GENERAL INFORMATION

Purchasing real estate in Latvia is a straightforward path to obtain a temporary residence permit.

This opportunity not only allows you to invest in a growing market but also provides the benefit of living in and exploring Latvia and the Schengen Area.

BENEFITS

Residency: You can legally reside in Latvia.
Access to the Schengen Area: A TRP in Latvia allows you to travel freely within the Schengen Zone without additional visas, providing access to 26 European countries for up to 90 days within a 180-day period.
Pathway to Long-Term Residency: Holding a TRP through real estate investment can be the first step toward acquiring permanent residence in Latvia after five years, and eventually, Latvian citizenship if additional conditions are met.
Family Reunification: TRP holders can apply for family reunification, allowing their spouse and minor children to also obtain residence permits and enjoy similar rights.
Business Opportunities: Investors with a Latvian TRP have the ability to establish or expand businesses in Latvia and across the European Union, benefiting from Latvia’s favorable tax regime and access to EU markets.
Real Estate Market Growth: Investing in Latvian real estate, especially in Riga, offers potential financial returns as property values have been steadily increasing. Investors can rent out their property and generate rental income.
Lower Investment Threshold Compared to Other EU Countries: Latvia offers a relatively affordable investment threshold for TRP eligibility compared to other European countries, making it an attractive option for investors seeking EU residence

ELIGIBILITY REQUIREMENTS

Real Estate Purchase: You need to acquire real estate in Latvia. The minimum investment is:
- In Riga and other major cities: At least €250,000.
Property Conditions: The property must meet certain conditions:
- The cadastral value should be at least €80,000.
- The property should not be agricultural or forest land.
Taxes and Fees:
- You must pay a state fee of 5% of the property value.
- Other applicable property taxes and notary fees.

APPLICATION PROCESS

Purchase Real Estate: Find and purchase eligible real estate in Latvia.
Document Preparation: Gather the necessary documents, including:
- Proof of property purchase.
- Proof of payment of state fee and other taxes.
- A valid passport.
- Health insurance valid in Latvia.
- Proof of sufficient financial means to support yourself in Latvia.
Submit Application: Apply for a TRP at the Latvian Office of Citizenship and Migration Affairs (OCMA) or at a Latvian embassy/consulate if you are applying from abroad.
Processing Time: The processing time for a TRP is generally around 1-3 months.
Receive TRP: Once approved, you will receive a temporary residence permit card.

TRP TERM

After holding a temporary residence permit for five years, a foreigner may have the option to apply for a permanent residence permit.

Permanent Residence Permit:

After five years of continuous residence in Latvia on a temporary residence permit, a foreigner may apply for a permanent residence permit.

To qualify, the applicant usually needs to demonstrate:

Continuous Residence: You must have lived in Latvia for at least five consecutive years.
Latvian Language Proficiency: You must pass a basic language exam unless exempt due to age or disability.
Legal Income: You need to prove that you have a stable and sufficient income to support yourself in Latvia.
Knowledge of the Constitution: Some knowledge of the Latvian Constitution, national anthem, and history may be required.

Renewal of Temporary Residence Permit:

If you do not qualify or wish not to apply for a permanent residence permit, you can renew your temporary residence permit, provided you continue to meet the original conditions under which it was granted.
The conditions for renewal depend on the original basis for the temporary permit (e.g., employment, family reunification, investment).

Additional Information:

If you hold a Temporary Residence Permit (TRP) in Latvia, you are required to stay in the country for at least one day per year to maintain the validity of your permit. However, it’s important to note that spending more time in Latvia, or regularly renewing your permit, can be beneficial if you have long-term goals such as applying for permanent residency or citizenship. The TRP also allows you to travel within the Schengen Area for up to 90 days in any 180-day period.
If your initial temporary residence permit was tied to employment, ensuring your job contract is still valid or renewing it might be necessary.
If your temporary residence was based on investment, maintaining that investment may be required for renewal or transition to permanent residency.

It’s advisable to consult with the Latvian Office of Citizenship and Migration Affairs or a legal expert specializing in immigration to ensure you meet all specific requirements for your situation.

Latvia Sotheby’s International Realty

Our professional team of sales experts and highly skilled lawyers will be your trusted partners in the process of acquiring a residence permit in Latvia:

Advising and offering the best property for your needs in Latvia;
Providing legal support on the real estate purchase process;
Providing legal advisory and documentation formation for the residence permit submission;
Providing support with adding your new property to the rental market for short or long term leases.

FIND OUT HOW TO OBTAIN YOUR GOLDEN VISA TODAY!

For any questions regarding residence permit in Latvia and Golden Visa Service please reach out to Latvia Sotheby’s International Realty Sales Expert!