Looking for the cheapest Golden Visa Programmes in Europe? Latvia offers second country nationals the ability to obtain Latvian residency through a number of investment residency programmes, with a far lower investment requirement than the Golden Residency Programmes of Spain, Portugal, Malta and Cyprus. Find out more about the Latvian golden residency programme, or contact us for a free consultation to discover your options to obtain a European Golden Visa from South Africa.
Established in 2010, the Latvian residency by investment programme has been massively popular among foreign investors and entrepreneurs seeking to establish a footprint in Schengen Europe. Over 15,000 Golden Visas has been granted since the programme’s inception.
Latvian residency gives investors the ability to travel across the European Union visa-free. Your spouse and children up to the age of 18 years old can also become eligible for residency under the programme, as long as they are unmarried and that you can provide proof that they are living with you.
Under the Latvian investment residency programme, investors can obtain a Temporary Residency Permit (TRP) for 5 years, with annual renewals applicable. As a “Plan B” destination, the Latvian programme is attractive for a range of reasons: The application process is fast; residency rights can be obtained in 4 months from making an eligible investment. Furhermore, you will not be required to live in Latvia prior to or during your application process, nor after your temporary residency has been approved.
The programme has been extensively marketed as the “Latvia Business Immigration Programme”, and offers investors a range of investment options for obtaining temporary residency rights.
Deposit in Latvian Credit Institution: A minimum deposit of €300,000 must be made for a minimum period of 5 years, with a state duty of €25,000 applicable. This excludes professional service fees, and no early withdrawal of the deposit is allowed.
Acquiring government issued bonds: For the bond based option, a minimum investment of €300,000 is required for a period of no less than 5 years, and this government issue bond does not generate any interest.
Real estate purchase: For those wishing to obtain Latvian residency by property investment, the minimum investment required is €250,000. The acquisition must involve a Latvian property agency, and a state duty of 5% of the value of the property is payable to the Latvian government.
Business establishment and capital investment: A Latvian Business Immigration Package will cost you approximately €85,000 in non-recoupable costs. A minimum share capital investment of €50,000 is required, and the business will be required to pay no less than €40,000 in taxes per annum.
This type of company must employ a maximum of 50 people, and have an annual turnover not exceeding €10 million. For company investments of €150,000, the company should employ more than 50 people and have an annual turnover of over €10, million. These costs and investments exclude professional service fees and government application fees. Individuals who cannot or do not wish to meet this employment requirement, the Slovenian business immigration programme may be a viable option to consider.
Latvia is a Baltic country is situated in Northern Europe. Bordered by Russia, Sweden, Belarus and Lithuania, it is strategically located in terms of doing business in the EU and Russian markets. The country’s national currency is the euro, and it is rated as a high income country by international ratings standards. As of 2016, the country has a population of 1.96 million people. Russian and English is widely spoken throughout the country, with the Russian capital being only 90 minutes away by air travel. The country is popular among foreign property investors, thanks to the relative affordability of Latvian property, combined with a reasonable cost of living.
NB: The above article is for general informational purposes only. It is deemed accurate at the time of publication, however the accuracy of the information is not guaranteed by Maiden & Associates due to the changing nature of the requirements involved.