In just over 3 years since the temporary residence issue program’s launch real estate investments have reached 417 MLVL (593 MEUR).
From 1 July 2010 to 1 July 2013 2,893 temporary residence applications were submitted to Citizenship and Migration Board by the foreign investors (including family members’ applications – 6,785). The largest amount of applications was submitted by citizens of the following countries: Russia – 4,997, Ukraine – 529, Kazakhstan – 335, Uzbekistan – 303 and China – 242.
2,328 of aforementioned 2,893 applicants requested temporary residence for themselves and their families on the basis of purchasing real estate in Latvia. The vast majority of real estate appealing to foreigners (up to 80%) is located in Riga and Jurmala. A little more than 15% – not farther than 50 km away from Riga. Rurchases in other regions are rare in comparison.
The residence permit of the Republic of Latvia automatically guarantees free movement of persons within the Schengen area, currently consisting of 25 European countries. Temporary residence permit will be available both for investors and their family members – spouses, underage children and persons that are under the surveillance/official care of such investors. Upon expiry of the term of residence permit investors and their family members are eligible to apply for the renewal.
Fulfilment of one of the following criteria gives the right to apply for a 5-year residence permit in Latvia:
1. Placement of term deposit
Subordinated term deposit ≥ 200 000 LVL or equivalent in EUR, USD at the current rate of the Bank of Latvia (~ 300 000 EUR,
~ 400 000 USD) Term ≥ 5 years
2. Investment in real estate
Value of which is ≥ 100 000 LVL 143 000 EUR in Riga and other major cities Or ≥ 50 000 LVL 72 000 EUR in other regions of
3. Business establishment
Investment amount ≥ 25 000 LVL 36 000 EUR Taxes ≥ 20 000 LVL 28 000 EUR per annum
If you invest 100 000 LVL (143 000 EUR), no tax requirements