One of the best reasons why a lot of foreigners choose to relocate to Latvia is because it offers one of the most affordable costs of living in all of Europe. If you plan to obtain a stay permit in this Baltic state, we’ll walk you through everything you need to know to have a successful application.
Residence permit in Latvia
Latvian resident permits (Uzturēšanās atļauja in Latvian) is a document that gives a foreigner with the right to reside, live, work, study, or do business in Latvia for an agreed or indefinite period depending on the type of license issued.
Similar to a physical residence card, this license makes your life and allows you to stay longer in the country without any trouble. If you plan to stay longer than 90 days in Latvia or travel to other Schengen countries, holding a Latvian residence authorization makes the whole process much easier.
Since any person holding a residence permit in any Schengen country can easily visit other Schengen states without any visa or complicated documentation.
Currently, there are two kinds of residence licenses issued in Latvia: permanent resident permits and temporary resident permits.
If you are not personally connected to anyone in the country or have a relative that would allow you to obtain a residency card via EU citizenship, family reunification, family immigration, Latvian ancestry, you can still obtain a residency license by investment.
You can obtain a Latvian residency card by purchasing & acquiring real estate or by investment (investing in Latvian credit institutions or investing in the equity capital of an enterprise).
Benefits of Latvian residency status
Aside from possessing the liberty to reside in one of the most popular countries in Europe, the Latvian residence license allows you to reside in Latvia for up to five years.
This special document also allows you to freely travel to any EU Member States and even some Non-EU countries. It also gives you the chance to apply for a Latvian or EU permanent residence permit, and even obtain temporary residence permits for your spouse and children.
Best ways to legally obtain a Latvian resident permit
If you plan to legally obtain a Latvian Residence permit, I have a list of ways that process enshrined in the constitution that stipulates how to apply for a residency license in Latvia.
Here are the best ways to attain a residence permit in Latvia on all grounds provided by law.
You can attain a residency card from your relatives who are citizens of Latvia or foreigners that possess a permanent residence permit. It can also be obtained from your spouse, parents, guardianship, or trusteeship, and foreign nationals that are of retirement age.
2. Commercial activity
You can also obtain resident permits if you come to the country as individual merchants, self-employed businessmen, representatives of a foreign corporate entity, for scientific cooperation, or for employment purposes.
Students and pupils can also obtain a license to stay if they study full time at any accredited educational institution, in a student exchange program, or has a master’s degree, diploma, or doctorate in any higher educational institution recognized by the state.
4. Medical Treatment
You can also attain this document for the period agreed in the treaty on treatment in an inpatient institution, for asylum or temporary protection prescribed by the asylum law of the country, foreigners who are stateless persons, criminals pending investigation, or for religious activities.
5. International relations
Aside from being a citizen or permanent residence of any EU country, residence permits can be given to a foreigner, who has reached retirement age or qualifies for a visa-free regime.
Foreigners can also attain the right to reside in Latvia if they invest in the equity capital of a Latvian company that amounts to €50,000 – €100,000, purchase interest-free government bonds worth at least €250,000 or invest in the subordinated capital of a credit institution worth at least €280,000.
If you also purchase real estate worth €250,000 or create an innovative product that will enhance the country’s economy, you’ll be given a license to stay.
According to statistics from the Latvian State Land Service, since the introduction of granting of residence permits based on the acquisition of real estate, more than 500 million Euros have been invested in the country with less than 3.4% of all applications turned down.
This means that the best way to obtain a Latvian residency status is by purchasing real estate and other properties in this European country.
If you wish to obtain a residence permit by real estate investment or any other means listed in this guide, send us a message and we will gladly help you.