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Latvia Golden Visa Program

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Bank deposit from €280,000

Real estate from €250,000

Processing time:3-4 Months

Visa-free Schengen:Yes

Paving the way for other European Golden Visas, Latvia began offering its Latvia Golden Visa in 2010. The government opened the program as a way to bring in foreign investments and contribute to the prosperity of the country. Foreign nationals who participate in the Latvia Residency by Investment Program will notice that the country has beautiful old cities with classic touches.

Our Golden Visa & Citizenship by Investment Factsheet

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The way historical medieval ruins sit side by side with modern skyscrapers makes Latvia a unique country to experience and explore. The Latvia Golden Visa is offered to investors through multiple investment routes and provides Latvian residency and many other benefits. Once investors have decided which investment option is best for their situation, they can complete the investment and begin the application process. Before getting started, it is helpful to know exactly what the program requires and how to navigate each step.

Origin of Golden Visa Program

Since 2010, Latvia has brought in an additional €1.5 billion thanks to the Latvia Golden Visa Program. Nearly 20,000 investors from all over the world have been accepted into this program since its inception. The Latvia Residency by Investment Program had its most successful year in 2014 but has seen a slow decrease in the number of applicants year over year since, as other countries in the European Union followed suit and started offering similar residency by investment programs. Nonetheless, the Latvia Golden Visa is still a viable option and provides investors and their families a chance to move to Latvia if they wish and a path to citizenship in the European Union.

Capital

Riga

Continent

Europe

Sea

Baltic

Total Area

64,589 Km2

Currency

Euro

Visa-free countries

184

Population

1,907,675

Language

Latvian

Benefits of Pursuing Latvia’s Golden Visa

Though the price point for the Latvia Golden Visa Program is lower than similar programs in surrounding countries, its list of benefits is just as full. Aside from offering a quick application process, the Latvia Residency by Investment Program provides travel benefits, access to quality education and healthcare, and more. The most prized benefits are:

Woman holding Passport

Ease of Travel

Individuals that obtain a Latvia Golden Visa are able to travel to any of the Schengen countries without a visa. Stays in the Schengen Zone can last up to 90 days out of every 6-month period. There are also travel benefits when trying to access the USA, Canada, Japan, Britain, and Australia because the visa process becomes much smoother and easier.

Social Services with Citizenship by Investment

Access to Social Programs

Similar to many other European countries, Latvia offers quality healthcare and education to its residents. With the Latvia Golden Visa, investors can choose to reside full-time in the country and enjoy all the benefits that a Latvian citizen would within the country’s borders.

Flexible citizenship program

Familial Inclusion

The Latvia Residency by Investment Program allows investors to include their family members on the application. The investor’s spouse, dependent children, and even dependent parents are all eligible to obtain a Latvia Golden Visa through one application.

EU Access for Living and Working

Path to EU Citizenship

Though citizenship in the European Union is by no means guaranteed, the Latvia Golden Visa is a way to obtain EU citizenship. Once golden visa holders have lived in the country for a certain amount of time, they can apply for permanent residency, followed by citizenship. We will share all the details about that process in a later section.

Why Latvia?

With its small population and healthy economy, Latvia offers its residents great job opportunities, a wonderful lifestyle, and access to some of the best greenery on the continent. There are many places in Latvia that offer residents biodiversity and nature to explore. Whether or not investors are nature lovers, they can find respite in the peaceful, welcoming, and fascinating country of Latvia.

Visa-free travel
with a Golden Visa

The golden visa provides visa-free access to all countries in the European Schengen zone, including Italy, Switzerland, France, and many others:

Austria

Belgium

Czech Republic

Denmark

Estonia

Finland

France

Germany

Greece

Hungary

Iceland

Italy

Latvia

Liechtenstein

Lithuania

Luxembourg

Malta

Netherlands

Norway

Poland

Portugal

Sweden

Switzerland

Slovakia

Slovenia

Spain

Furthermore, the golden visa makes it significantly easier to obtain tourist visas to the United States, Canada, Australia, and other countries.

Investment Options and Associated Fees

If individuals are over the age of 18, do not have a criminal record, and can prove a sufficient income, they are welcome to apply for Latvia Residency by Investment. There are multiple investment options offered by Latvia and investors are free to select whichever option is most suitable for their personal situation. The options are as follows:

1 OPTION

Real Estate Purchase

€250,000

The most common investment option is the purchase of real estate with a minimum purchase price of €250,000. Real estate from individuals and organizations qualifies for the program, however, the real estate must not be purchased from Latvian citizens. Instead, investors must purchase from other EU citizens or fellow residence permit holders. When purchasing from a company, the company must be a taxpayer in Latvia.

The property must be paid for by a bank transfer in full. Once the application is processed and approved, buyers will also have to pay a state duty of 5% of the property value.

It is important to note that in major cities such as Riga and Jurmala, the €250,000 minimum applies to only one property, while in other regions, investors have the option to qualify for the program by purchasing two properties for a total of €250,000.

After 5 years of holding the property, investors are free to sell the real estate and recoup their money or recognize a return on investment.

Real Estate Minimum

€250,000
Can be resold in 5 Years

Taxes and other fees

Payable upon grant of approval in principle

€15 000

Application & residence card fee:

Payable upon grant of approval in principle

€5 340
per person

2 OPTION

Business Investment

€50,000

If investors wish to forego purchasing real estate, they can choose to invest in a Latvian company or create a new business in Latvia. If the company employs 50 people or less and does not exceed more than €10 million in annual revenue, the required investment amount is €50,000. For organizations that employ more than 50 employees and exceed €10 million in revenue on a yearly basis, the minimum investment is €100,000.

If the business investment is the selected option, applicants will also need to pay a government fee of €10,000. This fee is a one-time requirement that needs to be fulfilled before a Latvia Golden Visa is granted.

Business Investment Minimum

€50 000

Government fee:

Payable upon grant of approval in principle

€10 000

Application & residence card fee:

Payable upon grant of approval in principle

€5 340
per person

3 OPTION

Financial Investment

€280,000

Investors can choose to deposit money into a Latvian bank in order to qualify for the Latvia Residency by Investment Program. The amount deposited needs to be equal to or exceed €280,000 and the money must remain in the bank for at least five years.

With this investment route, there is also a required government fee of €25,000 which investors are responsible for paying. This fee is non-refundable and cannot be recouped.

Business Investment Minimum

€280 000

Government fee:

Payable upon grant of approval in principle

€25 000

Application & residence card fee:

Payable upon grant of approval in principle

€5 340
per person

4 OPTION

Government Bonds

€250,000

With a €250,000 investment in qualifying interest-free bonds, investors can become eligible to obtain a Latvia Golden Visa. There will also be a required government fee of €38,000.

Investment Minimum

€250 000

Government fee:

Payable upon grant of approval in principle

€38 000

Application & residence card fee:

Payable upon grant of approval in principle

€5 340
per person

The Other Side of an Investment

The Latvian government recognizes how helpful the financial contributions from investors have been for its citizens, which is why the program continues to operate. Latvia has room to grow in terms of healthcare and social services when compared to other countries in the European Union and a steady flow of financial investments in the country allows Latvia to invest in its infrastructure, keep its economy healthy, and offer support to its residents. When investors decide to apply for the Latvia Residency by Investment Program, they may only see one side of it, but it is important to recognize that these programs are designed to benefit investors and the target country.

Latvia Citizenship

The Latvia Golden Visa program grants investors a residence permit but it does not grant them permanent residence or citizenship. To obtain permanent residence, investors and their families must live full-time in the country for at least 5 years before applying for permanent residence. The full-time requirement stipulates that applicants cannot stay outside of Latvia for more than six months in a row or more than 12 months over the 5-year period.

Once granted permanent residence, investors must then live in the country full-time for another 5 years before beginning the citizenship application process. To qualify for citizenship, every applicant must pass a Latvian language test as well as a basic test on Latvian culture, history, and legal systems.

Working with a Trusted Agent

To ensure the process is as smooth as possible, applicants need to work with a trusted agent who can help them navigate every step of the way. Our team at Global Residence Index can help solve problems before they arise and offer applicants the best chance of being accepted into the program.

Authorized Licensed agent

Application Procedure

Prior to submitting documents for review by the Latvian government, our team of experts will work with each applicant to review the required documents, ensure everything is in order, and identify any potential complications that may arise during the application process. Once the preliminary review is done, the process will follow the framework below:

Complete Investment Requirement

No matter which investment route an investor selects, they must provide proof that the transaction is valid and complete when applying. As such, this step must come first.

Collect and Submit Documents

Once the investment has been made, applicants will work with their agent to ensure all documents are in place, translated to Latvian, and notarized. Some of the required documents are a copy of each applicant’s passport, proof of income, confirmation of investment, a valid health insurance policy, and a certificate of no criminal record.

Application Finalization and Creation of Permit Cards

The documents can be sent by mail or electronically, and once received by the government, the application can be under review for up to 30 days. After that period, the government will issue a decision. If approved, biometric data will be collected and the residence permit cards will be created for each individual on the application.

Mark Damsgaard

Head of Client Advisory

Portrait Photo with Passports

Our Team

The last thing any applicant wants is a delay or error in the process that slows down their access to obtaining a Latvia Golden Visa.

At Global Residence Index, our team of qualified experts will comb through the details along every step to ensure every part of the application process is smooth and error-free.

We work with a variety of governments and have served clients with all different backgrounds and situations.

8+

years of experience

99%

approval rate

500+

passports issued

Frequently Asked Questions

Does the Latvia Golden Visa guarantee citizenship in the EU?

No, obtaining a golden visa provides each investor with a residence permit. After 5 years of living full-time in Latvia, the investor can apply for permanent residence. Then, after 5 more years, citizenship becomes an option.

Do applicants have to be present in Latvia to submit an application?

While most steps in the process can be completed from anywhere in the world, applicants must be physically present in Latvia to submit fingerprints at the very end of the process.

Is one investment option better than the others?

Each investment option will have pros and cons, but we find that our applicants usually do what works best for their situation. All investment routes will offer eligibility to apply for the Latvia Golden Visa, so it is up to the discretion of the investor to select the appropriate option for their situation.

Let us help you!

As a trusted golden visa agent, our team is authorized to facilitate your application process, assess the ideal investment option for your unique situation, and keep you in compliance every step of the way. Our personalized investment migration consulting is your one-stop shop for obtaining a second citizenship or new residency. Fill out our contact form to get started with a complimentary consultation today.

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Family in airport having visa free travel with a passport by investment

What to expect during your free golden visa consultation?

We proudly offer free consultations to interested applicants.
Here is what you can expect from your free consultation with our advisory team:

1

By the end of the consultation, you will know if you’re eligible to apply so you don't spend time and money investigating yourself

2

We will answer any specific questions you have about the program and application process

3

Our advisory team will explain every step of the process in detail so you know what to expect

4

We’ll help you understand the best investment option for you

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