With a minimum expenditure of €50,000, the Latvia Golden Visa scheme, which was introduced in 2010, provides an economic route to EU residency and ultimate citizenship. Applicants must choose from a variety of investment options, such as government bonds, bank deposits, business investments, or real estate acquisitions, in order to qualify. The applicant receives a five-year resident permit after making the investment and fulfilling the necessary requirements. Typically, the application processing period falls between one and three months. If the applicant stays in Latvia for at least four of the five years, the program also gives them the chance to apply for permanent residency.
Key Program Details: Latvia Golden Visa
With a minimum investment of €50,000, the Latvia Golden Visa stands out as an economic EU citizenship route with the goal of increasing tourism and boosting the national economy. Applicants must have a clean criminal record and be non-EU, non-EEA, or non-Swiss citizens in order to be eligible for the program. As long as the children are financially reliant on the primary applicant, they are permitted to include their spouses and children, regardless of age. Investors must pay taxes, keep their investment for a minimum of five years, and renew their residency permit every five years in order to retain their Latvian residency status. For real estate, government bonds, and company investments, the minimum investment amounts are €250,000, €280,000, and €250,000, respectively.Each application is processed within one to three months after the date of submission, making it one of the fastest EU residence by investment programs.
What is Latvia’s Golden Visa?
The Latvia Golden Visa, often called the Latvia Investor Visa, was made available on July 1, 2010, as part of the immigration laws. Its primary goal, as one of the first Europe Golden Visa schemes, is to increase tourism and significantly boost the nation’s economy in the wake of the 2008 financial crisis.
The sole body with the power to award Latvian citizenship is the Office of Citizenship and Migration Affairs (OCMA). It evaluates the candidates and determines the eligibility standards and criteria for the RBI program on their official website.
EU Citizenship
If they are successful in the process, applicants can receive European residency under the Latvia Golden Visa program. However, why is EU citizenship important? Obtaining EU membership opens up a number of important benefits. It eliminates the need for a separate residency permit and permits people to live, work, and travel freely throughout any EU member state. The high level of living enjoyed by EU citizens includes access to social security, healthcare, and educational systems of high quality. When compared to non-EU nationals, business professionals find that the EU provides more opportunities, making it easier for them to launch and run their companies. Double taxation agreements, which help stop people from paying taxes twice on the same income, are also in place in several EU nations.
Family Inclusion
The Latvia Golden Visa allows family participation, just like many other Golden Visa nations. You may include your spouse and kids as primary applicants. This gives your whole family access to Latvian residence rights, including as free travel throughout the Schengen Area, healthcare, and education.
With its stunning natural surroundings, social services, and investment prospects, the city, Riga, is a UNESCO World Heritage Site that welcomes families.
Dual Citizenship
The Latvia Golden Visa allows family participation, just like many other Golden Visa nations. You may include your spouse and kids as primary applicants. This gives your whole family access to Latvian residence rights, including as free travel throughout the Schengen Area, healthcare, and education.
With its stunning natural surroundings, social services, and investment prospects, the city, Riga, is a UNESCO World Heritage Site that welcomes families. Furthermore, if the Latvian Cabinet approves it on the grounds of national interest or if the citizenship was acquired by marriage or adoption, dual citizenship with other nations can be permitted. Children of Latvian nationals may also be eligible.