LATVIA (SCHENGEN AREA)

The Republic of Latvia is a full member of the European Union and the Schengen agreement. Therefore a Latvian residence permit confers the right of free movement in the territory of all the Schengen area, currently consisting of 26 European countries, covering a population of over 400 million.

Latvia has recently introduced an economic immigration program that grants five year renewable residence permits based on investment in the country. Permits will be issued for investors and all their dependent family members.

There are three ways to qualify for residence in Latvia: 

• Bank Deposit Option: This is the quickest and simplest method, that can lead to the residence permit being issued in as little as one week, in the case of straightforward applications paying the official government expedite fee. The investor must deposit either EUR 300,000 or USD 400,000 in a five year term deposit in any bank in Latvia. 
• Real Estate Option: The investor must purchase real estate worth at least LVL 100,000 in the capital, Riga, or at least LVL 50,000 in other regions of Latvia. Certain other restrictions apply. 
• Business Option: There is a third option to invest in an active Latvian business. The investment amount depends on the size of the business (number of employees and annual turnover). A minimum annual tax is payable even if the business does not make a profit. We consider this the least attractive of the three options, though it may be suitable for persons wishing to establish a business within the European Union. 

Besides qualification under one of the three options above, investors must have a place to live available on Latvian territory, and there is a small minimum income requirement. 

NTL has a local presence in Latvia. For information and assistance please contact any NTL International office.