Receiving a residence permit by purchasing business in Latvia
In Latvia purchasing business is easier and quite cheaper in comparison with Western Europe. Basing on legislation of European Union including Latvia registering or purchasing business or just its shares in an existing company in Latvia makes an opportunity to receive a residence permit in Latvia. Investing in a company and receiving a residence permit in Latvia it can be used for one year that needs to be prolonged every year in period of five years. At the present moment there is a small part of the whole offer in the summarized database of INVEST RIGA where you will be able to find the most appropriate business for you in Latvia. After 5 year period of living in Latvia it is possible to lay a claim for a regular residence permit with a status.
Investing in business of Latvia foreigners have a brilliant opportunity to open the door for their own business to the European market by receiving a residence permit in Latvia as an addition. Crossing the orders without any controls is an opportunity provided by the residence permit in Latvia by purchasing a business in Latvia that is a part of business of European Union. It is possible to purchase, sell and rent properties in European Union with reduced provisions.
There are three ways how to receive the
residence permits in Latvia by investing in business:
- The first way is registering an agency of foreign company in Latvia which is a way of getting residence permit in Latvia for 4 years. The annual prolonging of the residence permit is possible by signing in all the necessary information about foreign agency and results of its operations in concrete state institutions (signed contracts, payments etc.)
- Receiving of residence permit in Latvia to 5 years is possible, if investor purchases a company or its shares and increases (invests) share capital for 35 000 EUR and in a time of a year this company pays 40 000 EUR in taxes to the country.
- When investing bigger amounts in economics of Latvia more reduced provisions are offered to investor for business operations. There is an opportunity to receive a
residence permit in Latviaup to 5 years by registering the company with a share capital that is at least 150 000 EUR. The request for paid tax amount in country’s budget is being cancelled by investing such amount in a share capital of a Latvian company.
Lawyers of INVEST RIGA will provide you with qualified and correct answers to your questions, which are related, to purchase or selling of a company in Latvia.
Necessary documents for receiving a residence permit in Latvia by registering a company or purchasing its shares:
- There are entry documents in force in Latvia necessary.
- Passport that has an expiration date at least after 16 months before entering the country.
- Completed questionnaire - application for residence permit in Latvia
- 2 colour photographs 3x4 cm for every applicant
- Document (reference from a bank) that confirms the subsistence level for one year that cannot be smaller than 854 EUR in a month. The subsistence level of the spouse must be at least 265 EUR in a month and under aged children (younger than 18) at least 171 EUR in a month. Investor must have an accumulation in cash in his/her account at least 10 300 EUR for a year.
- Document confirming a residence in Latvia.
- Reference about no convictions that is issued in citizen's country (if foreigner from age 14 has been in a custody for a period that is longer than one year)
- Receipt for state fee payment
The time period of registration for a residence permit in Latvia is from 2 weeks to 3 months.
Click here to see the comparison table with prices and time limits for residence permits in Latvia.