A residence permit is a document providing a foreigner the rights to reside in the Republic of Latvia for a definite period of time (a temporary residence permit) or permanently (a permanent residence permit).
As of 2 April 2012 the residence permit is issued in the format of the identification card, therefore biometrics details must be delivered prior to receipt of the residence permit (fingerprints (starting from the age of six) and digital picture of face).
What are the cases a residence permit is necessary?
A residence permit is necessary if you are willing to reside in the Republic of Latvia for a period of time exceeding 90 days within half a year counting from the first day of entrance.
Benefits
- The holders of Latvia Temporary Residence Permit (TRP) enjoy several benefits with these being the key ones:
- Unrestricted movement across the Schengen Area
- Being member of the EU and Schengen Treaty, Latvia offers an incomparable advantage to the permit holders of enabling them to gain freedom to an unrestricted movement in the EU member countries and staying there without needing to obtain a visa.
- Settlement opportunities to other EU countries
- Migrants aspiring to move their set-up to any EU member countries in future will stand a better chance of making it successfully and on priority
- Long duration of residence permission to stay in the nation
- Latvia TRP has a validity of 5 years permitting a stay in the country, through the extent of validity of the entry permit.
- Multiple entries into this Baltic state
- Once you obtain this visa, you are eligible for multiple entries into Latvia and other EU states (up to 90 days within a six month period). The TRP holder can also stay full time in Latvia during the TRP validity period.
- No specific residence fulfillment requirements
- You don’t need to reside in Latvia for a relevant period in the nation to retain your TRP status. Extension is granted and can be maintained with least formalities. Extension formalities are very easy and simple to meet for holders who have met the applicable terms and conditions of TRP issuance of one of the three possible options.
- Eligibility to file an application for residency
- Grant of TRP makes the holder eligible for status and the rights of a resident
- Advancing onto the citizenship of Latvia
- On the successful completion of the TRP, and subject to fulfillment of the criteria, the Resident visa holder has an option to permanently make Latvia his home and become citizen of the Latvia
- Bring your family along
- TRP allows your family to accompany you to this Baltic state and enjoy similar facilities as you while being in the country
- Unrestricted freedom to do business and investments in Latvia
- As a TRP holder, you have an unrestricted access to business and investment opportunities in the nation.
- TRP process can be initiated and finalized without personal visit
- For applicants short of time or not having appropriate visa to visit Latvia or other Schengen countries or Europe or past visit visa refusals, getting Latvian TRP under one of the 3 permitted processes is possible and feasible. One need to and may fly into the nation only after entire TRP process has been completed.
- Geographical location provides opens up more business opportunities
- Perfectly positioned between the EU and the CIS, one can NOT ask for a better affordable European location. The facet is supreme from the perspective of international trade and warehousing facilities, hence paving way to more business growth opportunities than ever. Geographically well located warehouse synonyms growth for business! Exporters can use this warehouse base to explore and grow business throughout Europe and CIS. Industries related to manufacturing and BPO can use affordable human resources to promote their business interests in Europe and the CIS countries.
NATO & EU membership
Latvia is a fully-fledged NATO and EU member with a politically stable ambiance. What that means is no disturbances, just a calm background to have a peaceful life in store for you and your kin! This is very important for long term stability and growth of business.
Low cost & ease of doing business
Latvia has amongst lowest cost of doing business in Europe and has an impressive worldwide ranking of 21 in terms of ease of doing business. The country provides nice tax benefits for start-up businesses. All it needs is a smart businessman in you to take advantage and starting point is making an application for and getting Temporary Resident Permit (TRP)!
Low cost of living
Latvia has amongst lowest cost of living amongst the European nations, thus giving you more reasons to make the country your long term home and/or an important base for expanding your long term business expansion goals.
Residence Permits in Latvia for Foreign Investors
Current Latvian Immigration Law as from 1st of July 2010 (with amendments in the immigration law, which became effective on 16th of July 2011) prescribes the following legal basis to investors for receiving a temporary residence permit:
1. Purchase of real estate in Latvia for not less than EUR 250 000 subject to the following conditions:
- Absence of property tax debts;
- Transaction payments must be performed in non-cash form;
- Real estate must be purchased from the legal body, registered in Latvia or from private person, who is resident of LR, citizen of EU or a foreigner, who stays in Latvia on the basis of effective residence permit;
- Total cadastral value of real estate purchased in Latvia at the moment of purchase must exceed EUR 80 000. If cadastral value of real estate is less than mentioned above, the purchased real estate can be evaluated by certified assessor and the market value cannot be less than minimal sum for purchase of real estate settled by immigration law.
2. Financial investments in the credit institution of the Republic of Latvia in the amount of at least EUR 285 000 in the form of subordinated capital (subordinated loan or subordinated bonds) of a credit institution, if the term of such transaction is not less than five years and in accordance with the deposit provisions it may not be terminated prior to the term of repayment of the deposit.
3. Financial investments in the equity capital of the Latvian capital company, made by increasing the equity capital or if an investment has been made by founding a new capital company, and the investment is at least:
- EUR 50 000 and it has been performed in a capital company, which employs not more than 50 employees, the annual turnover or annual balance of which does not exceed EUR 10 million and which during the economic year pays not less than EUR 40 000 in taxes into both the State budget and local government budget;
- EUR 150 000, if contributions are made to a larger company.
4. Employment as a member of the board of directors or a member of the council or other functionary in Latvian company who is registered in the Register of Enterprises more than 1 year with monthly salary at least EUR 1 300. Enterprise must meet the following requirements: fixed assets must be at least EUR 2 900, enterprise annually must pay EUR 21 500 as taxes and duties, enterprise must perform active economic activity and its activity must provide economic benefit for the Republic of Latvia.
Temporary residence permit also extends on the members of holder’s family (husband/wife and their minor children).
Registration terms of temporary residence permit in Latvia are from 1 to 3 months. Arrangement of the real estate purchase takes time from three to four weeks.
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