Considering the current situation in the world and the restrictions that are introduced for crossing borders and movement of citizens in EU countries, obtaining a temporary residence permit (TRP) by foreign citizens in one of the EU countries is still a relevant topic.
The residency ID card is the only document that gives a foreigner unimpeded entry into the territory of the Schengen area and free movement within it.
There are many programs for obtaining a TRP in EU countries, but the conditions for obtaining a TRP in Latvia remain the most acceptable. Therefore, in Latvia, the existing grounds for obtaining a TRP are still in demand and are used by foreigners for investing and temporary or permanent residence in Latvia.
A Latvian residence permit allows its holder to:
- legally reside in the Republic of Latvia for more than 90 days;
- freely move around the Schengen area;
- officially work in Latvia;
- freely enter and leave the country without any time restrictions on staying in Latvia;
- use social benefits available to citizens of Latvia;
- independently issue electronic invitations to obtain visas for immediate relatives from third countries;
- apply for visas to countries such as Great Britain, Canada, the USA under a simplified procedure;
- apply for a permanent residence permit after 5 years and for Latvian citizenship after 10 years.
Residence Permit via the Purchase of the Property
In order to be able to apply for a residence permit through investment into the real estate, a foreigner must acquire in one of the large cities of Latvia one functionally connected real estate object (with the exception of undeveloped land) worth at least 250,000 euro, which meets the following requirements:
a) there is no real estate tax debt;
b) payment of the total cost was made using a non-cash payment from a personal account;
c) real estate was purchased from a legal entity that meets certain criteria, or from an individual (Latvian citizen, EU citizen or foreigner who is in Latvia with a valid residence permit issued in the Republic of Latvia);
d) the total cadastral value of real estate at the time of purchase is not less than 80,000;
e) the property does not include agricultural land or forest.
In case of a positive decision on the issuance of a residence permit, the investor will have to pay a state duty to the Latvian budget in the amount of 5% of the value of the property.
Residence Permit via Employment
Some time ago, the procedure for issuing a formal invitation for a future employee was somewhat simplified – if earlier a vacancy for a future employee was supposed to be on the website of the State Employment Agency of Latvia for at least 1 month, now this period has been reduced to 10 working days.
The minimum salary for a foreign employee is currently 1537 euros (gross), but for some industries it may be lower. Every year on April 1, the minimum wage for a foreign employee is reconsidered by the Central Statistical Bureau of Latvia.
When applying for the TRP, the future employee must prove either the relevant education (diploma with an Apostille) or work experience (at least three years) in the relevant position (statements from previous employers).
In order for the future employee to be able to submit documents for a TRP, the Latvian employer must issue an invitation for them. This can only be done electronically, using an electronic signature, or by authorization through the internet bank.
Residence Permit for the Member of the Board
In order for a foreigner to apply for a residence permit as a member of the board of a Latvian company, the following requirements must be met:
1) the company must have existed for at least 1 year at the time of the request for a residence permit;
2) the company must conduct an active commercial activity;
3) the activities of the company must bring economic benefits to the Republic of Latvia.
The minimum salary for a foreign board member is currently 3074 euro (gross), and this amount is reviewed every year on April 1 by the Central Statistical Bureau of Latvia.
It is also important to understand that in a year, during the annual registration of the residence permit, the OCMA will take into consideration the amount of taxes the Latvian company has paid to the Latvian budget during the previous year. The law sets a minimum of 21,350 euros per year.
Residence Permit via Investment into the Capital of the Latvian Company
In order for a foreigner to be able to apply for a residence permit through investment into the capital in the amount of 50,000 euro, the following requirements must be met:
1) It can be an investment in an already existing capital company or an investment in a capital company created from scratch;
2) The capital company must employ no more than 50 employees and the annual turnover must not exceed EUR 10 million;
3) After a positive decision is made on the issuance of a residence permit, the investor will have to pay 10,000 euro to the budget of Latvia.
It is also important to understand that after a year, when registering the residence permit annually, the OCMA will take into consideration the amount of taxes the Latvian company has paid to the Latvian budget for the past year. The minimum established by law is 40,000 euros per year.
Alongside with the foreigner, their minor children and spouse also have the right to apply for a residence permit. After reaching the age of 18, children continue to receive a residence permit on the basis of family reunification, provided that they have not entered into marriage or started a separate household.
IMPORTANT! The above-mentioned grounds for obtaining a residence permit are currently not available to citizens of the Russian Federation, and for citizens of Belarus, only a residence permit through employment and a residence permit for a board member are available.
Law firm Inlatplus will not only assist in obtaining a residence permit in Latvia, but is also ready to provide services for opening a new company in Latvia, through which a foreigner can obtain a residence permit, or to assist in purchasing an existing company, carrying out all the necessary legal procedures in accordance with the laws of Latvia.
The execution of a real estate purchase transaction in accordance with the interests of the foreign buyer for obtaining a residence permit is also within the competence of Inlatplus, which has extensive experience and knowledge in the field of conducting such cases.
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