Republic of Latvia is member of European Union and part of Schengen area. Residence permit in Latvia means visa-free visits to any Schengen country.
Temporary residence permit for 5 years implies staying in Latvia for undetermined time period (from 1 to 365 days a year). It also permits 90-days stay in any other Schengen country within 6 months time period. Current migration legislation of Latvia includes confirmation of temporary residence permit on annual basis. This rule is driven to control the fulfulment of investing conditions which gives residence rights to foreigners.
Current migration legislation of Republic of Latvia dated July 1st, 2010 (with amendments to the migration law, enforced as of June 16th, 2011) considers the following conditions for the application to the temporary residence:
1. The acquisition of functionally related constructed object of real property in the Republic of Latvia - in the amount of not less than 250.000- euros, subject to the following conditions:
absence of debts on payment of immovable property tax;
payment amount of transactions carried out by non-cash payments;
immovable property purchased from the Republic of Latvia registered legal entity or natural person who is a resident of Latvia, a citizen of the European Union or a foreign national who is in Latvia on the basis of a valid residence permit;
the cadastral value of the immovable property at the time of its acquisition is not less than EUR 80.000-. If the cadastral value of the immovable property is less than this amount, you must submit a certified appraiser's opinion, which confirms that the total market value of the immovable property is not less than the statutory minimum amount of purchase of immovable property (250.000- euros);
the investor, upon request of the first residence permit on the basis of investments in real estate, paid to the state budget a one-time fee of 5% of the value of real estate;
real estate does not include land used in agriculture or forest land.
2. on the basis of subordinated liabilities by a credit institution in the amount of not less than 280.000- euros, subject to the following conditions:
· The period of the transaction with the credit institution, of not less than 5 years;
· Investor, at the request of the primary residence permit on the basis of investments in a credit institution of the Republic of Latvia, paid to the state budget a one-time fee of $ 25.000- euros.
* Subordinated liabilities to credit institution in the Republic of Latvia - a commitment that arises in the credit institution of the loan (regardless of the transaction type) and is based on the concluded contract with a credit institution. It gives the lender the right to demand back the loan ahead of schedule only in the event of insolvency or liquidation of the credit institution, and only after the claims of all other creditors, but to meet the demands of shareholders.
3. Investment in the Latvian company, as a contribution to the basic capital of the company capital, by establishing a new company or an increase in the equity capital of an existing company, if the attachment is not less than:
35.000- euros if committed contribution to the company, which employs less than 50 employees and an annual turnover or annual balance sheet not exceeding EUR 10 million, and if the company pays an annual tax of not less than EUR 40.000-. Through contributions to the fixed assets of the enterprise, a temporary residence permit the right to require no more than three or 150.000- Euro investors, if the contribution is committed in a large enterprise, which employs more than 50 employees and an annual turnover or annual balance sheet exceeds 10 million Euro.
4. Employment in the Latvian company as a board member or member of the Board or another registered in the Register of Enterprises of the official on the basis of a work permit with a monthly salary of not less than 1.368- euros. The company must comply with the following requirements: a fixed capital of not less than 2.800- euros to employ at least five workers in the year shall pay the relevant taxes and duties at least 14.300- euros.
On September 1, 2014 shall come into force changes to the law of the Republic of Latvia "On Immigration"
Temporary residence permit in Latvia shall also apply to the investor's family members (husband / wife and their minor children).