As of 1 July 2010, amendments to the Latvian Immigration Law came into force to provide for new possibilities for receiving a residence permit in Latvia.

What is a residence permit in Latvia?

A residence permit in Latvia is a document providing a foreigner the right to reside in the Republic of Latvia for a definite period of time.

This document is in the form of a visa, which is pasted in the foreigner’s passport. It indicates the owner’s name and surname and allocated identity number and grants the right to spend a longer period of time in the Republic of Latvia.

What is a temporary residence permit in Latvia needed for?

• For a stay in Latvia for a period more than 90 days during a half-year.
• For free border crossing between the non-EU and EU countries.
• For free movement and stay for a period more than 90 days within the Schengen countries.

Legal framework:

• Latvian Immigration Law
• Cabinet of Ministers Regulations No.564 of 21.06.2010

How to become an EU resident ?

By fulfilling one of the conditions listed below an applicant is granted the right to receive a temporary residence permit (TRP) in Latvia for a period of 5 years:

• Opening a subordinated deposit with AS “PrivatBank”

A deposit is opened in the amount of at least 200.000.00 LVL (EUR ≥ 300.000.00; USD ≥ 400.000.00) and for a period of 5 years.

Deposit conditions:

• minimum amount – 200.000.00 LVL (EUR ≥ 300.000.00; USD ≥ 400.000.00);
• deposit term – 5 years;
• interest rate is 6% p.a. in EUR, 5% p.a. in USD;
• interest is paid once in a half year;
• without the right to terminate the deposit agreement:
• The Bank provides an investor a statement of opening a deposit, which allows receiving a temporary residence permit both for the investor and his family members.
• Acquisition of real estate in Latvia
  • the value of real estate in Riga and other cities of Latvia should be at least 100.000.00 LVL;
  • the value of real estate in rural areas in Latvia should be at least 50.000.00 LVL;
  • real estate purchase offers from the bank’s subsidiary, SIA AMBER REAL.

• Opening business in Latvia
  • investing at least 25000.00 LVL in the equity of a company resident in Latvia
  • paying taxes in the amount of at least 20.000.00 LVL yearly

Peculiarities of the residence permit for investors:

• A temporary residence permit (TRP) is issued for a period of 5 years, annually registering the TRP

• The TRP is granted to an investor with the right to work in the Republic of Latvia

• The TRP is also granted to the investor’s family members – spouses and underage children (without the right to work)

• The TRP does not oblige the investor/his family members to stay permanently in the Republic of Latvia

• After 5 years, the TRP can be extended

AS “PrivatBank” VIP Customers Service Department will provide its customers and any persons concerned with full consulting and other support in obtaining a residence permit in Latvia.