Latvia Residency by Investment Overview

The Latvia Residence by Investment Program is among the quickest and most competitive in Europe. Launched on 1 July 2010, it was designed by the Latvian government to help the country recover from the 2007–2009 economic crisis. In the five years following the program’s introduction, Latvia’s economy benefited from more than EUR 1.3 billion in foreign investments, with over EUR 1.1 billion coming from real estate purchases by foreign investors. (However, the real estate option has been suspended since January 2022.)

To qualify for the program, foreign nationals can invest in the equity capital of a Latvian company, provide a subordinated loan (deposit) to a Latvian bank, or purchase special-purpose interest-free government bonds. These investment options provide flexibility for potential investors, with the possibility of obtaining residence within a short time frame.

Moreover, the program offers residency benefits, including visa-free access to the Schengen Area, making it an attractive option for those seeking greater mobility within Europe. Successful applicants also gain the opportunity to apply for permanent residence after five years, and eventually citizenship, under specific conditions. This makes Latvia an appealing gateway to the EU for non-EU nationals.

Key Advantages of the Latvian Residency by Investment program

Benefits include:

• Visa-free travel within Europe’s Schengen Area
• No minimum stay is necessary to qualify for the renewal of the residence permit
• Accelerated application process
• Russian is commonly spoken by a significant portion of the population
• Strong transportation connections with Russia and other EU countries
• Eligibility for citizenship application after ten years of legal residency

Requirements of the Latvian Residency by Investment program

To secure a residence permit through the Latvia Residence by Investment Program, applicants must meet the following criteria:

• Invest EUR 50,000 into the equity capital of a Latvian company, provided the company pays a minimum of EUR 40,000 in taxes annually.
• Make a one-time contribution of EUR 10,000 to the state budget.

Additionally, applicants must demonstrate sufficient funds to support their family’s standard of living without needing social assistance from the Latvian government:

• EUR 15,480 per year for a single main applicant.
• EUR 20,640 per year for a main applicant and spouse.
• EUR 22,188 per year for a married couple with one child.

Alternatively, applicants can purchase real estate in Latvia valued at a minimum of EUR 250,000 and pay a state fee of 5% of the property price.

Process for applying to the Latvian Residency by Investment program

Family members of the applicant, including the spouse and children under the age of 18, are eligible to apply for a residence permit alongside the main applicant. Once approved by the Office of Citizenship and Migration Affairs of the Republic of Latvia, the investor must visit Latvia in person within three months to collect their temporary residence permit, which is issued as an ID card. This residence permit is valid for five years, with the stipulation that the ID card must be renewed annually.

Permanent Residence (PR) permit and Latvian Citizenship

After holding a residence permit for five years, the applicant can apply for a permanent residence permit. To be eligible for this permit, the individual must have lived in Latvia for at least four out of the preceding five years and successfully completed the basic Latvian language test at Level A2. Additionally, the applicant is required to demonstrate knowledge of Latvian general history and the national anthem. To be granted Latvian citizenship, applicants must renounce their previous citizenship, although certain exceptions may be applicable.