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Latvia

Bank deposit residence permit

If you wish to obtain a residence permit in the Republic of Latvia, you may make a 5-year term bank deposit of EUR 280,000.

Dependents may be included in the application.

The residence permit will have a validity not exceeding 5 years. After that period, you may renew your residence permit if you still fulfill the requirements or you may apply for a permanent residence permit. Language skills and significant physical residency in the country for 5 years may be required for permanent residency.

Foreigners who hold a permanent residency permit and have been living in Latvia for 5 years, may apply for citizenship if fulfill certain conditions.

Requirements


- Travel document admitted in the Republic of Latvia
- Financial means to subsist in Latvia without needing of work
- Health Insurance
- Have a place of residence in Latvia, whether ownership of property or rental
- Document issued by the credit institution of the Republic of Latvia, which confirms that the foreigner has subordinate liabilities toward the credit institution of the Republic of Latvia at least in the amount indicated in Section 23 Paragraph One Clause 30 of the Immigration Law and the transaction term is at least five years. If the financial investment has been made in a foreign currency, the credit institution shall confirm that on the date of entering into the agreement the amount thereof was compliant with the amount indicated in Section 23 Paragraph One Clause 30 of the Immigration Law according to the foreign currency rate used for accounting on the date of entering into the agreement.
- Documents a foreign national needs with respect to the anticipated place of residence:
Document in his/her name stating his/her right to reside in the specified real estate property (an entry in the Land Register);
or
a Lease Agreement for a specified real estate property in his/her name. If the Lessor is an individual or a corporation, additional documentation is required confirming the Lessor's ownership of the said property.
If the foreign national applying for a residence permit does not have either of the above, he/she needs to submit:
a copy of the Land Register pertaining to the specified real estate property; and the property owner's agreement to declare the said property as the foreign national's place of residence;
or
a Lease Agreement for the specified real estate property; and the Lessor's agreement to declare the said property as the foreign national's place of residence. If the Lessor is an individual or a corporation, additional documentation is required confirming the Lessor's ownership of the said property.

Restricted Nationalities


No nationality is officially restricted

dual citizenship


Dual citizenship is recognized in Latvia. You are not required to renounce your previous nationality to become a citizen of Latvia.


Documents Required


  • Proof of income
  • Original and photocopy of passport
  • One passport-size photo
  • Evidence of Health Insurance
  • Evidence of Residential Address
  • Receipt of payment of fees
  • Bank confirmation letter regarding deposit
  • dual citizenship Yes
  • Family members included Yes
  • land ownership Yes
  • Physical residence required No
  • Personal visit required Yes
  • Language skills required No
  • Interview required No
  • Investment Single €280,000
  • Investment Family 4 €280,000
  • Minimum annual income -
  • Time to citizenship 72
  • Time to permanent residency 60
  • Visa-free countries 165
  • Financing available No

Fees

government fees main applicant €10,000

Country details

Latvia
EUR
371
Riga
Europe
Latvian
2217969
The Republic of Latvia is a sovereign member of the European Union, with capital in Riga, which covers 64,589 km² of surface and has a total population of 2,070,371 inhabitants. It is located in northern Europe, is one of the Baltic countries and borders to the north with Estonia, to the south with Lithuania, to the east with Russia and Belarus, and to the west with the Baltic Sea. It is a country of low plains populated by extensive forests.

Latvia was again independent after 1991, after the dissolution of the Soviet Union. Since that year he has been a member of the United Nations (UN) since 2004 of the European Union (EU) and NATO, and since 2016 he has been a member of the OECD. Currently the country is a democratic parliamentary republic divided into 120 municipalities (90 municipalities and 30 cities).

The country adopted the euro as its official currency on January 1, 2014.

Visa Free Travel

With your new passport from Latvia you'll be able to access 165 countries visa free
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Taxes

To be a tax resident in Latvia, an individual must have his or her permanent place of residence in Latvia or be present in Latvia for 183 days or more in any 12-month period.

Residents are subject to tax on their worldwide income, while non-residents pay taxes in their income derived from Latvia.
Employment income and business income are taxed at 23%, capital gains at 15% and investment income at 10%.

Income from controlled foreign entities (cfc) is subject to personal income tax at 23%. A foreign entity is deemed to be a cfc when a Latvian tax resident holds at least 25% of equity, stock, or voting power.

Real property tax is levied at 1.5% of the cadastral value of land and buildings. Residential properties are taxed between 0.2% and 0.6%. Unused agricultural land is taxed at 3%.

A stamp duty is levied on the higher of sales price or cadastral value when real property is registered in the land register, capped at EUR 42,686.

The standard V.A.T. rate is 21%. A reduced 12% rate applies to certain goods and services.

There are no taxes on inheritances and personal wealth in Latvia.
Regarding corporate taxation, resident entities are subject to a 15% tax on their worldwide income.

  • Property tax Yes
  • Transfer tax Yes
  • Inheritance tax No
  • Net worth tax No
  • CFC law Yes
  • Tax residency days 183
  • Personal income tax rate 23%
  • Capital Gains tax rate 15%
  • Investment income tax rate 10%
  • Territorial taxation No

Procedures

Flag Theory | Passports.IO and our qualified lawyer in Latvia, will handle all paperwork, and guide you through each step of the process to ensure that it is as fast, efficient and pain free as possible.

First, our lawyers will conduct a due diligence check on you to ensure that you are eligible, meet the criteria to apply for the program and your application will be approved.

We will send you the application forms and provide assistance to complete the questionnaires, translate and authenticate documents. If required, we may introduce you to Latvian banks to make the required fixed term deposit. After, you must apply for the Investor visa at any embassy or consulate.

Once fees are paid and your application is approved, you will get the visa. The whole application process takes within 1-3 months.

Any time there is a change or new citizenship or residency by investment program, we'll send you an update via email. Your email will not be shared.