Republic of Latvia is a member of the European Union and the Schengen Agreement. The residence permit in Latvia provides 90 days visa-free visits to any country of the Schengen Agreement in half year.
The current immigration legislation of Latvia from the 1st of September, 2014 provides a temporary residence permit for investors, according to following reasons:
According to the last amendments, the minimum threshold of the real estate value for such transactions is increased to EUR 250 000, with the minimum cadastral value of such property being EUR 80 000. If the cadastral value is below this amount, an evaluation of a certified appraiser is required stating that the market value of the facility is not less than EUR 250 000. Such conditions are applied to real estate acquisition in all regions of Latvia.
According to the amendments, the acquired real estate must be one functionally related and developed facility. The acquisition of a land plot with no buildings on it, agricultural land or forests will not be considered as grounds for obtaining a residence permit in Latvia.
The duty for obtaining a residence permit is determined as 5% of the real estate value.
Prior to the amendments taking effect, investors were able to buy real estate for obtaining a Latvian residence permit in accordance with the terms and conditions valid up to now – the minimum value of a facility in Riga, Jurmala and other big cities of Latvia being about EUR 143 000, and in the regions – about EUR 72 000.
A residence permit in Latvia allows its holder and his family to reside in the country on a permanent basis (which is not a compulsory condition), as well as to travel in the entire Schengen territory visa-free.
Foreign citizens with a residence permit in Latvia receive an identification card and personal identity code.