Latvia is a member state of the European Union and a Schengen area ( Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland ). Under the Schengen agreement, transiting from one country to another within the Schengen area is done without border controls. In fact, the Schengen visa makes it possible to visit all the countries in the Schengen area and to cross internal borders without further formalities. It means, that the residence permit in Latvia – makes it all possible!
The temporary residence permit for 5 years makes it possible to stay in the territory of Latvia without any minimum or maximum period limit ( from 1 to 365 days per year), as also to stay in the territory of any country of the Schengen area for the period not longer than 90 days during the 6 months.
The operating Immigration legislation of Latvia provides annual acknowledgement of time of the residence permit for the purpose of control of observance by the foreigner investment conditions on which basis the corresponding residence permit has been received.
On 1 July 2010, changes to the Immigration Act come into force. They give foreign investors the right to apply for temporary residence permit in Latvia subject to the following conditions:
1) investments of no less than LVL 25,000 (a. Euros 35k) in the share capital of a Latvian company, and if the said company has paid no less than LVL 20,000 in taxes annually, or
2) purchase of real estate property in Riga region with a total transaction value of no less than LVL 100,000 (a. Euros 142k), or a property outside Riga where the total value of the transaction is no less than LVL 50,000.
3) investments of no less than LVL 200,000 (a. Euros 285k) into subordinated loan or bonds of a Latvian bank for a period of no less than five years.
We can help you in establishing the local company, choosing the right real estate property or advising you the better banking institution for the investment.
Please contact us for more detailed information.