Steps to obtain Latvian Golden Visa Residency by Investment

During the economic crisis in 2008, Latvia was one of the worst-hit countries. To get its economy back on track, Latvia launched a Residency by Investment program in 2010. Other countries followed suit after the program worked wonders for the Latvian economy.

This is how you can acquire Latvian Golden Visa Residency by Investment:

Why should you get a Latvian Golden Visa Residency?

Some of the most significant benefits of the Latvian Golden Visa Residency are:

• It offers a path to Latvian citizenship.
• It is the cheapest Golden Visa through investment in Europe.
• It is the lowest cost per square foot among all the countries offering Golden Visas.
• Latvia has a relatively low corporate taxation.
• Latvia is one of the cheapest countries in that part of the world.
• Latvia is economically and politically stable because it is a member of the European Union, the Eurozone, and the Schengen zone.
• Neither you nor your family needs to stay in Latvia before applying for Golden Visa Residency by Investment.
• You won’t have to attend an interview or a test to prove your knowledge about Latvia or its language.
• Visa-free access to 179 countries.

How can you qualify to apply for a Latvian Golden Visa Residency?

You must fulfill all of the following requirements to be eligible to apply for a Latvian Golden Residency Visa:

• Since Residency by Investment programs are aimed at high net-worth individuals, you must have considerable wealth.
• You must be of good character.
• Since you’ll be asked to submit a police clearance from all the countries where you’ve stayed in the past, you must have a clean criminal record.
• You shouldn’t have any tax debts anywhere in the world.
• Since you’ll be submitting a medical certificate, you should have good health.
• You should have enough money to maintain your lifestyle in Latvia.
• You need health insurance for all family members for at least one year.

How do you apply for Latvian Golden Visa Residency?

You have the following routes by which you can apply for the Latvian Golden Visa Residency:

• Invest at least €250,000 in real estate. You will also be charged a one-time government fee that roughly equals 5% of the buying price.
• Invest at least €280,000 in a Latvian bank for five years. In this case, the one-time government fee will be €25,000.
• Invest at least €250,000 in interest-free, special-purpose government bonds. This will attract a one-time government fee of €38,000.
• Invest €50,000 in a Latvian company that pays at least €40,000 n taxes every year. For this investment route, you’ll incur a one-time government fee of €10,000.

Once you are eligible to apply for a Latvian Golden Visa Residency, the process is pretty straightforward.

• Make the investment
  Unlike most countries offering Residency by Investment, you must make the investment before applying for residency in Latvia. You need to be in Latvia to make this investment.
• Apply for Residence
  You must fill out the application form and submit it to the Immigration Department of Latvia along with the supporting documents. The waiting period is approximately two to three months.

Can you get Latvian citizenship through a Golden Visa Residency?

After receiving residency, you must renew it after two years. After that, you must renew it every year. To do that, you must visit Latvia and get all the paperwork done.

Even though you don’t have to make any more investments to maintain residency, you must keep your original investment for at least five years.

You can apply for Latvian citizenship after spending 10 years in Latvia through the Golden Visa Residency. Make sure you have stayed in Latvia for the majority of this time to increase the chances of your application getting approved.

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