Is Moving to Latvia Right for You?

If you are interested in living in the European Union, perhaps you should become a resident of Latvia! It is a safe, democratic Baltic state with a rich history and a temperate seasonal climate. Its capital, Riga, is a UNESCO World Heritage Site with a vibrant culture, beautiful architecture, and a low cost of living (by Western European standards). Additionally, Latvia is part of the EU’s Schengen zone, so becoming a resident would give you visa-free access to all the other Schengen countries.

Applications for the Latvian Golden Visa Program are typically processed 1-3 months after submission. Temporary residence visas are valid for up to five years, but you will need to renew/re-register your ID card each year. 

Each of the Latvian visa options requires a significant financial investment. Additionally, you will need proof of sufficient funds to support yourself (at least €430 per month) and valid health insurance. You should also expect to pay hefty processing fees (approximately €20,000). 

You are not required to purchase real estate for residency purposes, but you will be required to provide a residential address in Latvia where you have the right to reside (via ownership, lease, or agreement with the owner).

You can apply for permanent residency after five years. However, you must have lived in the country for at least four of those years and should know the language, national anthem, and some of the country’s history. 

If you reside in Latvia for 10 years and live there for at least six months out of the year in the five years prior to your application, you may be granted citizenship. Generally, Latvia does not permit dual citizenship. The Latvian Citizenship Law only allows dual citizenship for citizens of the EU, the EFTA, New Zealand, Brazil, Australia, NATO countries, and countries with which Latvia has bilateral agreements for dual citizenship.

Some Ways To Become A Resident Of Latvia:

Invest in a Latvian Business. You can invest €50,000 in a Latvian company with up to 50 employees and an annual turnover of less than €10 million. This residency by investment option also requires you to pay a one-time €10,000 fee to the state. 

The residence permit is valid for five years, but you must renew your ID card annually. Each year, you will need to submit a document confirming that the company has paid at least €40,000 in taxes (at least €3,300 EUR/month on average).

Alternatively, you can invest €100,000 in a Latvian company with over 50 employees and an annual turnover exceeding €10 million. Once again you will have to pay the €10,000 state fee. Each year, you will need to show that the company has paid at least €100,000 in taxes (at least €8,300 EUR/month on average).

In both cases, the money you invested can be repaid after five years.

Buy Real Estate. If you buy real estate worth at least €250,000, you may be eligible for a 5-year residence permit. You must use a bank transfer to purchase the property, and the seller must be 1) an EU national, 2) a person with a Latvian resident visa, or 3) an entity that is a Latvian taxpayer. You cannot purchase property from a Latvian citizen.

If the government approves your residency application, you will have to pay a fee (5% of the property’s value) to the state. 

Each year, you will need to submit a document confirming you have no pending debts or real estate taxes owing.

After 5 years, you can sell the property and try to recoup your initial investment.

Invest in a Latvian Credit Institution. If you make a 5-year term subordinated deposit (loan) in the amount of €280,000 with a Latvian credit institution, you can obtain a 5-year residency permit. You will also be required to pay €25,000 into the state budget. 

Please note, if you attempt to cancel the subordinated loan at any time during the 5 years, you will void your residency permit. 

Invest in Non-Interest Bearing Government Bonds. If you purchase €250,000 worth of interest-free government bonds, you can obtain a 5-year residence permit. You will also need to pay a €38,000 government fee. After 5 years, your investment will be repaid.

The above is a brief introduction to the Latvian residency program. If you are interested in moving there, be sure to visit the official Latvian government website connect with local lawyers and immigration specialists to get more detailed information.

If you are considering other residency options, you should read our article Is Residency In Ecuador Right For You?