Residence permit in Latvia by purchasing a real estate

In 1st of September 2014 new changes in law about foreign nationals getting residence permits went into force that allowed foreign nationals to receive a residence permit in Latvia by purchasing a real estate here.

The necessary documents for Latvia immigration receiving a residence permit in Latvia must correspond with following criteria:

• when buying a real estate in the biggest towns of Latvia: Riga, Jūrmala, Jelgava, Jēkabpils, Liepāja, Daugavpils, Rēzekne, Ventspils, Valmiera, the amount of transaction must be at least 250 000 EUR and cadastral value of estate must be at least 80 000 EUR.
• and buying a real estate in other regions of Latvia, the amount of investment must be at least 250 000 EUR and cadastral value of estate must be at least 80 000 EUR.
• Receipt for state fee payment 2% on the purchase of real estate and 5% on the purchase of a residence permit, of the transaction amount

Investments are calculated by the total investment amount therefore investments shall not be invested just in one estate. The total amount can be from several implemented transactions in different real estates in Latvia.

Important information about residence permit in Latvia.

An important note and provision prescribe that real estate transaction pay must be carried out of non-cash transfer form to get the Latvia residence permit by purchasing a real estate in Latvia. The opportunity to get the residence permit in Latvia (in European Union) for 5 years is for those investors who invest in Latvia after 1st of June 2010. The acquisition of residence permit is not accommodated to those investments, which investors have made till the 1st of June 2010. In June 2011 new amendment were made in immigration law which prescribe that “Latvia residence permit” can be received only by purchasing a real estate from Latvian citizen, European Union citizen or from foreign citizen who already has residence permit in Latvia. These changes were entered into force after discovering of several fictive transactions to receive the residence permit in Latvia. The opportunity to lay claim and receive the residence permit in Latvia is for all foreign citizens by not taking into account the basic citizenship. In the long term investments in real estate are the most advantageous, easier and as the number of residence permits issued shows, it is the most often method used for getting a residence permit.

Map of towns and regions in Latvia to get the residence permit for investments in real estates in Latvia.

Latvian immigration law is being improved to implement the priorities of Latvia, which are related to draw investments and economic growth in Latvia. The receiving of residence permit in Latvia is possible not just by investing in living accommodation but also in commercial properties. In Latvia investments in commercial properties are considered as advantages to receive the residence permit in Latvia.

Where else is it possible to receive a residence permit in Latvia for investments?

Investors can receive a residence permit in Latvia for 5 years by purchasing a real estate. After receiving a residence permit in Latvia it has to be prolonged every year by signing in affirmative documents, which affirm property rights in Latvia, if you have received a residence permit by investing in real estate. Not only investor can receive the residence permit in Latvia but also his family:

• spouse,
• under aged childrens
• and persons, investor takes care of.

Necessary documents for receiving a residence permit in Latvia by investing in real estate:

entry documents which are in force in the territory of Latvia, passport that has an expiration date at least after 16 months before arriving in this country. Necessary documents for receiving a residence permit in Latvia:

• Completed questionnaire – application for residence permit in Latvia
• 2 colour photographs 3×4 cm for every submitter
• Document (certificate from bank) that confirms annual subsistence level that cannot be smaller than 854 EUR for a month. The subsistence level of spouse should be at least 256 EUR for a month and under aged children (till age 18) at least 171 EUR for a month. There must be at least 10 300 EUR money savings for a year.
• Document that affirms domicile in Latvia.
• Document that affirms that the real estate is purchased by non-cash payment.
• Document that affirms that the estate has no tax debts if estate is owned in Latvia longer than a year
• Receipt for no criminal convictions which is issued in citizen’s country or country where he/she lived (if foreign citizen aged from 14 has been in detention for more than one year)
• Health insurance policy for one year
• Receipt for fluorography and rentgenography results that affirms non being of tuberculosis issued by Latvian medical institutions.
• Receipt for state fee payment 2% on the purchase of real estate and 5% on the purchase of a residence permit, of the transaction amount

Registration expiration date of residence permit in Latvia

Possible time limit for receiving residence permit in Latvia by purchasing a real estate in Latvia is from 45 days to 75 days from which one month is for registration of the property rights. To prolong the “residence permit in Latvia” following documents shall be signed in one month before expiration date:

• Receipt for tax payment and non-being of real estate debts.
• New health insurance for one year.
• Affirmative document for state fee payment.

Notarisation of documents required: There is no need for notarization of documents required if they are issued in following countries: Belarus, Russia, Kirgizstan, Ukraine, Moldova, Uzbekistan, Poland.

What opportunities are provided by residence permit in Latvia?

• To arrive and be in Latvia for non limited number of days
• To feely travel in Schengen area
• To freely travel and be in Schengen area, Switzerland, Norway and Iceland up to ninety days in a period of a 6 months
• To have an opportunity to purchase and register a car in territory of Latvia and travel in whole Schengen area without paying the customs duty
• To have a driver’s licence in Latvia that can be used in al member states of European Union
• To have an opportunity to work in Latvia without opportunity to work in other countries of Schengen area
• To receive the social safeguards of citizens (birth grants, pension in Latvia, social free medicine etc.)
• To have an opportunity to receive a regular European Union residence permit after 5 years
• To have an opportunity to be eligible for Latvian citizenship after 5 years that provides an opportunity to create visas on preferential terms when going to Canada, America, Australia or the Great Britain.

Who else without investor can receive the residence permit in Latvia?

How to receive a “residence permit in Latvia”?

 

Procedure of receiving a residence permit:

• Purchasing a real estate in Latvia, investing assets in share capital in Latvian company or making deposit in one of Latvian banks for 5 years is an argument to apply and be eligible for receiving a residence permit un Latvia
• If above mentioned criterion is implemented, an invitation is being created to deal with all formalities
• It is necessary to collect documents from different institutions: A. Document confirming sufficient residence assets in Latvia B. Document confirming place of residence in Latvia C. Reference about no criminal records from home country institutions
• Completed questionnaire with photographs added
• Document confirming marriage if the residence permit is created also for investor’s husband/wife
• Document confirming birth of the child, if residence permit is created also for investor’s under aged children
• All state fees are paid (included in IR services)
• When receiving a residence permit there must be health insurance and medical reference about not having tuberculosis issued by medical institution registered in Latvia.

Maturities for receiving a residence permit in Latvia

In which cases residence permit in Latvia is denied

• If the investor has submitted inaccurate and misleading information about himself/herself.
• If there is additional probation about investor or if is together with investor’s application.
• If the application for receiving a residence permit in Latvia is submitted by husband/wife or under aged children, maturity can last to 3 months.
• In case of positive decision investor must arrive in Latvia within 3 months after making the decision to receive the residence permit.

INVEST RIGA services for receiving a residence permit in Latvia .

• Legal consultations
• Preparing and submitting of documents
• Undertaking the functions of authorized person to implement the customer’s interests in Latvia according to state institutions of the Republic of Latvia and third parties.

Why choose Latvia as a country where receive the residence permit?

• Latvia is a member state of European Union and Schengen area
• Particularly easy and quick procedure of receiving of residence permit in Latvia
• Controlled and stable banking system
• The location of Latvia is geopolitically important
• 2/5 of Latvian business environment, service is in Russian and English
• Remunerative investment market
• Developed business environment
• Quick and easy registering of companies
• No restrictions in company management
• There is low tax politics in Latvia that induces economic growth