1. What is the Golden Visa program in Latvia?

The Golden Visa program in Latvia is a residency by investment program that offers non-EU citizens the opportunity to obtain a residence permit in Latvia through investment in real estate, business, or government bonds.

2. What are the benefits of the Golden Visa program in Latvia?

– Residency in Latvia: The main benefit of the Golden Visa program is the ability for non-EU citizens to obtain a residence permit in Latvia.
– Easy travel within Schengen Area: With a residence permit in Latvia, holders can travel freely within the Schengen Area for up to 90 days within any 180-day period.
– Access to healthcare and education: Residence permit holders are entitled to access public healthcare and education services in Latvia.
– No requirement for physical presence: There is no minimum stay requirement for holders of a Latvian residence permit.
– Pathway to permanent residency and citizenship: After holding a residency permit for five years, it is possible to apply for permanent residency and after another five years, citizenship can be applied for.
– Business opportunities: The program provides opportunities for investors to start and run businesses in Latvia.

3. What are the investment options under the Golden Visa program in Latvia?

There are three main investment options available under the Golden Visa program:

– Real estate investment: Applicants can invest at least 250,000 EUR in real estate projects located outside of Riga or at least 500,000 EUR if located inside Riga. The property must be kept for at least five years.
– Business investment: This option requires an investment of at least 50,000 EUR into an existing company or creation of a new business with at least 100,000 EUR capital. The business must create jobs for local citizens.
– Government bond investment: Applicants can also obtain a residence permit by investing at least 350,000 EUR into interest-free government bonds issued by Latvian credit institutions. The bonds must be held for at least five years.

4. What are the requirements for obtaining a Golden Visa in Latvia?

The general requirements for obtaining a Latvian residence permit through the Golden Visa program include:

– Being a non-EU citizen.
– Being at least 18 years old.
– Having no criminal record.
– Providing proof of investment.
– Having valid health insurance.

5. How long does it take to obtain a Golden Visa in Latvia?

The processing time for a Golden Visa application in Latvia varies depending on the specific investment option chosen and other individual factors. It typically takes around three to six months to obtain the residence permit after submitting all required documents.

6. Can family members also obtain a Golden Visa through the main applicant?

Yes, family members, including spouse and children under 18 years old, can obtain a residence permit as dependents of the main applicant.

7. Are there any language requirements for obtaining a Golden Visa in Latvia?

There are no language requirements for obtaining a Golden Visa in Latvia.

8. Can applicants work in Latvia with a Golden Visa?

Yes, holders of a Latvian residence permit obtained through the Golden Visa program can work in Latvia without requiring an additional work permit.

9. Is it possible to renew the residence permit after its expiration?

Yes, it is possible to renew the residence permit if the initial investment is maintained and all other requirements are met. The renewal period is five years.

10. Can I apply for citizenship through the Golden Visa program in Latvia?

Yes, after holding permanent residency status for five years, it is possible to apply for citizenship through naturalization by meeting certain criteria such as knowledge of Latvian language and culture, clean criminal record, and passing an exam on constitutional law of Latvia.

2. Who is eligible to apply for a Golden Visa in Latvia?

Non-EU citizens who meet certain criteria can apply for a Golden Visa in Latvia, including:

1. Investors
– Individuals who invest at least 50,000 EUR in a Latvian company’s share capital or make a venture capital investment of at least 10,000 EUR.
– Individuals who purchase real estate property in Latvia with a minimum value of 250,000 EUR and hold it for at least five years.

2. High-net-worth individuals
– Individuals who can prove that they have assets worth at least 280,000 EUR and a stable annual income of at least 14,400 EUR.
– Individuals who have invested at least 280,000 EUR in liquid financial assets (such as stocks or bonds) and keep them for at least five years.

3. Talented individuals
– Scientists, researchers or highly qualified specialists who are offered employment or research opportunities by an accredited Latvian institution.
– Professionals in high-demand sectors, such as information technology or the medical field.

4. Start-up founders
– Non-EU entrepreneurs who establish their start-up business in Latvia and meet certain investment and job creation requirements.

5. Family members of Golden Visa holders
– Immediate family members (spouse and children under the age of 18) can also apply for a Golden Visa based on their relationship to the main applicant.

It is important to note that all applicants must also pass security checks and demonstrate a lack of criminal activity before being granted a Golden Visa.

3. Is there an investment requirement for the Golden Visa Program in Latvia?

Yes, there is an investment requirement for the Golden Visa Program in Latvia. To be eligible for the program, applicants must invest a minimum of 50,000 euros in real estate in Latvia or at least 10,000 euros in a Latvian bank deposit.

4. What are the benefits of obtaining a Golden Visa in Latvia?

1. Residency in a EU country: Latvia is a member of the European Union, and obtaining a Golden Visa allows for long-term residency in the country.

2. Visa-free travel within Schengen area: With a Golden Visa, individuals can freely travel to other Schengen countries without obtaining additional visas.

3. Permanent residency and citizenship potential: After 5 years of holding the Golden Visa, individuals may be eligible for permanent residency or even citizenship in Latvia.

4. Ease of application process: The application process for a Golden Visa in Latvia is relatively straightforward and does not require extensive documentation or investment.

5. Flexible investment options: Unlike other countries, Latvia offers various investment options for obtaining a Golden Visa, such as real estate, bank deposits, or business investments.

6. Low minimum investment requirement: The minimum investment required for a Golden Visa in Latvia is significantly lower than other EU countries offering similar programs.

7. Family benefits: The Golden Visa also extends to immediate family members, allowing them to live, work and study in Latvia.

8. Education and healthcare benefits: As a resident of Latvia, individuals have access to quality education and healthcare services at local rates.

9. Tax benefits: Residents of Latvia are subject to favorable tax rates compared to some other EU countries.

10. Strong economy and stable political environment: Latvia has one of the fastest-growing economies in Europe and provides political stability for its residents.

5. Can family members be included in the application for a Golden Visa in Latvia?

Yes, family members can be included in the Golden Visa application in Latvia. This includes a spouse, children under the age of 18, and dependent adult children. Family members must provide proof of their relationship to the main applicant and comply with all necessary visa requirements. They will also be eligible for residency permits in Latvia.

6. How long does it take to process a Golden Visa application in Latvia?

The processing time for a Golden Visa application in Latvia is approximately 30-60 days. However, the exact time may vary depending on the individual circumstances and completeness of the application. It is recommended to submit a well-prepared application with all necessary documents to avoid any delays in processing.

7. Are there any language requirements for the Golden Visa Program in Latvia?

Yes, applicants for the Golden Visa Program in Latvia are required to have a basic knowledge of Latvian, the official language of Latvia. This may include being able to hold a basic conversation and understand simple instructions. Applicants can demonstrate their language skills by taking a Latvian language course or passing a language proficiency test.

8. What is the minimum stay requirement for holders of a Golden Visa in Latvia?

The minimum stay requirement for holders of a Golden Visa in Latvia is 183 days per year. This means that the investor must spend at least half of the year physically present in Latvia to maintain their visa status. Failure to meet this requirement may result in the revocation of the Golden Visa.

9. Is it possible to work or study with a Golden Visa in Latvia?

Yes, it is possible to work or study with a Golden Visa in Latvia. The Golden Visa allows non-EU citizens to reside and work in the country, and they may also pursue studies during their stay. However, it is important to note that the Golden Visa is valid for a maximum of five years, after which the individual must apply for a temporary residence permit if they wish to continue residing in the country.

10. Will I need to pay taxes on my foreign income if I obtain a Golden Visa in Latvia?

Yes, if you obtain a Golden Visa in Latvia and become a tax resident in the country, you will be subject to Latvian taxes on your worldwide income. This includes any income earned from foreign sources. However, the amount of taxes you pay may depend on the tax laws and double taxation agreements between Latvia and your home country. It is important to consult with a tax advisor or lawyer for specific advice on your situation.

11. Can I invest in any type of property to obtain a Golden Visa in Latvia?

No, in order to obtain a Golden Visa in Latvia, you must invest in specific types of real estate: residential property, commercial property, or agricultural land. Additionally, the investment must meet certain requirements for size and location. It is recommended that you consult with a lawyer or immigration specialist for more information on the specific requirements for each type of investment.

12. Is there a limit on the number of Golden Visas that can be granted each year in Latvia?

According to the Latvian Citizenship and Migration Law, there is no set limit on the number of Golden Visas that can be granted each year. However, visas are issued on a case-by-case basis and must meet the necessary criteria and requirements outlined by the law. It is possible that in certain cases where there is a high demand for visas, there may be a longer processing time and potential limits imposed by the government.

13. Can I apply for permanent residency or citizenship through the Golden Visa program in Latvia?

No, the Golden Visa program in Latvia does not offer a pathway to permanent residency or citizenship. It only grants temporary residence for up to five years, with the possibility of renewal.

14. Are there any restrictions on traveling within the Schengen Area with a Latvian Golden Visa?

No, there are no restrictions on traveling within the Schengen Area with a Latvian Golden Visa. With a valid residence permit, you are allowed to enter, exit and travel freely within the Schengen Area for up to 90 days in any 180-day period.

15. What happens if my investment loses value after obtaining a Latvian Golden Visa?

If your investment loses value after obtaining a Latvian Golden Visa, it will not affect your residency status. However, if the value of your investment drops below the minimum required amount for the Golden Visa (currently 300,000 EUR for real estate and 50,000 EUR for business investments), you may need to make additional investments or provide proof that you still meet the minimum investment requirements. It is important to monitor your investment to ensure it remains above the minimum required amount in order to maintain your Golden Visa status.

16. Do I need to visit Latvia before applying for a Golden visa or attending an interview?

Yes, it is recommended to visit Latvia before applying for a Golden visa or attending an interview. This will give you an opportunity to familiarize yourself with the country, its culture and lifestyle, and make sure it is the right fit for you. It will also demonstrate your genuine interest in becoming a resident of Latvia, which can be viewed positively during the application process.

17. Are there any specific medical insurance requirements for obtaining a Latvian golden visa?

There are no specific medical insurance requirements for obtaining a Latvian golden visa. However, it is recommended to have comprehensive health insurance coverage during your stay in Latvia. If you plan to work or study in Latvia, it may be required by your employer or educational institution to have health insurance. Applicants may also be required to show proof of sufficient funds to cover any potential medical expenses during their stay in Latvia.

18.Can I apply for Latvian citizenship through the golden visa route?

No, the golden visa route does not lead to Latvian citizenship. The purpose of the golden visa program in Latvia is to attract foreign investors and encourage business development, but it does not grant citizenship. To obtain Latvian citizenship, you must meet the eligibility criteria set by the government, including a certain period of residency, knowledge of Latvian language and culture, and passing a citizenship examination.

19.Can I bring my dependents, such as parents, under my golden visa application?

No, only the applicant’s spouse and dependent children can be included in a golden visa application. Parents and other relatives are not eligible for inclusion in the application.

20.What documentation is required to prove the source of funds for investment under the Latvian golden visa program?

The following documentation is required to prove the source of funds for investment under the Latvian golden visa program:

1. Bank statements showing the origin of the funds, including any incoming and outgoing transactions related to the investment.

2. Proof of income, such as salary or business profits, that shows how the funds were acquired.

3. Documentation of any loan or mortgage taken out to obtain the investment funds.

4. Tax returns or other financial documents that demonstrate your financial stability and ability to make the investment.

5. Proof of ownership or sale of any assets used in acquiring the investment funds, such as property titles or sales contracts.

6. If the funds were obtained through a gift or inheritance, you will need to provide a notarized letter from the donor or deceased person’s estate confirming their relationship to you and gifting/leaving you with the funds.

7. If the funds were earned through employment, you will need to provide a letter from your employer stating your job title, duration of employment, and annual salary.

8. For self-employed individuals, you may need to provide business registration documents and financial statements.

9. Any additional documents requested by Latvian authorities to verify the legitimacy of your source of funds.

It is important to note that all documentation must be translated into Latvian by a certified translator if they are not in English or Russian.