Latvian Residence Permit
Latvian residence permit would be the perfect solution for you and your family either you decide to move to the European Union for settlement or wish to get access to the borderless Schengen Area for traveling purposes. As of 2010 the laws of Latvia offer the opportunity to obtain a residence permit for a term of 5 years based on one of the following investments:
Acquisition of immovable property in Riga, Riga planning region or Daugavpils, Jelgava, Jekabpils, Jurmala, Liepaja, Rezekne, Valmiera, Ventspils for a price not less than 142 300 euro
acquisition of immovable property outside Riga, Riga planning region or Daugavpils, Jelgava, Jekabpils, Jurmala, Liepaja, Rezekne, Valmiera, Ventspils for a price not less than 71 150 euro.
Contribution of 35 000 euro to the equity capital of a company (LLC or Joint stock) upon condition that the company shall pay not less than 40 000 euro taxes to the state budget
contribution of 150 000 euro to the equity capital of a company (LLC or Joint stock) which employs more than 50 employees and its annual turnover exceeds 10 mln euro.
Investment of 280 000 euro placed with a Latvian credit institution for a term of 5 years.
Benefits of Latvian residence permit:
No visa required to move around and reside within Schengen Area countries up to 90 days per half a year;
Family members (spouse and children under 18) will automatically obtain residency on the basis of the main applicant's investment;
No minimum residency requirement - investor will only have to visit Latvia once a year to register (i.e. renew) residency permit;
Permission to work in the territory of Latvia;
Free basic and secondary education for the investor's children;
Opportunity to obtain permanent residency after 5 years subject to certain conditions;
Opportunity to obtain Latvian citizenship after 10 years.
How can we help?
Lawyers participation in the process of residency permit is recommended at all stages starting with locating the appropriate immovable property and ending with drafting of the required paperwork. Depending on the chosen type of investment AKIT lawyers will help you finalize the property purchase transaction, establish a company or arrange a meeting with the bank. We undertake full control over your matter and represent you in all state institutions, during negotiations with sellers, banks, notaries, authorities; we will draft the purchase contract to defend your interests and help you collect the necessary documents and certificates.
Residence permit application process can be divided into two stages: making the investment and applying for residency. If the investor chose to acquire real estate, we recommend that certain checks of said property are performed in order to make sure that there are no undesirable lessees/tenants, pledge/vindication entries relating to property, unauthorised reconstruction, utilities debts, etc. Furthermore, not only shall the chosen real estate meet your wishes but it shall as well be in compliance with regulatory requirements which makes involvement of lawyers mandatory.
help you to locate the desired real estate, ensure safety of your money during transaction, make necessary checks of the property to ensure its compliance to the regulatory enactments, register the property with the land register;
establish a company for you, draft incorporation documents, open bank accounts, obtain licenses required for the chosen type of commercial activity;
ensure the management of your property, i.e. lease/rent, rent payment control, solving of issues with house manager, representation at meetings of the apartment owners and in relations with competent institutions/utilities' providers, etc.
help you obtain residence permit, prepare necessary documents, represent your family at the Office of citizenship and migration affairs, obtain insurance policies and other necessary papers.