Latvia is a small European country located on the shores of the Baltic Sea. The state is distinguished by a European standard of living and its moderate cost. Another advantage of Latvia is the opportunity to obtain a residence permit in exchange for investments. Find out how popular the Latvian Golden Visa program is and what is the procedure for obtaining a permit

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During the first half of 2024, Latvia issued 30 “Golden Visas” and 53 visas for family members of investors. These figures significantly exceeded the number of permits issued by the country for the entire year 2023. This trend demonstrates that interest in the Latvian Golden Visa is growing.

We will tell you about the requirements for obtaining a Latvian Golden Visa below.

What is the most popular investment method for obtaining a Latvian Golden Visa?

The most popular investment method for obtaining a Latvia Golden Visa was a business investment of 50,000 euros. Among all investors, 74% of applicants used this method, i.e. 22 investors, while eight chose real estate investments, and the option of a bank deposit of 280,000 euros did not attract any applicants.

Which countries are most likely to apply for a Golden Visa in Latvia?

Chinese citizens are the most likely to apply. They account for 37% of all applications. Turkish investors are in second place with 23%, followed by Indian applicants with 10% of all applications in the first half of 2024.

Vietnamese citizens are also worth noting. The number of applicants from this country increased significantly in 2024, with 29 out of 30 Vietnamese investors choosing the business investor route.

What is the Latvian Golden Visa program?

The Latvian Golden Visa, also known as the Latvian Residence by Investment Program, is a special permit that an expat can obtain in exchange for a certain amount of investment in the Latvian economy.

Due to the wide variety of programs, the Latvian Golden Visa is one of the most affordable ways to obtain a permanent residence permit in Europe.

How to get a Latvian Golden Visa?

The Latvian Golden Visa scheme allows an expat to invest in the country’s economy in exchange for a residence permit. One of the many advantages of applying for a Latvian Golden Visa is the various investment options.

Only citizens of non-EU, EEA or Swiss countries can apply for the permit.

Ways to invest in a Latvian Golden Visa

Option 1 – Real estate investment

The most popular option for obtaining a Latvian Golden Visa is to invest in real estate on the Latvian market.

The applicant must invest at least 250,000 euros in real estate in Latvia, and the investment must be maintained for at least five years. You will also need to pay a one-time state fee of 5 percent of the purchase price.

Option 2 – Business Investment

The most affordable option to get a Latvian golden visa is business investment, with two options available in this method:

1. Invest €50,000 in a capital company with less than 50 employees and an annual budget of up to €10 million.

2. Invest €100,000 in a larger Latvian company with more than 50 employees and an annual budget of more than €10 million

Both options require a minimum state fee of €10,000.

Option 3 – Government Bonds

You can also get a Latvian investor visa by purchasing government bonds worth €250,000. The bonds are interest-free, meaning that at the end of the mandatory five-year holding period, you can get your money back if you decide to withdraw your funds.

Please note that this method of investment is subject to a state fee of EUR 38,000.

Option 4 – Bank Deposit

The fourth and final way to obtain a residence permit in Latvia is to deposit money in a bank. You will need to deposit EUR 280,000 in a Latvian bank or credit institution to purchase its bonds, and you will have to hold this investment for five years.

The difference between this option and the option of investing in government bonds is that if you choose to make a bank deposit, you will be able to receive any interest that may apply, whereas this is not the case if you invest in government bonds.

There is also a government fee of 25,000 euros if you choose this option.

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Who is eligible for a Latvian Golden Visa?

To be eligible for the Latvian Golden Visa program, an applicant must:

1. Be over 18 years old.

2. Be from a country outside the EU.

3. Have a clean criminal record

4. Provide a health certificate.

5. Have no tax liabilities worldwide to be eligible for the program.

6. Applicants must provide evidence of sufficient financial resources to support themselves and their family in Latvia.

7. Keep the invested funds in the country for at least 5 years.

8. Have a health insurance policy for themselves and applicants with a minimum of 1 year validity.

How long does it take to get a Latvian “Golden Visa”?

It usually takes from 30 days to six months to process your application for a Golden Visa to Latvia. Make sure your application is complete to avoid any unwanted delays.

How to Get Latvian Citizenship by Investment? Step-by-Step Guide

The Latvian Golden Visa boasts a simple process for obtaining a residence permit, which is one of its key advantages.

Step 1. Make an Investment and Prepare Documents

While some Golden Visa programs allow you to make an investment later in the application process, this is not the case with the Latvian Golden Visa. In Latvia, you will need to make an investment before applying for residency in the country.

Step 2: Apply for a Residence Permit in Latvia

You will receive a temporary D-visa to enter Latvia. When you enter the country, you will need to visit a reception and provide biometric information to obtain a five-year temporary residence permit.

Step 3: Renew the permit annually

There is no minimum stay requirement to maintain residency. However, temporary residence permit holders are required to visit the country every year to re-register with the authorities. In addition, to renew their residence permit in Latvia after five years, individuals must demonstrate that their investment has been maintained.

Step 4: Obtain permanent residence in Latvia through investment

To obtain permanent residence after five years, Golden Visa holders will need to spend most of their time in the country. To obtain permanent residence in Latvia through investment, you must reside in the country for at least four out of five years, meaning you must spend at least 183 days a year living in Latvia and paying taxes in the country.

Step 5: Obtain a Latvian passport

If you have Latvian citizenship, you are also eligible to obtain a Latvian passport.

The Latvian Golden Visa has numerous benefits, including: free travel within the Schengen area, minimal physical requirements for residence, high quality of life, strategic location and, in the future, the opportunity to obtain a European passport.

As a reminder, Greece is one of the last countries in Europe to offer "golden visas". However, in recent months, the state has been working on making changes to the permit issuance procedure. We have already told you what rules for obtaining a Greek golden visa will be relevant in 2025.

To ensure a safe trip abroad, I advise you to contact a specialist. My colleagues, qualified specialists with legal education, will help you avoid unpleasant situations while traveling around the world.

Products from Visit World for a comfortable trip:

Checklist for obtaining a visa and necessary documents in Latvia;

Legal advice on immigration to Latvia;

Travel insurance for foreigners in Latvia;

Medical insurance around the world.

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