Latvia golden visa: residence permit by investment

Equity: invest at least EUR 50,000 by increasing the capital of, or founding, a company with no more than 50 employees and an annual turnover or balance sheet of no more than EUR 10 million, and pay EUR 10,000 into the state budget; up to 10 foreigners may qualify through one such company. Alternatively invest at least EUR 100,000 in a company, or a group with Latvian subsidiaries, that employs more than 50 people and has turnover or a balance sheet above EUR 10 million. Credit institution: subordinated liabilities of at least EUR 280,000 with a Latvian bank for at least five years, plus EUR 25,000 to the state budget. State securities: interest-free special-purpose state securities with a nominal value of EUR 250,000, plus EUR 38,000 to the budget.

In Riga, Jūrmala and the municipalities of Ādaži, Babīte, Baldone, Carnikava, Garkalne, Ikšķile, Ķekava, Mārupe, Olaine, Ropaži, Salaspils and Stopiņi you must own one functionally connected property with buildings worth at least EUR 250,000; elsewhere up to two such properties with a total value of at least EUR 250,000. Vacant land, agricultural land and forest land do not count. The full price must have been paid by bank transfer, the seller must be a Latvian or EU/EEA/Swiss company that pays tax in Latvia or a Latvian, EU or resident individual, and you must never have had property tax debts. The cadastral value at purchase must be at least EUR 80,000 (EUR 40,000 for each of two properties outside the listed areas); if it is lower, a certified appraiser must confirm a market value of at least EUR 250,000, or EUR 125,000 per property. When requesting the first permit you pay 5% of the purchase value into the state budget.

Regulation No. 731 sets the review at EUR 160 within 30 days, EUR 280 within 10 working days or EUR 560 within 5 working days. For nationals of countries whose citizens undergo additional checks, persons with refugee or stateless status abroad, and spouses, minor children and wards of the investor, OCMA’s checklist gives a 90-day term at EUR 160. The card costs EUR 45 and the entry D visa EUR 90.

After OCMA approves the permit, you apply at the Latvian embassy or its visa application centre for a single-entry D visa valid for 30 days (fee EUR 90) and travel to Latvia. There you give biometrics at an OCMA office, pay the card fee and receive the residence permit card. As a permit holder you must declare your place of residence; the application form usually counts as the declaration, and later changes must be declared within one month, free of charge on Latvija.gov.lv or for EUR 4.27 at an office.

When the permit is registered, OCMA checks that the investment still meets the law. Property owners show that they have no property tax debts. Bank investors show that the deposit agreement has not been terminated early. For equity investments the company must have paid taxes to state and local budgets of at least EUR 40,000 in each reporting year for the EUR 50,000 route (EUR 3,300 a month on average in the first incomplete year), or at least EUR 100,000 a year (EUR 8,300 a month in the first year) for the EUR 100,000 routes.

The investor’s spouse, minor children and persons under the investor’s guardianship may request permits at the same time. Each submits the questionnaire, passport copy, photo, criminal record certificate if over 14, kinship documents and, for a child travelling without one parent, that parent’s notarised consent.

Contest a refusal within 30 days in Latvian to the Head of OCMA; the Head’s decision can be appealed in court.