Golden visa in LATVIA
You’d be forgiven if you haven’t heard of Latvia before, or if you don’t have a clue as to where it’s located.
But believe it or not, Latvia actually has one of the oldest and longest-running residence by investment programs in Europe. It launched back in 2010 when it was in a financially dire situation and needed the foreign investment to get back up on its feet. Like other similar programs, it’s specifically geared toward high-net-worth individuals and families, but it actually offers the cheapest way to obtain residence in Europe.
Since 2010 by purchasing a real estate In Latvia or investing in the share capital of a company, more than 12000 resident permit applications have been approved. Latvian residence permit automatically allows you and your family free movement in the Schengen territory, currently consisting of 26 European countries. A residence permit is valid for the period up to 5 years and the foreigner/investor is not required to stay permanently in Latvia to maintain the residence permit – allowing you to travel and live in any of the Schengen`s member country.
Subordinated Loan to a Latvian bank
Loan €280,000 and pay €25,000 state fee
The return on investment can be up to 3% per annum
Investment in real estate
Value of which is
≥ €250 000
+State duty: 5%
of real estate value
In Latvia, investors may qualify for a residence permit by granting a subordinated loan of at least €280,000 to a Latvian bank for a minimum period of five years, accompanied by a one-time, non-refundable state fee of €25,000.The loan must remain with the bank for the full duration and cannot be withdrawn before its maturity date. Interest rates for these loans depend on the specific bank and current market conditions. Generally, interest payments are made once or twice a year, and the principal is returned upon completion of the loan term.
If the person wants to obtain residence permit, through purchasing a real estate several several requirements must be fulfilled. It is mandatory that the real estate is bought in Latvia and the cost of object is not less not then Euro 250,000. The Government fee for issuance of residency permit is 5 % from the property price indicated in the purchase agreement. The real estate must be purchased only from a Latvian national or legal persons registered in Latvia, an EU citizen, or a person with a Latvian residence permit. The benefit of this form of investment is that the actual physical presence of the residence permit applicant in Latvia is not required. so you can freely travel and live within the European Union.
About Latvia
Latvia is a small but very unique country that is located in Northern Europe with population of 2 million people. The capital city Riga is the largest city in Latvia and in the Baltic States and home to one third of Latvia's population. Latvia is a member of the European Union, NATO United Nations, World Trade Organisation , Council of Europe, Organisation for Security and Co-operation in Europe, International Monetary Fund. Latvia is a country of rich history and cultural traditions, in 2014 Latvia`s capital city Riga was a European Capital of Culture. The cultural and historic heritage of Latvian architecture spans many centuries and the entire historical centre of Riga has been included in the UNESCO heritage site list.
Latvia is located at the crossroads of eastern and northern Europe, on the east coast of the Baltic Sea. Latvia is bordered by Lithuania to the south, Russia and Belarus to the east and Estonia to the north. Latvia has a maritime border with Sweden to the west.
Latvian Capital city Riga is geographically exclusively located at the center of Europe which allows reaching every European Union country very easy and convenient through Riga International Airport which is located only 20 minutes (9 km) drive away from the city center. Located in northeastern Europe Latvia is a perfect transit country between Western Europe and Asia, besides the flight time to other major European cities does not take more than 3 hours:
Riga - London (2.55 h)
Riga - Milan (2.45 h)
Riga - Berlin (1.40 h)
Riga - Stockholm (1.15 h)
Riga - Paris (2.30 h)
