As of July 1st 2010, amendments to the Latvian Immigration Law came into effect granting non-EU citizens the possibility to receive residence permits in Latvia. Together with amendments to the Immigration Act, which came into force on June 16th 2011, the legislation provides the following grounds for investors to receive temporary residence permits in Latvia:
- Investment in the equity capital of a Latvian capital company, accomplished either by increasing the equity capital of an existing company, or by founding a new capital company. The investment must be at least:
a) 35 000 EUR, which is made to the company, in cases where the company has less than 50 employees, annual turnover or annual balance does not exceed 10 million EUR and which during a financial year pays in total at least 40 000 EUR in taxes;
b) 150 000 EUR which is made to the company, in cases where the company has more than 50 employees, and annual turnover or annual balance of more than 10 million EUR;
- Investment in a credit institution in the Republic of Latvia in the amount of at least 280 000 EUR in the form of subordinated capital (subordinated loan or subordinated bonds) of a credit institution, if the term of such transaction is not less than five years and, in accordance with the deposit provisions, it may not be terminated prior to the term of repayment of the deposit. Upon the receipt of the first temporary residence permit, the applicant must pay 25 000 EUR into the state budget.
- Investment in real estate in Latvia (one functionally related real estate with buildings in the Republic of Latvia), the total value of which is at least 250 000 EUR, on condition that:
a) The applicant has no real estate tax debts and has never had such debts,
b) The payment of the total real estate value has been made by non-cash settlement,
c) The real estate has been purchased from a legal entity registered in the Republic of Latvia or a Member State of the European Union, any country of the European Economic Area or the Swiss Confederation and the legal entity is a taxpayer in the Republic of Latvia within the meaning of the tax laws of the Republic of Latvia; or the real estate has been purchased from a natural entity who is a citizen of the Republic of Latvia, a non-citizen of the Republic of Latvia, a citizen of the European Union or a foreigner who is staying in the Republic of Latvia on the basis of a valid residence permit,
d) The total cadastral value of the real estate is at least 80 000 EUR at the moment of purchase. If the cadastral value is below the amount referred to in this sub-clause, the total value of the real estate in accordance with the real estate market value determined by a certified real estate appraisal shall not be below 250 000 EUR;
e) Upon applying for a first temporary residence permit, the applicant must pay 5% of the real estate purchase value into the state budget;
f) The real estate must not include agricultural land or woodland.
Any of the above mentioned types of investment give an applicant the right to receive a temporary residence permit (TRP) in Latvia for a period of 5 years.
Additional requirements are placed on residents of the following countries: Afghanistan, United Arab Emirates, Bahrain, Bangladesh, Egypt, Indonesia, Iran, Iraq, Yemen, Jordan, Kenya, Korea, Kuwait, Lebanon, Libya, Morocco, Nigeria, Oman, Pakistan, Palestine (persons whose place of residence or place of birth is under Palestinian self-government), Saudi Arabia, Syria, Somalia, Sudan, Sri Lanka, Tunisia and other.