Latvia’s Golden Visa: Everything You Need To Know

Latvia’s golden visa is becoming a more popular choice amongst investors looking for EU residency.

According to IMI Daily, Latvia’s golden visa program approved 30 investor visas and 53 dependent visas in the first half of 2024 – so it’s definitely becoming a popular choice.

And with countries like Spain and Hungary announcing the scrapping of their golden visas, it’s no surprise that investors might be considering Latvia a bit more closely…

With low investment thresholds, Schengen rights and fast processing times, the Latvian golden visa is a great option for anyone looking to live in the EU.

About The Latvia Golden Visa

Launched in 2010 after the global financial crisis, Latvia’s golden visa, also known as the Latvia Residence by Investment Program, allows non-EU nationals to gain residency in the country in exchange for an investment.

The visa, if successful, grants the applicant a 5-year renewable residency

With this golden visa, holders get visa-free travel and working rights across the EU.

Why Live In Latvia?

So, whilst the visa might be a good option. You might be thinking – why Latvia?

Here are a few benefits of living there:

• Low cost of living – Monthly expenses for a single person range from €700 to €1,200, including rent, utilities, groceries, and transport. (Global Citizen Solutions)
• Nature – Nearly half of Latvia is covered in forests, making it a great natural environment to live in.
• Location – Latvia is in Northern Europe, with great links to Russia, Nordic Countries and the rest of Western Europe.

When it comes to integrating into Latvian society, it’s worth considering that whilst Latvian is the official language, many people also speak Russian and English.

Who Can Apply For The Latvian Golden Visa?

To apply for the Latvia golden visa, applicants must:

• Be a non-EU, non-EEA, and non-Swiss citizens
• Have a clean criminal record
• Provide proof of funds and financial stability
• Hold valid health insurance for themselves and any dependents
• Be ready to make an eligible investment

Family members, which includes a spouse and dependent children under 18, can be included in the application.

Investment Options For The Latvia Golden Visa

To get the visa, applicants have a number of options:

1. Business Investment

• Minimum: €50,000 into a Latvian company
• Condition: Company must pay at least €40,000 per year in taxes
• Plus: €10,000 donation to the state

2. Property Investment

• Minimum: €250,000 in Latvian property
• Plus: 5% of the property value as a state fee

3. Bank Deposit

• Deposit: €280,000 in a Latvian bank for 5 years
• Plus: €25,000 state fee

4. Government Bonds

• Purchase: €250,000 in special-purpose government bonds
• Plus: €38,000 state fee

In addition to this, the application comes with extra fees, and all investors have to show they can financially support themselves.

Processing Time and Costs

One of the best things about the visa is how quick it is to get through.

The fee for application depends on the investment type (above). Once approved, residency lasts for 5 years and you only need to be in Latvia for 1 day per year to maintain it.

After 10 years of residency, applicants can apply for full citizenship.

How To Apply

Here’s how to navigate the application process.

Step 1: Choose Your Investment

Decide which investment – business, property, deposit, or bonds – is right for you and prepare the money.

Step 2: Gather Documents

You’ll need:

• Valid passport
• Proof of investment
• Proof of fund sources (so they are legitimate)
• Bank statements
• Health insurance
• Clean criminal record
• Application form filled out

Step 3: Submit Your Application

Send your application to Latvia’s Office of Citizenship and Migration Affairs.

Then, you will undergo a background check and all relevant due diligence.

Step 4: Biometrics and Collection

If approved, you will then have to go to a biometrics appointment in Latvia.

Once done, you’ll get your residence permit as an ID card.

Step 5: Maintain

Keep your investment active and visit Latvia at least once per year to keep your permit.

Then, you don’t need to worry about it until 5 years time when it’s up for renewal.

Latvia’s Golden Visa

Latvia’s golden visa is becoming more popular option, mainly because it’s affordable, quick to get and has flexible options.

It’s great for investors who may not want to commit to being in Latvia full-time. With the right planning, you can make sure you get your visa approved in no time. Good luck!