Republic of Latvia – sustainable, fast and low-cost bridge to the European Union and whole Schengen area for foreign citizens, who purchase real estate in Latvia, invest in business, invest in subordinated capital (make a deposit) in one of Latvian banks and several more beneficial options e.g. employment and member of a board status. An investor may claim to receive a temporary residence permit in Latvia for 5 years with a prolongation option. A Latvian temporary residence permit enables the bearer to travel freely within the boundaries of the Schengen Area. Having obtained a Latvian temporary residence permit, the investor is also granted the right to work in Latvia. There are many benefits that come along with the temporary residence permit e.g.
- All members of the bearer’s family (children under the age of 18) are granted a residence permit as well
- The facilitated procedure of obtaining a visa to the USA, Canada, the United Kingdom and Australia.
- The right to travel and reside freely Switzerland, Norway and Iceland.
- The right to acquire and register a vehicle within the territory of Latvia,
- Obtain a Latvian driver’s license, which is valid in all Member States of the European Union.
- Entitlement to the entire scope of social safeguard equal to that for citizens of Latvia (maternity allowance, pension in Latvia, free social healthcare, etc.)
- A permanent residence permit in the European Union may be obtained in 5 years.
- In 10 years, the bearer may apply for Latvian citizenship (naturalize), which facilitates the process of obtaining a visa for traveling to Canada, the United States, Australia and the United Kingdom.
Latvian residence permit program ensures the best price-performance in the whole European Union. Required investment in the equity capital of the capital company is starting only 35 000 EUR but the minimal value of the real estate has to be 250 000 EUR. At the same time required subordinated liabilities with a credit institution of the Republic of Latvia are in the amount of not less than EUR 280 000 and the term of the transaction entered into with such credit institution is not less than five years.
Why is Latvia good for large investments?
First of all, thanks to the transparency, reliability and ease of doing business in a European country such as Latvia. Produced Doing Business 2015 survey of the world for the most favorable business conditions showed that Latvia takes the 23th place among 189 countries in the world (in 2013 Latvia took 25th place among 185 countries). Latvia is a part of the Schengen zone and has a highly developed and efficient banking sector is well suited to service international clients in English and Russian languages. Also Latvia while recovering after the real estate and global crisis has gained unique and successful experience that has used as an example for other EU member states. With regard to the foundation of the company, registration of companies in Latvia takes only 1 to 3 days in the presence of all necessary documents.
Taking into account the above mentioned in today’s constantly changing business and financial environment, foreign investors are increasingly choosing Latvian residency program to ensure the safety of their investment and to gain more benefits for them and their family members. So why don’t you spread out this info and Baltic Law Offices team will find the best option to fit every client’s and partner’s needs.