The Latvia’s Golden Visa scheme. also known as investors’ residence scheme in Latvia was introduced by amending the Immigration Law in 2010. This step was taken as a reaction to the financial crisis that hit Latvia in 2008. The main idea behind this cheme was to attract foreign investors in order to facilitate Latvia’s economic recovery and growth by activating the real estate market and creating new jobs.
Eligible Investments
The amendments to the Immigration Law allowed third-country national investors to obtain temporary residence permits for investments after purchasing real estate in Latvia, investing into the equity capital of a capital company (i.e. limited liability or joint stock company), establishing a new capital company or investing in subordinate obligations with a Latvian credit institution (i.e. lending money to a bank).
| Type of Investment | Minimum Investment | Additional State Payment | Residence Permit Duration |
|---|---|---|---|
| a. Real Estate | At least EUR 250,000 | + 5% payment to the State budget | Up to 5 years |
| b. Business Investment | At least EUR 50,000 or EUR 100,000 depending on company size (turnover & employees) | + EUR 10,000 payment to the State budget | Up to 5 years |
| c. Subordinate Liabilities of Credit Institutions | At least EUR 280,000 | + EUR 25,000 payment to the State budget | Up to 5 years |
| d. State Securities | At least EUR 250,000 | + EUR 38,000 payment to the State budget | Up to 5 years |
| e. Innovations | EUR 30,000 within first 6 months + EUR 60,000 within 18 months | — | Up to 3 years |
Residence Permit
Under the Latvian investors’ residence scheme, the conditions of which are set out in the Immigration Law, third-country nationals investing in Latvia may request temporary residence permits. This document gives foreigners the right to reside in Latvia for a definite period of time. For most types of investment, the law allows granting a residence permit for up to five years
OCMA
The competent Latvian authority for the granting of residence permits is the Office of Citizenship and Migration Affairs(OCMA), which is a State institution operating under the supervision of the Latvian Ministry of Interior
Due Diligence
The OCMA cooperates with the Security Police, which carries out due diligence checks for all potential investors. It also relies on information verified and stored (usually, in public registers) by other State authorities and non-public bodies:
- State Land Service in relation to investment in real estate;
- State Enterprise Register – in relation to investment in business,
- Latvian central securities depository – in relation to investment in State securities; and the
- Latvian Investment and Development Agency – in relation to investment in innovations