With a minimum investment threshold of €50.000, Latvia Golden Visa program has been an economic route to EU citizenship since 2010. To qualify for this program, applicants must choose one of the following investment options:
- Real estate investment
- Bank deposit
- Business investment
- Government bonds
The processing time typically takes one to three months from the initial application date. After the applicants make their investment and meet criteria, they receive a 5 year residency permit. Besides, Latvia Golden Visa allows its applicants to get permanent residency on condition that they stay in Latvia four years out of five.
What to Discover in This Guide?
- Key Program Details: Latvia Golden Visa
- What is Latvia’s Golden Visa?
- Benefits of Latvia Golden Visa Program
- Eligibility Criteria for Latvia Golden Visa
- Investment Options: How to Get Latvian Citizenship by Investment?
- Latvia Golden Visa Cost
- Latvia Golden Visa Requirements
- How to Apply for Latvia Golden Visa
- Alternatives to Latvia’s Golden Visa Program
- FAQs on Latvia Residence by Investment
Key Program Details: Latvia Golden Visa
- As a residency by investment (RBI) program, Latvia Golden Visa was introduced in 2010 with the aim of attracting more visitors and contributing to the country’s economy.
- It stands out as an economic EU citizenship route with a minimum investment amount of €50.000.
- To be eligible for the program, applicants must be non-EU, non-EEA, or non-Swiss citizens with a clean criminal record.
- Applicants can include their spouses and children who are 18 or below/above on condition that they are financially dependent on the main applicant.
- To maintain their Latvian residency status, they must keep their investment at least five years, pay taxes and renew their resident permit every 5 years.
- The minimum investment amounts are €250,000 for real estate, €280,000 for a five-year bank deposit, €250,000 for government bonds, and €50,000 for a business investment.
- As one of the quickest EU residency by investment programs, the processing time for each application is approximately one to three months from the application date.
- To obtain Latvian citizenship, you must pass Latvian language tests with an A2 level at least.
- Latvia passport holders can benefit from global mobility opportunities with visa-free access to 181 countries, including the Schengen zone and US.
- It offers favorable income tax with rates ranging from %25,5-33.
- It permits dual citizenship meaning that you can hold both your own nationality and Latvian citizenship at the same time.
What is Latvia’s Golden Visa?
Latvia Golden Visa, officially known as Latvia Investor Visa, was introduced with the immigration act on 2010, July 1. As one of the earliest Europe Golden Visa programs, its main purpose is to attract more visitors and make a significant contribution to the country’s economy after the 2008 economic crisis.
The Office of Citizenship and Migration Affairs (OCMA) is the only authority to grant Latvia citizenship. It decides the eligibility criteria and requirements for the RBI program on their official website and analyzes the applicants.
Latvia Investor Visa Statistics
Benefits of Latvia Golden Visa Program
Golden Visa in Latvia stands out as a strategic asset for investors who want to benefit from its diverse offerings stated below.
Processing Time
Time is the essence of life, and we do not want to waste our lives for long application processes and heavy bureaucracy. In this context, Latvia Golden Visa program paves its way for a quick processing time compared to other EU Golden Visas. It typically takes 1 to 3 months since the application date.
Note that, this processing time applies only to residence permits, not to citizenship.
Visa-Free Travel
The world evolves into a place where global mobility matters and people do not want to waste their time to obtain a visa for a specific country. Therefore, visa-free travel gains importance. At this point, located in Europe, Latvia stands out as an attractive spot.
Ranked 12th, Latvian passport allows visa-free travel to 116 countries, including the Schengen Zone, US and UK. Besides, it gives visa-on-arrival to 48 countries. This makes it attractive for international business people, digital nomads, families and retirees.
Latvian passport visa free countries list:
| Country | |||
| Albania | Andorra | Angola | Antigua and Barbuda |
| Argentina | Armenia | Austria | Bahamas |
| Barbados | Belarus | Belgium | Belize |
| Bolivia | Bosnia and Herzegovina | Botswana | Brazil |
| Brunei | Bulgaria | Cape Verde | Chile |
| China | Colombia | Costa Rica | Croatia |
| Cyprus | Czech Republic | Denmark | Dominica |
| Dominica | Ecuador | El Salvador | Estonia |
| Eswatini | Fiji | Finland | France |
| Gambia | Georgia | Germany | Greece |
| Grenada | Guatemala | Haiti | Honduras |
| Hong Kong | Hungary | Iceland | Ireland |
| Italy | Jamaica | Japan | Kazakhstan |
| Kosovo | Kyrgyzstan | Liechtenstein | Lithuania |
| Luxembourg | Macao | Malaysia | Malta |
| Marshall Islands | Mauritius | Mexico | Micronesia |
| Moldova | Monaco | Mongolia | Montenegro |
| Morocco | Netherlands | Nicaragua | North Macedonia |
| Norway | Palau | Palestinian Territories | Panama |
| Paraguay | Peru | Philippines | Poland |
| Portugal | Romania | St Kitts and Nevis | Saint Lucia |
| Samoa | San Marino | Sao Tome and Principe | Senegal |
| Serbia | Singapore | Slovakia | Slovenia |
| Solomon Islands | South Korea | Spain | St. Vincent and the Grenadines |
| Suriname | Sweden | Switzerland | Taiwan |
| Tajikistan | Thailand | Timor-Leste | Tonga |
| Trinidad and Tobago | Tunisia | Tuvalu | Türkiye |
| Ukraine | United Arab Emirates | Uruguay | Uzbekistan |
| Vanuatu | Vatican City | Venezuela | Zambia |
EU Citizenship
Within the framework of Latvia Golden Visa program, the applicants can obtain European residency on condition that they complete the process successfully. But, why does EU citizenship matter actually? Here some are the key points to highlight:
- You can stay, live and work in any of the EU countries without a residence permit.
- You can enjoy the high standard of living, healthcare, social security and education.
- There are broader opportunities for business professionals. You can start business anywhere in the EU quicker compared to non-EU citizens.
- There are double tax benefits with many countries, which means your income may not be taxed twice.
Family Inclusion
Like many Golden Visa countries, Latvia Golden Visa permits family inclusion. As a main applicant, you can add your spouse and children. This allows your entire family to benefit from residency rights in Latvia, including access to healthcare, education, and visa-free travel within the Schengen Area.
The capital, Riga, is a UNESCO World Heritage Site, welcoming families with its beautiful nature, social services and investment opportunities.
Cost of Living
With the rise of inflation in many countries, low cost of living matters, especially for families. Thereby, Latvia stands out as an affordable EU residency option with a minimum wage of €750 per month.
Category | Item | Average Cost (€) |
General Living | Single person (excluding rent) | 811.1 |
Family of four (excluding rent) | 2,730.1 | |
Housing | 1BR apartment (city center) | 408.65 |
1BR apartment (outside center) | 299.57 | |
Utilities | Basic utilities (85m² apartment) | 263.73 |
Internet | 16.75 | |
Transport | Public transport pass (monthly) | 30.00 |
Gasoline (per liter) | 1.64 | |
Groceries | Milk (1L) | 1.19 |
Eggs (12) | 2.67 | |
Chicken (1kg) | 6.60 | |
Bread (500g) | 1.42 | |
Dining Out | Meal at inexpensive restaurant | 12.00 |
Income | Average net salary (monthly) | 1,135.55 |
Dual Citizenship
When you invest in a country to obtain citizenship, you do not wish to lose your main nationality. That’s where dual citizenship comes into play. Also known as dual nationality, it means that a person legally holds two nationalities at the same time.
Considering these, Republic of Latvia also allows dual nationality as of 1 October, 2013 when the applicant meets criteria highlighted below:
- Countries within the EU or EFTA
- NATO allies
- Australia, Brazil,or New Zealand
- Other countries, if approved by the Cabinet for national interest
- Other countries, if citizenship is gained through marriage or adoption
- Children of Latvian citizenship
Eligibility Criteria for Latvia Golden Visa
Now that we have learned the pros of Latvia Golden Visa by investment, it is time to move on with eligibility criteria.
The Main Applicant
The foreign investors must meet the criteria stated below to apply for Latvia Golden Visa by investment:
- Hold a passport from outside the EU, EEA, and Switzerland
- Maintain a spotless criminal history
- Make a qualifying investment
- Prove you’re financially sound
- Have valid health insurance for you and your dependents
Note that Russian and Belarusian applicants are not eligible to apply for the program.
Family Members
For Latvia investor visa, you can include your family members on your application:
- The spouse
- Dependent children who are 18 and below
- Dependent children who are 18 or above and financially dependent on the main applicant
Investment Options: How to Get Latvian Citizenship by Investment?
Up to now, we have figured out who can apply for the program. Now, it is time to look for Latvia Golden Visa investment options.
1. Real Estate Investment
To buy property in Latvia within the concept of Latvia Golden Visa, you need to invest at least €250,000. You also must pay an additional %5 government fee equal to your real estate investment option.
2. Business Investment
Business investment is one of the most affordable investment options among European residency by investment programs. There are two paths:
- You must make an investment of at least €50,000 to a Latvian company with fewer than 50 employees and an annual income of €10,000.
- You must make an investment of at least €100, 000 to a Latvian company with more than 50 employees and an annual income over €10,000.
Note that you must also pay an additional government fee of €10,000.
3. Bank Deposit Investment
Under this option, investors are required to place a deposit of €280,000 in a Latvian bank for a fixed term of five years. This deposit must remain untouched throughout the entire period. In addition to the deposit, a state fee of €25,000 applies.
4. Government Bonds Investment
This route involves purchasing at least €250,000 worth of Latvian government bonds. These bonds are held by the investor, and a state fee of €38,000 is payable as part of the application process.
Latvia Golden Visa Cost
When considering Latvia’s Golden Visa options, it is essential to compare the costs associated with each investment route. Here, you can see the comparison table.
| Investment Option | Minimum Investment | Additional Fees | Total Minimum Cost |
| Real Estate Investment | €250,000 | 5% of investment (€12,500) | €262,500 |
| Business Investment A | €50,000 | €10,000 government fee | €60,000 |
| Business Investment B | €100,000 | €10,000 government fee | €110,000 |
| Bank Deposit Investment | €280,000 (5-year fixed deposit) | €25,000 state fee | €305,000 |
| Government Bonds Investment | €250,000 | €38,000 state fee | €288,000 |
Latvia Golden Visa Requirements
Latvia Investment Visa requires you to meet certain criteria in order to obtain residency. These are highlighted below.
Minimum Stay Requirements
In many Golden Visa countries, there is a minimum stay requirement. This means that individuals must enter and stay in the country for a specific period of time to keep their residency status.
There is no minimum residency requirement in Latvia Golden Visa. However, applicants must visit the country every year to renew their temporary residence permit.
Due Diligence
The Republic of Latvia checks out each applicant’s financial background to make sure their due diligence is done comprehensively. This is to protect the program’s reputation and prevent money laundering.
Language and Cultural Requirements
To apply for Latvian citizenship, you must pass Latvian Language test, proving that you are at least A2 level. Moreover, you are required to know the history and national anthem of the state.
List of Required Documents for Latvian Investor Visa
Below, you can see the list of required documents for Latvia Investor Visa:
- A copy of your passport with a minimum of six months’ validity.
- Documents verifying your qualifying investment.
- Evidence that the funds used for the Latvia Golden Visa come from a legitimate source.
- Bank statements or financial records demonstrating your ability to support yourself.
- A certificate confirming you have no criminal history in your home country or any country where you’ve lived for over six months in the past five years.
- Valid health coverage for at least one year.
- The completed form for your Latvian Golden Visa application.
- Receipts confirming payment of state fees.
How to Apply for Latvia Golden Visa
Now that we have covered all the necessary information you need to know before making a decision for Latvia Golden Visa, it is time to move on with the application process step by step.
Step 1: Gather necessary documents and make your investment
Before submitting your application, make sure you are eligible with a clean criminal history and make a qualifying investment in one of the options we stated above. At the same time, you must fill out the application forms and gather all the necessary documents in order.
Step 2: Submit your application
After gathering all documents, it is time to hand in your application for Latvia Golden Visa. The Office of Citizenship and Migration Affairs will analyze your application and they will issue a temporary D type visa.
With your D Visa, you must visit the country and attend the biometrics appointment. In return, they will issue Latvian residence permit, available for 5 years.
Step 3: Renew your residence permit annually
To keep your Latvia residency status, you do not need to meet the minimum stay requirement. However, you need to visit Latvia each year to reregister with authorities and prove that you keep your foreign investments.
After 5 years of temporary residence permit, you can turn your residence into permanent.
Step 4: Get your permanent residence permit
Under Latvian Nationality Law, you can obtain residency as a Latvian Golden Visa holder on the condition that:
- You must stay in the country 4 years out of 5, and you must live 183 days each year.
- You must keep your investment for at least 5 years.
- You must pay taxes in Latvia.
Step 5: Obtain your Latvian passport
Once you receive your Latvia citizenship, you are eligible to apply for the passport. The passport fees are:
- For individuals who are between 20 and 62: €34
- For individuals who are between under 20 and over 62: €15
Get Golden Visa: How can we help you?
At Get Golden Visa, we provide investment advisory services for people all around the world. Our expert team helps investors to obtain dual citizenship or residency through various citizenship by investment programs. With our assistance and proficiency in this sector, you can streamline the whole process and find a solution to your questions.
Reach out our experienced team to find the best investment opportunities for your needs.
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Alternatives to Latvia’s Golden Visa Program
Golden Visa programs are mostly preferred because they grant global mobility in exchange for making a qualifying investment. Although Latvia Golden Visa is one of the earliest and economic residence by investment programs in the EU, the route to citizenship takes ten years and requires more effort such as showing proficiency in Latvian language and learning the national anathem. Therefore, if you are looking for other routes to global mobility, you may also consider other Golden Visa and CBI programs.
In Europe; Portugal, Italy and Greece Golden Visa programs attract attention with their offerings. Portugal’s Golden Visa program emerges at the forefront with its diverse fund investment options while Greece Golden Visa highlights itself with its real estate investment opportunities. On the other hand, Italy offers investment through bonds, companies and start ups.
In the Caribbean; St Kitts, Dominica and Antigua and Barbuda CBI program stands out as a strategic asset with its quick application processes. If you are looking for a real estate investment or a donation option, you can go for St Kitts, Dominica and Antigua Barbuda. With no residency requirements, dual citizenship opportunities and tax benefits, you can obtain your citizenship within 6 to 9 months.
FAQs on Latvia Residence by Investment
Can I retire in Latvia?
Yes, you can retire in Latvia through residency by investment programs or other residency visa options. With its low cost of living and high quality of life, it offers a stable environment for retirees whether you are from the US or any other countries.
Can I get residency if I purchase real estate in Latvia?
You can obtain residency in Latvia if you buy a property through real estate investment within the concept of Latvia Golden Visa.
Is Latvia a part of the Schengen Zone?
Yes, Latvia is one of the countries located in the Schengen Area, making its residency by investment program an outstanding choice for those looking for global mobility.
Do people speak in English in Latvia?
Although the official language is Latvian, many people in Latvia speak in English, especially in touristic places. Thanks to this, expats from the UK, US, and many other countries prefer this country to relocate.
