Latvia Golden Visa
Investing in Latvia: A Guide to Latvia Golden Visa
Latvia, being a member of the European Union introduced its Golden Visa program in 2010. Latvia is offering non-EU investors a chance to gain residence in Latvia by investing in a business set up in Latvia. Latvia Golden Visa has gained popularity due to its relatively low investment requirements and the benefits of obtaining a European residence. Latvia Passport holders are allowed visa-free access to 148 countries.
Eligibility for Latvia Golden Visa:
There are different ways of obtaining Latvia Golden Visa. Potential investors can explore any of the following investment options
Business Investment
An applicant is required to invest at least €50,000 in a business set up in Latvia in order to support a Latvian company. The stated Company must pay €40,000 in taxes every year. Further, the applicant needs to donate €10,000 to the country’s budget as a one-time payment.
Real Estate Investment
Minimum investment of €250,000 in real estate. The applicant also needs to show a proof that they have enough savings to support themselves and their family members in Latvia without needing the help of government.
Application Process of Latvia Golden Visa
Once an applicant identifies an investment in a Latvian Company or in a real estate and have sufficient enough funds to support themselves and their family members in Latvia, an applicant can plan to apply for Latvia Golden Visa in Latvia. An application is required to be submitted to the Office of Citizenship and Migration Affairs of the Republic of Latvia
1. Visa Free access to Europe
Latvian Golden Visa offers you visa free access to the Europe's Schengen Zone, giving you a way for unhindered travel over various European nations.
2. Lower Investment Criteria
Compared to other European countries, Latvia Golden Visa offers more accessible entry points for investors looking for lower investment residence opportunities.
3. No Stay Requirement
There is no minimum stay required in order to renew the residence permit of Latvia. This gives you a lot of freedom and flexibility in terms of how long you can stay. The first residence permit that you get is valid for a period of 5 (five) years. You only need to renew your ID card once every year.
4. Citizenship
After five years of residence, an applicant can apply for Latvian Citizenship, subject to satisfying certain criteria like learning Latvian Language at A2 level and have lived in Latvia for at least 4 (four) out of 5 (five) years.
5. Transport Benefits
Latvia offers a rich cultural heritage that is influenced by Scandinavian, Baltic and Eastern European tradition, all set against a backdrop of natural landscapes like serene lakes, forests and pristine beaches.
6. Social Benefits
Beyond its tangible benefits, the warmth and hospitality of the Latvian community, especially in smaller towns and rural areas, make it a welcoming home for many.
Latvia Golden Visa into Citizenship
Residents looking to apply for citizenship need to meet certain qualifying conditions for citizenship. Some of the general criteria that are required to be satisfied are as follows:
- Duration of Residence: Residents can apply for citizenship after a continuous residence period of 5 (five) years;
- Language Proficiency: Applicant needs to qualify Latvian Language test at level A2;
- Integration & Cultural Test: An understanding of Latvian history, culture and societal norms might be tested;
- Clear Criminal History: Applicant should not have any criminal record in their home country or Latvia.
- Physical Stay Requirement: The applicant might need to prove that they’ve lived in Latvia for a specified duration during their residency.
Latvia Golden Visa stands as a testament to the country’s progressive approach towards global collaboration and sustainable economic rejuvenation. Offering a blend of economic advantages, cultural richness, and the promise of European residency, it’s an avenue worth exploring for global investors.