Latvia is one of Europe’s hidden gems. Lush forests and historic castles are complimented with intricately planned cities and an outstanding infrastructure.
The culture is unique, and the overall environment is laid back, making it an excellent tourist destination or a second home.
Having the most affordable eligibility structure among all EU Golden Visas, Latvia’s program offers investors 5 investment options that include real estate and bonds.
The Latvian Golden Visa
The premise of Latvia’s Golden Visa follows the same roadmap as its EU counterparts. Investors aged 18 and above with a clean criminal record who make a qualifying investment in Latvia’s economy through an approved investment channel can obtain Latvian residency.
Latvia’s Golden Visa has four different investment options:
- €250,000 investment in real estate, along with a one-time government fee equivalent to 5% of the purchase price.
- €280,000 capital deposit in a Latvian bank for a period of five years, along with a one-time government fee of €25,000.
- €250,000 investment in special-purpose, interest-free bonds, along with a one-time government fee of €38,000.
- €50,000 equity investment in a Latvian company that annually pays at least €40,000 in taxes, along with a one-time government fee of €10,000.
The share capital investment of €50,000 along with €10,000 (bringing the total outlay to €60,000) is the most affordable price point among all of the EU’s Golden Visas.
While investing in a company does come with risks, it can also provide considerable ROI. Applicants are free to choose any Latvian company on an open-market policy on the condition that the business pays more than €40,000 in taxes a year, allowing them to choose an investment option that complies with the level of risk and ROI they are comfortable with.
Six Things To Know Before Applying For A Second Citizenship
Residence Validity and Path To Citizenship
The Latvian Golden Visa program awards investors a five-year temporary residence permit that can be renewed for the same period. Golden Visa holders do not have to spend any time in Latvia to maintain their residence permit, as there is no physical residence requirement. The only time they need to visit the country is when they want to issue or renew their residence permit.
The Latvian Golden Visa is only tied to investment and a clean criminal record. If an investor maintains both, they can continue to renew their visa indefinitely.
If an investor does decide to reside in the beautiful country, they can apply for permanent residence after residing at least 4years in the last 5 years. A Latvian language A2 level is required.
After residing for another five years after obtaining permanent residency, an investor can then apply for citizenship through naturalisation.
It is important to note that Latvia allows dual citizenship but not with all countries. This is a crucial factor to consider for investors who want to ultimately move and obtain EU citizenship while simultaneously retaining their original citizenship.
Benefits Of The Latvia Golden Visa
The Latvian Golden Visa, much like the other EU Golden Visas, comes with a multitude of benefits, including:
Quick processing time
The processing time is one of the quickest in Europe, averaging between 1-3 months.
Applicants do not need to visit or reside in Latvia prior to applying, but they will need to travel to Latvia to collect their residence permit after approval.
Affordability
The share capital investment totalling €60,000 is the most affordable option to obtain an EU residence permit through a Golden Visa.
Latvia’s real estate investment option of €250,000 is also one of the lowest property investment price points among the EU’s Golden Visas.
Access to Schengen
Latvia is a member of the EU and the Schengen Zone, meaning those who obtain Latvian residence through investment can access the rest of the Schengen Zone member states without the need for a visa.
Adding family members
The program allows investors to add their spouse and dependent children below the age of 18. Parents, however, do not qualify as dependents.
No physical residency required
Since Latvia’s Golden Visa does not require any physical residency to remain valid, this makes the route one of the best contingency plans in the world.
Path to citizenship
While not as quick as other programs in the EU, Latvia’s Golden Visa does have a route to citizenship. It will require residing in the country for ten years.
The Latvian passport ranks 10th globally, granting access to an impressive 184 destinations worldwide, including the UK, USA, Canada, and many more.
Access to the EU market
Being part of the EU, Latvia has unhindered access to the EU market. This is an excellent option for investors who want to access the Union’s economy at an affordable investment threshold.
Your Citizenship By Investment Application Was Submitted, What Happens Next?
The Process
The process for applying for the Latvian Golden Visa is straightforward and consists of a few simple steps:
- Sign a contract with Savory & Partners to guide you through the process.
- Collect the required documentation.
- Decide on and commit to an investment option. Alternatively, investors may also make the full investment at this stage.
- Submit the full application to the Latvian Embassy or consulate in your country of residence or origin.
- Receive approval and make an investment.
- Travel to Latvia to collect the residence permit.
The simplicity of the program is one of its many attractive attributes. Working with experienced consulting firms such as Savory & Partners simplifies the entire process further and takes a short time to complete.
To know more about the Latvian Golden Visa, contact us today to book a comprehensive consultation with one of our experts.
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