The Latvian residency‑by‑investment programme (often referred to as a “golden visa”) offers a fast‑track route to an EU residence permit with minimal physical‑presence requirements. Applicants can obtain the permit in roughly two weeks and gain the right to travel freely within the Schengen area.
Core requirements
- State fee: €10,000 payable to the Latvian government.
- Investment component: €50,000 that must be retained in Latvia for a minimum of five years.
- Legal representation: An attorney or authorized service provider handles the application; their fees are separate from the state fee.
Investment options
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Company formation in Latvia
- Set up a Latvian‑registered company and deposit the €50,000 as capital.
- The company must generate income and meet a minimum tax contribution to the Latvian tax authorities.
- Ongoing obligations include filing tax returns and possibly maintaining a certain number of employees.
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Deposit with an existing Latvian company
- Place the €50,000 with a pre‑qualified Latvian firm that already satisfies the required tax and employment thresholds.
- The firm typically pays an annual interest of 2–2.5 % on the deposited amount.
- This option avoids the administrative burden of running a new business.
Both routes require a five‑year commitment. After the period ends, investors may withdraw the €50,000, provided they have complied with all legal and tax obligations.
Processing timeline
- Application submission to approval: Approximately 15 days on average, though actual times can vary slightly.
- The permit is issued without the need for a prior Schengen visa; holders can enter the Schengen zone visa‑free.
Benefits of the Latvian permit
- EU freedom of movement: Residence permit holders can live, work, or study in any of the 27 EU member states (excluding the UK post‑Brexit).
- Low entry cost: Compared with other EU residency programmes, the €10,000 state fee and €50,000 investment are among the most affordable.
- No mandatory physical residence: Applicants are not required to spend a set amount of time in Latvia each year, making it suitable for remote workers or frequent travelers.
Comparison with other EU “golden visa” schemes
- Portugal: Requires a higher investment (e.g., €350,000 in a hospitality fund) but offers a direct path to citizenship after five years. The Portuguese scheme may be more attractive for those specifically seeking EU nationality.
- Latvia: Emphasises a lower financial threshold and rapid processing, but does not automatically lead to citizenship; renewal of the residence permit is required.
Risks and considerations
- Tax obligations: If a new company is created, the investor must comply with Latvian corporate tax rules and may be liable for corporate income tax, payroll taxes, and other statutory contributions.
- Investment lock‑in: The €50,000 must remain in Latvia for at least five years; early withdrawal could jeopardise the residence permit.
- Regulatory changes: Residency‑by‑investment programmes are subject to policy revisions. Prospective applicants should monitor Latvian immigration regulations for any amendments that could affect eligibility or costs.
- Legal compliance: Proper documentation, including proof of source of funds and adherence to anti‑money‑laundering standards, is mandatory to avoid application rejection.
Practical steps for applicants
- Assess financial capacity – ensure the €10,000 fee and €50,000 investment are available and can be retained for five years.
- Choose an investment route – decide between forming a new company or depositing with an existing qualified firm.
- Engage a qualified attorney – to prepare and submit the application, verify compliance with Latvian law, and handle any tax filings.
- Submit documentation – including passport copies, proof of funds, and the state fee receipt.
- Await approval – typically within two weeks; once granted, the residence permit enables Schengen travel and residence rights across the EU.
The Latvian residency‑by‑investment programme provides a relatively inexpensive and swift pathway to EU residency, particularly suited for individuals who prioritize mobility and minimal on‑site obligations over immediate citizenship.
