Obtaining residence permit in Latvia

Description

Because of the state comfortable geographical position business in Latvia is profitable for both local entrepreneurs and businessmen from the Russian Federation and developed European countries.  Latvia is a state-member of the European union and Schengen agreement, that is a great advantage for foreign investors that aim to use their business at the most favorable conditions. So, desiring  to invest their funds  into real estate, the share capital of Latvian company or credit institutions (hereinafter "banks") you get the possibility to get residence permit in Latvia for 5 years. The latest amendments to the Latvian Law "About immigration" dated 7 July 2010 provide simplified conditions to obtain residence permit for individuals and allow its holder to move freely within the states of Western Europe.

 

The residence permit is a status which provides a foreign citizen with a right to stay in the Republic of Latvia during a certain period of time (temporary residence permit) or permanently (permanent residence permit).  

 

The residence permit is required if you want to stay in Latvia for more than 90 days within half a year, starting from the first date of entry.

Once you have received residence permit in Latvia you get the opportunity to live, work and study  in Latvia and also move freely within the states-members of the European union.

 Residence permit is possible to obtain at the following grounds:

 

1.      In connection with the real estate purchase:

If you wish to obtain residence permit with the help of the real estate purchase you have to meet the following conditions:

The real estate must be purchased in Riga or in the city of national importance/NB/ at the price of not  less than 100 000 lvl (equivalent to 200 000 USD); or outside at the price of not less than 50 000 lvl (equivalent to 100 000 USD).

/NB/: Valmiera, Ventspils, Daugavpils, Jekabpils, Jelgava, Liepaja, Rezekne, Riga, Jurmala.

 

Also it is necessary to submit the following documents to the Embassy of Latvia:

-          application form with a request for a temporary residence permit;

-          photography;

-          certificate of no criminal record issued by the competent authorities of the country the citizen of which a foreigner is, or from the place of residence if the foreigner has been staying there for more than 12 months (certificate is necessary for foreigners older than 14 years old);

-          document confirming existence of necessary funds for living in Latvia (bank reference about the existence of necessary amount);

 

In accordance with paragraph 11.5 of the Cabinet of Ministers Regulations №550 dated 21 June 2010, the minimum size of the funds necessary for living is set in the amount of 540 lvl (about 1050 dollars) per month;

 

-          document confirming the possible place of residence in Latvia (record  in the land register about the ownership right for real estate, rental contract etc.);

-          document, confirming that payment for the purchased real estate was made with non-cash settlement;    

-          document, confirming that foreigner has no debts for property tax in case if the property belongs to a foreigner for more than a year;

-          settlement document confirming  the payment of state duty (in the amount of 70 lvl = 130 dollars).

 

When receiving a temporary residence permit a foreigner has to submit a valid health insurance policy.

When receiving a temporary resident permit for the first time or after the break lasting for more than 90 days, a foreigner must submit a certificate from medical institution of Latvia about the absence of tuberculosis.

2.      In connection with the investments to the share capital of Latvian company:

 

If you want to obtain residence permit in the Republic of Latvia as a person that invested funds into the share capital of the company, than the size of the share capital of Latvian company should be not less than 25 000 lvl (about 50 000 USD). Also it is necessary to pay tax to the state budget in the amount of not less than 20 000 lvl (about 40 000 USD) for one year period of economic activity of the company. Or it’s possible to invest not less than 100 000 lvl (200 000 USD) into the share capital of a large Latvian company.

 

Also it is necessary to submit the following documents to the Embassy of Latvia:

 

-          application form with a request for temporary residence permit;

-          photography;

-          certificate of no criminal record, issued by the competent authorities of the country, the citizen of which a foreigner is or from the place of residence if the foreigner has been staying there for more than 12 months (certificate is necessary for foreigners older than 14 years old);

-          document confirming the existence of the necessary funds for living in Latvia (bank reference about the existence of necessary amount);

 

In accordance with paragraph 11.5 of the Cabinet of Ministers Regulations №550 dated 21 June 2010 the minimum size is set in the amount of 540 lvl (about 1050 dollars) per month and in accordance with subparagraph 11.3 the minimum size is set in the amount of 461 lvl (about 930 dollars) per month, if a person wishes to work in Latvia;

 

-          document confirming the possible place of residence in Latvia (record  in the land register about the ownership right for real estate, rental contract etc.);

-          settlement document, confirming the payment of state duty (in the amount of 70 lvl = 130 dollars);

When receiving a temporary residence permit a foreigner has to submit a valid health insurance policy.

 

When receiving a temporary resident permit for the first time or after the break lasting for more than 90 days, a foreigner have to submit a certificate from medical institution of Latvia about the absence of tuberculosis.

3.      In connection  with the investment of funds into the credit institution (hereinafter «Latvian bank»).

 

If you want to obtain residence permit in the Republic of Latvia with the help of funds investments into the credit institution you will need to deposit in the Latvian bank the amount that shall be not less 200 000 lvl (about 400 000 USD).  In this case the term of the deposit should be not less than 5 years. In this case we speak about the subordinated loan or the purchase of subordinated bonds for the period of 5 years.

 

Also it is necessary to submit the following documents to the Embassy of Latvia:

-          application form with a request for temporary residence permit;

-          photography;

-          certificate of no criminal record, issued by the competent authorities of the state, the citizen of which a foreigner is, or from the place of residence, if a foreigner has been staying there for more than 12 months (certificate is needed for foreigners older than 14 years old)

-          document confirming the existence of necessary funds for living in Latvia (bank reference about the existence of necessary amount);

In accordance with paragraph 11.6 the Cabinet of Ministers Regulations №550 dated 21 June 2010 the minimum size is set in the amount of 180 lvl (about 360 dollars) per month;

-          document confirming the possible place of residence in Latvia (record in the land register about the ownership right for real estate, rental contract etc.);

-          document issued by the credit institution of the Republic of Latvia confirming that a foreigner made investments  to the credit institution of Latvia (hereinafter «Latvian bank») in  the amount of not less than 200 000 lvl, under the condition that the term of such a deposit is not less than 5 years. If financial investment was made in a foreign currency the credit institution confirms that at the moment of the contract conclusion the size of the investments corresponded to at least 200 000 lvl in accordance with the currency exchange rate set by the Bank of Latvia;

-          settlement document confirming the payment of state duty (in the amount of 70 lvl = 130 dollars);

When receiving a temporary residence permit a foreigner has to submit a valid health insurance policy.

When receiving a temporary resident permit for the first time or after the break lasting for more than 90 days, a foreigner has to submit a certificate from medical institution of Latvia about the absence of tuberculosis.

 

The term of consideration of the application in migration service is from 10 to 90 days. 

The urgency of consideration. The term of consideration of the documents by Office on affairs of citizenship and migration takes from 30 days to 5 working days, depending on the urgency (30 days – 140 USD, 10 working days – 340 USD, 5 working days – 440 USD)

 

16 June 2011 a number of amendments to the legislation concerning residence permit obtaining in Latvia entered into force.

 

When investing in real estate:

-Minimum cadastral value should be not less than 30 000 lvl (about 60 000 USD) or estimation

-The seller of real estate can be only the resident of Latvia or the EU

-In the case of annual registration for residence permit there are checks whether there are any debts for property taxes.

 

When investing in the Latvian company:

 

The concept of "small enterprise" was introduced

- up to 50 employees

- the turnover must not exceed 7 million lvl (14 million USD) per year.     

Large-scale enterprise – investing into the capital 100 000 lvl (200 000 USD)

Making investments only when increasing the capital or forming a new enterprise.   

                                                                                                                                                                                                                                                                             

                                 Annual renewal of residence permit.

The client has to renew residence permit every year personally, in Latvia, 30-90 days before the date of expiration of the term of residence permit registration.

For the renewal it is necessary to submit the documents to the Office on affairs of citizenship and migration personally:

 

- A valid health insurance policy

- The documents confirming the absence of debts for property tax payment, if the client received residence permit on the basis of real estate purchase

- A certificate issued by the bank confirming that the client still owns the subordinated loan, if the client received residence permit on the basis of investment into subordinated capital of the bank.

             The price list of services rendered by the consultant:

Residence permit obtaining	For the first year	Annualrenewal (starting from the second year)
	10 000 USD	4 000 USD
Residence permit obtaining for family members	5 000 USD	2 000 USD
The state duty for consideration	200-500 USD
The state duty for consideration	30-90 USD
Insurance policy	from 150 USD
Provision of address for the residence place declaration	2000  USD

 

              One of the steps necessary to initialize the process of residence permit obtaining in Latvia, is opening of the account in the Bank of Latvia.

The company HONEST&BRIGHT has been successfully cooperating with Latvian banks for many years and provides services for the maintenance of all necessary banking procedures when opening/closing the account.

 

Banks with which Honest&Bright cooperates:

Name of the Latvian bank	|Price for bank account opening
ABLV Bank	300€
Rietumu Bank	300€
Komercbanka Baltikums Bank	300€
Norvik Banka	300€