The uniqueness of these amendments lies in the fact that a new method for obtaining a residence permit was introduced – investing in real estate. It has attracted a large number of investors, as a foreigner investing in real estate has the possibility to move freely within the Schengen area. Citizens of the Russian Federation are especially interested in using this possibility, as Latvia is located in its vicinity and is a popular tourism destination due to its unique cultural monuments, well-known resorts and international festivals.
Benefits of holding temporary residence permit
to stay in the Republic of Latvia for a period of time not exceeding five years
to freely cross borders between EU Member States and non-EU countries
to move and stay up to 90 days within a 6 month period to other EU countries except for the United Kingdom, Ireland, Cyprus, Bulgaria and Romania
to obtain a Latvian or EU permanent residence permit after five years
to obtain temporary residence permits for the spouse and children
What is residence permit?
A residence permit is a document that gives a foreign citizen the right to temporarily (a temporary residence permit) or permanently (a permanent residence permit) stay in the Republic of Latvia. Invest wisely, invest in real estate which value is predicted to increase!
Temporary residence permit
Issued for up to 5 years
Must be re-registered every year
Notice: According to amendments to the Immigration Law of the Republic of Latvia, adopted on 1 July 2010, expanding the possibilities to obtain a residence permit in Latvia for foreign nationals who want to stay and move freely within the Schengen area. Conditions on investing in real estate.
