A golden visa is a process of obtaining a permanent (permanent residence) or temporary residence permit (residence permit) by a foreigner through investment. The main reasons for capital investment – the acquisition of real estate, stocks, government bonds under the state immigration program. European countries such as Latvia, Spain, Hungary, and UK Latvia have issued the most golden visas in recent years.
Latvia is a beautiful country with its own unique identity, culture, customs, and traditions. Prices are affordable there, but not at the expense of quality. By investing from € 250,000 in the purchase of real estate, you will not only acquire a luxurious apartment with high-quality finishes but also apply for a residence permit in Latvia. The process of obtaining a residence permit takes on average 30-90 days.
Benefits of Golden Visa
Neither you nor your family members are required to live in Latvia to obtain a residence permit in Latvia. Besides, you will not need to go to any interview or prove your level of proficiency in the Latvian language. Latvian residence permit program “Golden Visa” offers the lowest real estate investment in Europe.
Buying real estate
You will be pleasantly surprised by the quality of housing that you can find on the Latvian real estate market for only € 250,000. For this money, you can easily buy 150 squares of high-quality housing in the city center, within walking distance to all shops, schools and everything you need for life. Everything will be ready for you and your family to move in – all you have to do is enjoy the high standards of decoration and design. If you want to sell your apartment in the future, rising property prices will provide you with capital gains.
On the Latvian housing market, anyone can find real estate to their liking and pocket. And do not forget: you are buying not only a house for yourself and your family in an incredibly beautiful country – this investment will ensure your future by obtaining permanent residence in Latvia and a European passport.
Golden Visa Latvia requirements
The main applicant must be at least 18 years old. A spouse, minor children, financially dependent children, and parents can be addicted. All dependents can apply for a residence permit in Latvia together with the main applicant. The temporary residence permit is valid for 5 years and must be renewed every year.
You need to invest at least € 250,000 in one or more properties, depending on the location. But remember that you cannot buy agricultural land or forests for Golden Visa purposes. And you cannot pay with cash. Moreover, the total cadastral value of the real estate must be at least € 80,000. After the approval of the application, an additional state fee is paid in the amount of 5% of the purchase value of the real estate + stamp duty of 2% for registration of ownership.
To obtain a residence permit in Latvia, in addition to the requirements above, all applicants must meet the following conditions:
- No criminal record;
- No tax debts concerning real estate;
- Good health;
- The ability to support yourself and your family;
- Medical insurance for 1 year after obtaining a residence permit in Latvia.
Permanent residence and citizenship of Latvia
If you decide to move to Europe for permanent residence and are ready to apply for permanent residence in Latvia, you must show that you have lived in Latvia for 4 years out of the last 5 years after receiving a temporary residence permit. You must also pass the Latvian language exam and the test of knowledge of the history of Latvia and its national anthem.
Requirements for obtaining Latvian citizenship
To qualify for Latvian citizenship and a European passport, you must have lived in the country for at least 10 years, 5 of which you were a permanent resident – you will need to prove this in the form of proof of permanent residence address and confirmation of employment. Besides, you must meet the following conditions:
- Knowledge of the basic principles of the Latvian Constitution, the national anthem, as well as the foundations of the country’s history and culture;
- No criminal record and good reputation;
- No debts to the tax and other authorities.