"Rebenoks & Vilders" International Law Firm is able to offer a comprehensive and specialized range of legal services to obtain for the residence permit of the Republic of Latvia which automatically guarantees free movement of persons within the Schengen area, currently consisting of 25 European countries.

Having fulfilled one of the below criteria, an investor may apply for the residence permit valid for the period of 5 years:

Placement of term deposit

Investment in real estate

Subordinated term deposit
≥ 200 000 LVL
or equivalent in EUR, USD at the current rate of the Bank of Latvia (~ 300 000 EUR, ~ 400 000 USD)


Value of which is
≥ 100 000 LVL 143 000 EUR
in Riga and other major cities

Or ≥ 50 000 LVL 72 000 EUR
in regions of Latvia

 

As of 1 July 2010 the amendments to the Immigration Law and the new Regulation of the Cabinet of Ministers of the Republic of Latvia on residence permits are in force. The new Regulation allows to obtain temporary residence permit in Latvia (EU member state) on the grounds of acquired immovable property.

 

The qualifying immovable property:

-The cost of immovable property (the cost of one object or the overall cost several objects) in Riga, Riga region, Jurmala, Riga planning region or other cities in Latvia must be not less than 100,000 Lats and the cadastral value of the property must be not less than 30,000 Lats. The cost of immovable property in other Latvian regions must be not less than 50,000 Lats and the cadastral value of the property must be not less than 10,000 Lats. The cost of immovable property implies the purchase price. It is crucial that the purchase price indicated in the Land Registry corresponds to the above thresholds.

-The payment for transaction must be made with a bank transfer and the fact of payment must be confirmed with the respective printout from the bank.

-The immovable property must be registered in the Land Register.

-The immovable property must be acquired from the legal person registered in Latvia or the physical person, who is either Latvian citizen or non-citizen or has effective residence permit in Latvia.

 

Temporary residence permit is obtained for the term of five years and allows for continuous presence in the country. The visa, in turn, allows for 90-day presence within a half-year or a 180-day presence within a year. Thus, the residence permit has an advantage over the visa. Temporary residence permit disregards the periods of staying outside Latvia.

 

 (image from Google Maps)

 

Moreover, after obtaining the residence permit on the grounds of acquiring immovable property, the client automatically receives the unlimited work permit that allows him to be either employed in Latvia or become a board member of his own company (if relevant).

 

Additionally, the person having residence permit is entitled to request visas (for example, the visas to USA, United Kingdom and the other countries, where the visa is required) in Latvian diplomatic establishments in other countries.

The holders of residence permits are able to receive loans in Latvian commercial banks.

 

The holders of temporary residence permits need to register with The Office of Citizenship and Migration Affairs on an annual basis. This is done to prove that the grounds for obtaining the residence permit did not fade, to check whether the immovable property is still owned by the individual and whether the real estate tax had been paid.

 

After the five years have passed, it is possible to apply for the permanent residence permit by passing the Latvian language test (currently the A2 level is required to pass).

 

When reviewing the application for the permanent residence permit, the commission considers the periods when the individual was outside Latvia – there should be no periods exceeding 6 months and the sum of periods being outside Latvia must not be more than a year.

 

Individuals, not willing to apply for the permanent residence permit can disregard the above mentioned conditions and prolong the temporarily residence permit when the old one expires.

 

The current situation has generated considerable interest and many individuals are actively inquiring on the opportunities of getting the residence permit in Latvia.

 

©2009 Rebenoks & Vilders International Law Firm
e-mail: office@rvlaw.lv | Phone: (+371) 26319840, 26332366 | Fax: (+371) 67470037
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