Before the changes in the immigration law, there were some essential criteria to obtain a residence permit in the Schengen countries: family reunification (union of spouses, family reunifications of citizens of Latvia etc.), working and starting business, education etc. As per the changes in the Immigration Law that entered into force as of 01.07.2010, opportunities are provided to foreign investors with a certain amount of capital contributing to the development of economy of Latvia to obtain residence permits in a separate status. According to the new immigration legislation, the conditions to obtain a provisional residence permit in the Republic of Latvia are as follows:
In order to obtain a provisional residence permit up to 5 years, foreign nationals may;
File an application by means of contributing to the capital of a company in an amount not less than 36,000 Euros or establishing a company with a principal capital in that amount. However, the annual minimum tax amount to be paid by that company should not be less than Euro 40,000.
May file an application by means of contributing to the capital of a company in the amount of Euro 150,000. In such case, there is no requirement for a minimum amount of tax payment.
May file an application by means of investing in a Latvian bank as a secondary capital in an amount of at least Euro 300,000 (in the form of a secondary loan or secondary deed).
IN EXCHANGE FOR A REAL ESTATE OUT OF 3 PROJECTS IN THE MOST BEAUTIFUL LOCATIONS IN RIGA (FOR AN AMOUNT OF EURO 250,000):