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Residence permits in Latvia

Residence permits in Latvia

In order to increase foreign direct investments in Latvia, especially from the neighboring states like Russian Federation, Republic of Ukraine, etc.,  as of January 2011 the usual grounds for granting temporary residence permits for a period of up to five years to nationals of other states have been supplemented by the following grounds:

  1. A foreign national has made investments in an existing or newly registered  Latvian capital company (a limited liability company or a stock company) in the following amount:

a)      LVL 25 000, provided an existing capital company does not employ more than 50 employees, its annual turnover or balance is no more than LVL 7 000 000, and in a financial year it pays taxes in a state or municipal budget not less than LVL 25 000;

b)      LVL 25 000, provided a newly registered capital company does not employ more than 50 employees, its balance is no more than LVL 7 000 000, and within one year after granting of the residence permit (when the permit has to be prolonged)  it may prove that within the first financial year it has paid taxes in a state or municipal budget not less than LVL 25 000;

c)      LVL 100 000.

  1. A foreign national has acquired and he owns one or more immovable properties in Riga planning region or cities of the Republic of Latvia, with a total value of no less than LVL 100 000, or one or more immovable properties outside of Riga planning region or cities of the Republic of Latvia, with a total value of no less than LVL 50 000, provided all the following conditions are fulfilled:

a)      one does not have and has never had real estate tax debts;

b)      total price for the above properties has been made via transfer by clearing;

c)      the property has been acquired from a Latvian legal entity or a natural person, who is a Latvian citizen, Latvian non-citizen, EU citizen, or a foreigner residing in Latvia with a valid residence permit;

d)      total cadastral value of the above properties within Riga planning region or cities of the Republic of Latvia is no less than LVL 30 000, and no less than LVL 10 000 outside of Riga planning region or cities of the Republic of Latvia. If this is not met, the total value of the above properties should be no less than the value fixed by a certified real estate surveyor.

  1. A foreign national has made investments into a subordinated capital of a Latvian credit institution (in a form of subordinated loan or subordinated obligations) no less than LVL 200 000, provided the term of such engagement is no less than 5 years and it does not provide the right of the foreign national to terminate the engagement prematurely.

Juris Raudzeps

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