Residence permit is a kind of immigration document allowing foreigners to stay for a limited period of time or to live abroad without a time limit. The terms of residence permit are different in each country. Latvia, a member of The European Union, grants limited or limitless residence permit to foreigners applying for it in terms of the country’s legislation.
The residence permit you will obtain from the Republic of Latvia, allows you to travel across the countries, members of The EU, without visa in accordance with Schengen Agreement. Foreign investors and their family members (little children and dependent people), students applied for full time education and couples applied for family unity can obtain temporary Latvian residence permit and issuing of temporary Latvian residence permit takes about one to three months. People staying in Latvia for 5 years get the right to apply for a permanent residency. When you renew your temporary residency continuously, you can live in Latvia and also stay in Schengen countries for 90 days.
According to the latest law legalized in 2014, for temporary Latvian residency (about buying a property) the following conditions must be accomplished:
- Buying a property within the Republic of Latvia borders, priced at minimum 250.000 with cadastral value costing 80.000 Euros
- Making property type of financial investment with the minimum 280.000 Euros credit received from the Republic of Latvia’s Credit Agency
- Making investment on the companies in the Republic of Latvia (on shareholder companies) .
Foreign citizens accomplishing any of those conditions will have lots of advantages along with the residence permit. Here are some of the advantages:
- Limitless travel right in Schengen countries (including Norway, Sweden and Iceland)
- Right of having the equal social insurance as Latvians (maternity support, retirement, free health insurance etc.)
- Right for residence in other EU countries up to 90 days
- Longtime residence permit within the borders of the Republic of Latvia
- Work permit within the borders of the Republic of Latvia
- Right for having a vehicle with low taxes and free from customs tariff also registered to the Republic of Latvia and using that vehicle in all EU countries
- Right to have a driving licence registered to the Republic of Latvia valid in all EU countries.
- Right for limitless access to EU
- Obtain a footing and having nearly equal rights as the citizens of the Republic of Latvia (except for right to vote etc.)
- Right to be a citizen of Latvia in the future
- Right to bring your family members and dependent people
- Right to trade and invest limitless within the borders of the Republic of Latvia
- Right of living in peace and safety
- Chance of having a less cost of living and trade compared to the other EU countries
- Right to be a citizen of Latvia after living 5 years there and easier process while traveling to USA, Canada, UK and Australia
The list of documents to apply for residence permit by investing on a property:
- A passport valid for minimum 16 months before entering the borders of Latvia
- A filled application form for residence permit in Latvia
- 2 colored photos of each applicant (3 x 4 cm)
- A bank approved approval document confirming that you have minimum 854 Euros income annually and your spouse’s subsistence level must be minimum 256 Euros, your children’s (aged under 18) subsistence level must be minimum 171 Euros monthly. At least 10.300 Euros must be saved in a year.
- The document about confirmation of residence permit in Latvia
- The document confirming that the property is bought non-cash
- The document confirming that the house doesn’t have any unpaid property tax if the house was owned more than a year
- Clearance document, from the other country which he is a citizen, confirming that the person doesn’t have any criminal record (if he is from abroad and was taken into custody for more than a month after the age of 14)
- Health insurance policy for a year
- Fluorography and radiology results from Latvian health facilities confirming that person isn’t tuberculosis
- Bill showing that 2% of the state tax and %5 of the residence permit cost of the property was paid
Also a lot of solutions on how to get work permit after residence permit are hidden in Latvia.