an investment destination is largely driven by the residency or Golden Visa opportunities it can provide. Read on to understand more about Latvian residency through property investment. 

A Latvian temporary residence permit is a document that entitles foreign nationals to live and work in the country of Latvia. The presence of foreign nationals in Latvia is regulated by the 2002 Immigration Law of Latvia (Imigrācijas likums).

Real estate in Latvia 3,225 listings on Tranio

Visas

As a member of the Schengen Area, Latvia requires foreign visitors to have A, C or D type visas in order to enter the country. For more information, check out our Schengen Visa article.

Types of Latvian visas

A – airport transit visa (unified Schengen visa). This visa is designed for individuals to transit through  a Latvian airport.

– short-term visa (unified Schengen visa). This visa allows foreign nationals to enter and stay in Latvia and other countries of the Schengen Area for up to 90 days within a given six month period. 

D – long-term visa (Latvian national visa). This visa is issued to foreign nationals who need to stay in Latvia for more than 90 days in a given six month period. The long-term D-type visa is valid for one year.

Visit the Office of Citizenship and Migration Affairs website for more details about Latvian visas. 

How to obtain a Latvian residence permit or Golden Visa

Latvian visa program for investors

Since 2010, Latvia has been issuing residence permits to foreign nationals in exchange for investment in the country's economy. The most popular way to obtain an investment-based residence permit is by purchasing property.

Latvian residency is especially attractive as it provides visa-free access to Schengen Area member states and facilitates visa application to other developed countries.

Ekaterina Maslova Ekaterina Maslova Real Estate Expert

The temporary residence permit entitles holders to stay in Latvia for five years and can be renewed.

As per Latvia’s Immigration Law, foreign nationals can apply for a Latvian residence permit by investing a certain amount in different types of assets:

Minimum amount, EUR

Investment vehicle

50,000

the capital of a Latvian enterprise with up to 50 employees and an annual turnover below €10M;

100,000

the capital of a Latvian enterprise with at least 50 employees and an annual turnover over €10M.

250,000

real estate with an assessed value of at least €80,000;

280,000

subordinated liabilities with a Latvian bank for five years.

A residence permit can be obtained by purchasing two properties in Latvia for at least €250,000 in total. This means that an investor who wants to become a Latvian resident can buy two apartments at €125,000 each and obtain a Golden Visa. However, this applies only to purchases outside Riga, Jūrmala, Ādaži, Babīte, Baldone, Garkalne, Ikšķile, Ķekava, Mārupe, Olaine, Ropaži, Salaspils, Saulkrasti, Stopiņi Municipality and Carnikava.

Residence is only guaranteed to those buying buildings or developed land. Vacant land plots are not suitable for this purpose. At the same time, the property's assessed value must amount to at least €80,000. If the investor buys two properties outside the designated cities or territories, the cadastral value of each must be at least €40,000.

In order to obtain a Latvian residence permit, the investor must pay a non-recurring charge of 5% of the property value. A stamp duty of between €142.29 and €426.86 (depending on urgency) must also be paid for document review, in addition to a consular fee of €70.

Once obtained, the residence permit can be renewed every five years. Upon the second extension (i.e., 10 years after becoming a resident) the resident must pay €5,000. Foreign nationals can lose residency if their debts exceed €150.

Investors pay a $10,000 fee upon investing funds in a Latvian company.

Requirements for obtaining a residence permit

Latvia residence permit by investment
Sergei25 / Shutterstock

Meeting the requirements for a residence permit entitles the investor along with their spouse, minor children and dependants to residency.

The investor's parents can only obtain a residence permit if they have been officially deprived of legal capacity (due to Alzheimer's, Parkinson's or other diseases that make it impossible for them to stay in their home country alone).

The residence permit takes anywhere from one to three months to be issued. Property purchase and registration takes about six weeks.

When applying for residency, the following documents must be submitted to the Embassy of Latvia in the applicant's home country, or the Office of Citizenship and Migration Affairs:

  •  application, certified by the Latvian Office of Citizenship and Migration Affairs;
  •  passport and passport copy;
  •  applicant’s questionnaire (can be obtained at a consulate);
  •  photo;
  •  police clearance, issued and certified by a competent authority in the applicant's home country;
  •  proof of financial solvency (minimum income per person is €370 per month);
  •  proof of the purchased property’s market value amounting to at least €250,000 and the cadastral value amounting to at least €80,000 at least;
  •  property tax clearance certificate if the applicant has owned the property for more than a year;
  •  proof of residence in Latvia (purchase or rental agreement, etc.);
  •  other proof of the purpose of stay in Latvia.
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Other grounds for obtaining residence in Latvia

  •  Family reunification (children, parents and spouses of Latvian nationals and non-nationals as well as Latvian permanent residence permit holders);
  •  employment (self-employment, contractual employment, scientific cooperation, etc.);
  •  studies at an accredited higher education institution or under an accredited programme, internship or training at an accredited educational institution;
  •  enrolling in a secondary education programme in Latvia;
  •  treatment at an inpatient facility;
  •  religious activity;
  •  the past status of a Latvian national or non-national;
  •  EU Blue Card ownership.

Advantages of Latvian residency 

A temporary Latvian residence permit enables the holder to:

  •  enter and leave the country freely;
  •  work and study in Latvia;
  •  use Latvian public and healthcare services on a fee-based insurance;
  •  issue visa invitations to relatives and others;
  •  travel freely across the Schengen area;
  •  apply for visas to other countries including Australia, Canada, the UK and the US;
  •  buy automobiles registered in Latvia for use in all EU countries without having to pay custom duties;
  •  obtain a driving licence valid across the EU.

It is important to note that the Latvian residence permit alone does not entitle the holder to work in other countries of the Schengen Area.

Permanent residence in Latvia

After five years of living in Latvia, the resident can either renew their temporary residence permit or apply for permanent residence. One prerequisite for obtaining permanent residence is a basic knowledge of Latvian.

It is necessary to have lived in the country for a significant period of time to obtain permanent residency. Permanent residency is the final step before subsequently obtaining nationality.

Ekaterina Maslova Ekaterina Maslova Real Estate Expert

Unlike the temporary residence permit, permanent residency is indefinite in Latvia. Permanent residence must be renewed every five years, but this procedure is easier than extending a temporary residence permit.

Temporary and permanent residents of Latvia do not have the right to hold public office or vote in elections. 

How to obtain Latvian citizenship

Latvian citizenship by investment
alenagungor / Shutterstock

The acquisition of a Latvian passport is regulated by Latvia’s Citizenship Law.

Latvian citizenship can be obtained by the children and spouses of Latvian nationals as well as naturalised foreign citizens.

Latvian citizenship by naturalisation can be awarded to those individuals who:

  •  are at least 15 years old;
  •  have lived in Latvia for at least five years;
  •  have knowledge of the Latvian language, understand the basic principles of the Constitution of Latvia, are familiar with the country’s national history and culture, and know the text of Latvia’s national anthem;
  •  have a legal source of income;
  •  have submitted a statement giving up their previous nationality and have received permission for expatriation from the previous country of nationality.

Children below 15 years of age permanently residing in Latvia can be naturalised along with their parents.

Latvia does not recognise dual nationality.

Residence permit («Golden Visa») in other countries:

FAQ about residence permits and citizenship in Latvia

What are the grounds for obtaining a Latvian residence permit?

— Family reunification;

— Employment in Latvia;

— Studies at an accredited educational institution in Latvia;

— Treatment at an inpatient or rehabilitation facility;

— Religious activities in Latvia;

— Golden Visa for real estate investment;

— Capital investment in the country's economy;

— Latvian nationality before and including 17 June 1940.

Can Latvian citizenship be obtained by those born in Latvia?

The children of Latvian nationals automatically obtain citizenship by the ‘right of blood’. For others, the following requirements must be fulfilled:

— the child must be born after 21 August, 1991;

— the child must permanently reside in Latvia;

— the child must be a non-national of Latvia or be stateless before applying for citizenship;

— the child's parents must be  permanently stateless or non-nationals of Latvia;

— the child’s parents should have  been residing in Latvia for at least five years before applying.

What are the requirements for an applicant to obtain Latvian citizenship through naturalisation?

— At least 15 years of age;

— Residence in Latvia for the last five years;

— Proficiency in the Latvian language;

— Knowledge of the main provisions of the Republic of Latvia’s Constitution;

— Knowledge of the national anthem lyrics and the history and culture of Latvia.

Which documents are required to obtain a visa to Latvia?

— valid passport;

— filled in visa application form;

— colour photograph (3,5x4,5 cm) with the face occupying 70-80% of the picture;

— health insurance (with a coverage of at least €30,000);

— bank statements for the last three months, payslips, sponsorship letter to prove financial sustainability

— roundtrip tickets or a vehicle registration certificate (when travelling by one’s own car);

— signed consent to avail of the Latvian service provider’s services.

Share the article
My husband and I have a Latvian residence permit. We permanently live and work in Riga. We are waiting for a new addition to the family. At birth, what status will the child have?
Birth on the territory of Latvia is not a basis for obtaining citizenship. The child of a person who has a residence permit, as a rule, can apply for a residence permit as a family member.
Do you help with registering documents for real estate purchased through Tranio and obtaining a residence permit in Latvia? What are the additional dawns waiting for me?
Our colleagues in Latvia will help you collect the necessary documents for real estate and residence permits for all your family members. The cost of obtaining a residence permit in Latvia depends on the composition of the family.
If I decide to sell the purchased property, what will happen to my residence permit in Latvia? Can I buy other Latvian housing with the proceeds and keep my residence permit?
In case of property sale, the residence permit in Latvia is cancelled. When buying a new property in Latvia, you will need to re-pass the procedure for obtaining a residence permit, subject to the conditions for obtaining it at the moment.
How can I extend the GNI in Latvia after the first five-year period has expired? Is there a simplified scheme, or do you need to go through the same authorities as to when you first received a residence permit?
While maintaining the grounds at the initial receipt of a residence permit in Latvia (the property is not sold, the deposit is not withdrawn, etc.), there should be no problems with the extension. It is necessary to prepare the following documents in advance: - A certificate of the availability of subsistence funds from the bank - Certificate of payment of real estate tax. - Insurance policy for each family member. - Special applications for each family member. - Receipts for payment of state duties. We recommend applying for an extension of your residence permit no later than 30 days before the expiration date. In this case, you will be able to save significantly.
We asked Tranio for advice on obtaining a residence permit in Latvia. I did like the depth of understanding and completeness of the answer. And we were not even asked for money in return! Now we are choosing a cosy apartment in Riga. I think we will soon become your clients.
Thank you for the detailed review! We hope to see you among our customers.
4 years ago, we received a residence permit in Latvia when buying a house. At the time of purchase, our child was a minor. Now the deadline for renewal is coming, and our son is 19 years old. Will we be able to extend the residence permit for all family members?
You can do it. When applying for an extension of the Latvian residence permit, an adult child will need to re-fill out the application form (which was filled out by all family members when they first received a residence permit) and attach a photo. At the same time, the cost of reviewing documents changes (at the adult rate) and the amount in the bank account (as for an adult family member).
2021.03.18 15:14
Having a Latvian residence permit, how long can I stay in the territory of Latvia and other member countries of the Schengen area?
If you have a Latvian residence permit, there are no restrictions on your stay in Latvia. In other countries of the Schengen area — a total of 90 days during the 180 days.
I think to invest in a Latvian company to obtain a residence permit. In case of bankruptcy of the company, will I be able to return the invested money? And whether the received residence permit will be preserved?
In the event of a company's bankruptcy in the process of liquidation, the financial claims of the creditors and the tax service are first satisfied, and then the participants of the company are satisfied. In this case, the obtained residence permit in Latvia is cancelled.
I would like to thank Tranio for the quality selection of the really best options for houses in Jurmala. We were offered so many decent options that it was tough for us to make a final choice. We were pleasantly surprised by the price and the level of service. We were helped to prepare the documents for obtaining a residence permit properly. All our questions were answered quickly and in detail. Special thanks to the manager Anna, who helped make the final choice and save a lot on buying a house.
Thank‌ ‌you‌ ‌for‌ ‌your‌ ‌feedback.‌ ‌We‌ ‌were‌ ‌happy‌ ‌to‌ ‌help‌ ‌you!‌ ‌
If I have a residence permit in Latvia, will I be able to work in another Schengen country?
A residence permit in Latvia does not give the right to work in other countries of the Schengen area. To work and study, you will need to obtain registration in the relevant country on a general basis.
Hello. I am planning a trip to Latvia to visit my relatives. Do I need to get a visa to Latvia if I have US citizenship? What package of documents must be collected for a trip to Latvia?
A visa is most likely needed, we recommend to contact the Consulate of Latvia in America and clarify the procedure.
Thank you, I will definitely use your advice.

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    Property buying guide for Latvia
    Article 4 of 6
    Tranio's managers are here to help with advice on getting a residence permit in Latvia
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