In accordance with part 2 of Article 22 of the Immigration Law of Latvia, if a temporary residence permit obtained based on interest-free purchases of government bonds (paragraph 31, part 1 of Article 23 of the Immigration Law of Latvia) for at least 250 000 euros, then the period of temporary residence permit registration is not established. Thus, the ID card of a temporary residence permit is issued for 5 years without passing the annual registration process.
The procedure for submission of documents on this basis is the same as in the rest of the grounds to obtain a temporary residence permit, except the purchase of government bonds. In this case, the Office of Citizenship and Migration Affairs acts as an agent, concluding the agreement with the State Treasury and the Latvian Central Depository.
Only after a positive decision on granting of a temporary residence permit will be made, the foreigner will be asked to complete and sign an application for the purchase of interest-free government bonds in the amount of at least 250 000 euros, as well as pay for the purchase and make a contribution to the state budget in the amount of 25 000 euros on the details specified in the decision.
The Latvian Central Depository, based on information of the foreigner submitted by the Office of Citizenship and Migration Affairs, opens a record account of interest-free bonds on the foreigner’s name and on the day of issue, and transfers the amount of paid interest-free bonds to this account.
On the last working day of the period of repayment of interest-free bonds, a foreigner has the right to get back the face value of the bonds.
An important point – the opening of a bank account in Latvia, from which the payment of interest-free government bonds will be performed.