New Possibilities Of Obtaining Residence Permits

LAW OFFICE INLAT PLUS INFORMS: NEW POSSIBILITIES OF OBTAINING RESIDENCE PERMITS.

Law office INLAT PLUS informs all its clients: on 4th March 2010 Saeima passed amendments to the Law on Immigration to grant temporary residence permits to large-scale foreign investors in Latvia. New law takes effect on 1st July 2010.

According to the new amendments, the residence permits for a period of five years will be available to:
– Those foreign investors who invested no less than LVL 25,000 into the statutory capital of the local company, provided that:

• at least 5 new full-time workplaces have been created;
• at least 50% of these 5 employees should be Latvian citizens or non-citizens;
• at least LVL 10,000 a year should be paid as taxes into the state or local government budgets.

– Those foreign investors who have acquired real estate in Riga, Riga Region or other republic cities, where the total sum of the transaction is no less than LVL 100,000,
or no less than LVL 50,000 if real estate is located outside these areas.

– Those foreign investors who will have invested up to LVL 200,000 into a Latvian credit institution as subordinated capital for a period of no less than five years.

Accordingly, as soon as these amendments come into force, there will be much more possibilities for foreign investors to receive temporary residence permits.

For more than ten years law office INLAT PLUS has been rendering professional legal service to foreigners in all legal aspects. We are always ready to assist our foreign
clients in all the issues regarding the obtaining of residence permits in Latvia.