The Republic of Latvia has been a member of the European Union since 2004 and is also a Member of the Schengen Area. A Latvian residence permit allows visa-free travel to many countries including all the Member States of the Schengen Area. A temporary residence permit allows the holder to stay in the country without any term limitations (from 1 to 365 days in a given year); the holder is also permitted to stay in Member States of the Schengen Area for up to 90 days within a period of 6 months. Latvian Immigration Law currently requires annual confirmation of the temporary residence permit in order to control the observance of the investment conditions, which are the legal basis for receiving the residence permit.
BENEFITS OF THE LATVIAN RESIDENCY PROGRAM
- An opportunity to stay in Latvia for an unlimited period of time;
- Free travel to any EU and Schengen countries;
- A temporary residence permit is issued for a period of 5 years with the condition of annual renewal;
- The temporary residence permit is also granted to the investor’s family members – spouse and underage children, persons under trusteeship;
- The temporary residence permit does not oblige the applicant to stay permanently in the Republic of Latvia, but only to visit the country once each year;
- If the conditions based on which the temporary residence was gained remain in place after 5 years, the temporary residence permit can be extended.