This type of residence permit is a part of Golden Visa programme that enables to foreigner investors the chance to get temporary residence permits by investing in countries economy and having it to gain benefits from the investment.
Residence permit by investing in real estate is getting more common and in following paragraphs the procedure, requirements and other details will be discussed that will ensure a smooth process of obtaining residence permit to reside in middle country of Baltics. The investment in real estate and getting a residence permit can be relatively quick in comparison to other countries therefore the foreigner can plan the acquisition of permit in minimum of 5 weeks, but the maximum time can depend on each case and each individual. How to apply got Latvian Visa?
Requirements for obtaining a residence permit by investing in real estate
There are certain requirements that are obligatory to follow when applying to residence permit in Latvia. Person that is applying must have a clean criminal record history that will ensure and guarantee the safety for country and for the person themselves, good health is also a requirement which is supported by health checks for the applicant. Another requirements are funds that ensure stability of caring for themselves and their families, accommodation set up for arriving in the country and insurance of health for at least 1 year.
The requirements for investment in real estate are to not have any tax debts for real estate, to payment for real estate not be in cash and having the real estate’s cadastral value not be less than 80 000 EUR. Also real estate must be bought from legal entity that is registered legally as a tax-payer to Republic of Latvia and the payment has to be made that amounts in 5 percent of real estate’s purchasing value and has to be paid to the state budget and that the real estate cannot be agricultural land or any wooded land.
Procedure of obtaining a residence permit by investing in real estate
The procedure of residence permit to reside in Latvia by investing in real estate starts with the person filing and gathering the required documents with a diplomatic or consular representative office from Latvia. The paperwork then can be submitted to the Office of Citizenship of Migration Affairs. The procedure that takes place inside the office and the process takes up to 30 days. Procedure of the residence permit can take more it the case is different or unique. Overall the procedure must always start with the gathering of needed documentation regarding the acquisition of residence permit by investment in Latvia and it will be discussed in the next paragraph.
Documents needed to obtain residence permit by investing in real estate
The required documents for applying to residence permit in Latvia by investing in real estate are the identification document of the applicant, application form that is filled, photo, document that confirms the purchase of real estate and proof of payments from the bank, proof that payment did not happen in cash and documentation confirming that the person has no real estate tax debts, an opinion document of certified real estate appraiser that confirms that real estate value complies with requirements and lastly the document that proves the payment of fee to the government.
Time frames of procedure of obtaining a residence permit by investing in real estate
Overall time frames of procedure of obtaining a residence permit by investing in real estate in Latvia can depend on each case and each individual. The buying of real estate can be from 2 weeks to up to few years and this is the start of the procedure overall, but the actual procedure of getting the residence permit is when the documents are submitted to the legal institution and therefore can vary from few days or up to 30 days till the time decision of the institution is issued.
The other parts of procedure, like entry visa for arrival in Latvia can be up to 3 days, medical insurance forming in country can be one day and the inset for the passport – one hour. The total process can be minimum of even 6 weeks and maximum of half a year or more. Overall the procedure is simple and easy to follow but it is always advised to consult with professionals to get the best decision in place for buying a property in Latvia and gaining the chance to have a residence permit in Republic of Latvia.