Your Complete Guide to the Latvian Golden Visa Program

Interested in securing residency in a European Union country? Latvia’s Golden Visa program offers a direct path for foreign investors to obtain a temporary residence permit. This comprehensive guide breaks down the investment options, eligibility requirements, benefits, and the step-by-step application process to help you understand if this program is right for you.

What Is the Latvian Golden Visa?

The Latvian Golden Visa is officially known as the investor visa program. It is a residency-by-investment scheme designed to attract foreign capital and stimulate the country’s economy. In exchange for a qualifying investment in Latvia, non-EU/EEA nationals and their immediate family members can be granted a temporary residence permit.

This permit is typically valid for up to five years and allows the holder to live, work, and study in Latvia. It also provides the significant benefit of visa-free travel throughout the Schengen Area. It is important to note that this program grants residency, not immediate citizenship. However, after maintaining residency for a specified period and meeting certain conditions, it can serve as a pathway toward permanent residency and eventually citizenship.

Key Benefits of Latvian Residency Through Investment

Securing a Latvian residence permit through this program offers several compelling advantages for investors and their families.

Schengen Area Travel: As a Latvian resident, you can travel visa-free throughout the 27 countries of the Schengen Zone for up to 90 days within any 180-day period.
Family Inclusion: The main applicant can include their spouse and minor children (under 18) in the application, allowing the entire family to gain residency.
Access to Services: Residents have the right to live in Latvia and access its education and healthcare systems.
Business and Work Rights: The permit grants the holder the right to work and conduct business within Latvia.
Pathway to Permanence: After five years of continuous temporary residency, you may be eligible to apply for permanent residency, provided you meet requirements such as a basic Latvian language proficiency test.
No Minimum Stay Requirement: For the first five years, there is no strict requirement to physically reside in Latvia to maintain your temporary permit, though you must register your permit annually.

Investment Options and Financial Requirements

To qualify for the Latvian Golden Visa, applicants must choose one of the following investment routes. It is critical to understand that a non-refundable state fee is required in addition to the primary investment.

This is one of the most common routes. Applicants can invest in the equity capital of a Latvian company. The requirements vary based on the size of the business.

Investment of €50,000: This investment must be made in a company with an annual turnover of less than €10,000,000 and fewer than 50 employees.
Investment of €100,000: This is for an investment in a company with an annual turnover exceeding €10,000,000 and more than 50 employees.
State Fee: For both options, a one-time state fee of €10,000 must be paid to the state budget after the residence permit is approved.

2. Investment in Financial Instruments

This option involves placing funds in a Latvian credit institution (bank) for a specific term.

Investment Amount: A minimum of €250,000 must be invested in subordinated capital (such as subordinated bonds or deposits) with a Latvian bank.
Term: The investment must be held for a term of at least five years without the right to terminate it early.
State Fee: A one-time state fee of €25,000 is required upon approval of the residence permit.

3. Investment in Interest-Free Government Bonds

This route provides a direct investment into the Latvian state.

Investment Amount: A minimum of €250,000 must be used to purchase special-purpose, interest-free government bonds.
State Fee: A one-time state fee of €38,000 must be paid into the state budget.

Important Note on Real Estate: Previously, purchasing real estate was a popular option for the Golden Visa. However, the Latvian government has suspended this option for new applications. It is no longer possible to obtain a first-time residence permit through real estate investment.

Eligibility Criteria and Required Documents

Beyond the financial investment, all applicants must meet several personal criteria to be considered eligible for the program.

Clean Criminal Record: You must provide a police clearance certificate from your country of citizenship and any country where you have resided for more than 12 months in the last ten years.
Proof of Funds: You must be able to prove the legal origin of the funds used for the investment.
Sufficient Income: You need to demonstrate that you have adequate financial means to support yourself and your family in Latvia without needing social assistance.
Health Insurance: A valid health insurance policy is mandatory for the entire duration of the residence permit.
No Tax Debts: Applicants must not have any real estate tax debts in Latvia.

The Step-by-Step Application Process

Navigating the application can be complex, and many applicants choose to work with immigration lawyers. The general process is as follows:

Choose Your Investment: Select the investment route that best suits your financial goals.
Gather Documents: Prepare all necessary personal documents, including your passport, birth certificates, marriage certificate (if applicable), proof of funds, and police clearance certificates. All documents must be notarized and apostilled or legalized.
Make the Investment: Complete the qualifying investment. This step often requires careful coordination, as proof of the transaction is needed for the application.
Submit the Application: The application for the residence permit is submitted to a Latvian consular mission abroad or to the Office of Citizenship and Migration Affairs (OCMA) in Latvia.
Pay Fees: Pay the required state duty and application processing fees.
Await Decision: The OCMA will review your application. The processing time can take between 30 and 90 days, depending on the chosen processing speed.
Receive Permit: Once approved, you must travel to Latvia to provide biometric data (fingerprints and a photograph). You will then be issued your residence permit ID card.

Frequently Asked Questions

Can I include my family in the application? Yes, the main investor can include their spouse, minor children, and dependents under their care in the same application.

Is the Latvian Golden Visa program still open for Russian and Belarusian citizens? Due to geopolitical events, Latvia has suspended the issuance of first-time temporary residence permits to citizens of the Russian Federation and the Republic of Belarus.

How long is the residence permit valid for? The initial permit is granted for a period of up to five years. However, you must register it annually with the OCMA to confirm that you still meet all the requirements and have maintained your investment.