The current legislation on migration provides the basis for reception by investors of temporary residence permit (for a period of 5 years, with the requirement of annual registration):
1st step – performing an investment in one of the following ways, defined by the law:
a) Investment in the equity capital of a Latvian capital company;
b) Investment in a credit institution of the Republic of Latvia;
c) Investment in real estate in Latvia;
2nd step – submission of documents for a residence permit to diplomatic or consular representation of the Republic of Latvia abroad (by domiciliary) or to the Office of citizenship and migration affairs in Latvia (during legal stay of applicant in Latvia).
3rd step - within 3 months of a positive decision on the granting of a residence permit by the Latvian Office of Citizenship and Migration Affairs, the applicant has to visit Latvia to receive residence permit ID card, and to provide biometrical data in cases where the documents were submitted abroad. Residence permit ID is issued within 2 working days. If the applicant does not have a valid visa, the consular department issues a one-entry visa for traveling to Latvia in order to receive the residency permit ID card. After arriving in Latvia the applicant is obligated to arrange a health certificate from a Latvian medical institution, confirming that the applicant does not suffer from active tuberculosis (TB). The foreign national can collect his temporary residence permit (ID CARD) personally in the Office of Citizenship and Migration Affairs of Latvia (city of Riga), after presenting his passport, the aforementioned health certificate and proof of valid health insurance.
Each year, 90 days before the expiration of the ID, the investor has to “confirm” his temporary residence by registering at the Office of Citizenship and Migration Affairs of Latvia and by submitting the following documents: passport, valid health insurance, a document confirming the necessary subsistence, other documents required depending on the type of investment made by the applicant.