New Opportunities – EU Residence Permit

As of 1 July 2010, opportunities of applying for a temporary residence permit in the Republic of Latvia, which is a member-state of the European Union and the Schengen Treaty, have expanded.

Amendments to the Immigration Law of the Republic of Latvia concern the possibility of applying for a residence permit for a term of up to 5 years on the basis of one’s investment:

• In the subordinated capital of an Republic of Latvia credit institution:
  • As a subordinated loan or subordinated bonds worth at least LVL 200,000 (~ EUR 284,574), with a term of at least 5 years and no right of termination prior to maturity;
• In the Republic of Latvia real estate objects:
  • Either investing in one or several real estate objects in Riga, Riga region, or towns in Latvia, with the total amount of investment worth at least LVL 100,000 (~EUR 142,287);
  • Or  investing in one or several real estate objects outside the aforementioned territories, with the total amount of investment worth at least LVL 50,000 (~EUR 71,144).
• Provide that:
  • The investor does not have and never had outstanding real estate tax pmts;
  • The real estate is purchased only from a legal entity registered in the Republic of Latvia or from an individual who is a citizen or non-citizen of Latvia, a citizen of the EU or a foreign national with a valid Republic of Latvia residence permit.
• In the stock capital of an Republic of Latvia company:
  • Either at least LVL 25,000 (~EUR 35,572) should be invested in a company that employs no more than 50 people and has an annual turnover of less than 7 million LVL, provided that the annual amount paid in tax is worth at least LVL 20,000 (~EUR 28,457);
  • Or amount invested: 100,000 LVL.

In cooperation with its partners, Baltikums Bank will provide consultations and legal support to its customers regarding the investment and required documents preparation issues.

You can learn more on these topics by contacting your private banker.