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Latvia Golden Visa Program

4 min read

Latvia Golden Visa Program

Latvia is one of the Baltic countries in Northern Europe. You can easily travel to the bordering nations Estonia, Lithuania, Russia, Belarus, and Sweeden. Riga is one of the largest cities and the capital of Latvia, with all-season weather. The winter can be harsh and reach really low temperatures, and the summer is warm, and both have amazing landscapes to enjoy.

Latvia is one of the Eurozone's lower-cost nations. This means you may live comfortably on less than in other Eurozone nations such as Germany or the Netherlands. However, you will still need to budget. Rent is often seen as an independent expenditure from living costs in Latvia. One person's average monthly living cost is about €620 ($642 USD). A family of four would spend roughly €2,751 ($2,850 USD).

 

Traditional houses in Cesis , Latvia

Traditional houses in Cesis , Latvia

VISA OVERVIEW

Latvia started the Golden Visa program in 2010 to encourage international investment. This European Golden visa program provides EU residence, citizenship, and immigration through investment. The Golden Visa is available to investors via a variety of investment routes and gives Latvia residence permits as well as a variety of additional incentives. You may begin the application process after determining which investment choice suits your condition and on its completion.

 

ROUTES TO LATVIA GOLDEN VISA

You may apply for the Latvia Golden Visa Program if you are above the age of 18, do not have a criminal record, and can demonstrate a suitable income. Latvia has a variety of investment opportunities, and you are free to choose the one that best suits your needs.

 

Related content: The Basics Of How To Get A Second Passport Or A Second Residency

 

Beautifil architecture in Latvia

Beautifil architecture in Latvia

PURCHASING LATVIAN REAL ESTATE

You can buy a really high-end home in Latvia for €250,000 ($258,985 USD). An ample 150 square meter space of high-quality land in the city centre, near all facilities, schools, and stores. It will be ready for you and your family to move in and enjoy the excellent design and standards. If you decide to sell your apartment later, increasing property prices will ensure you earn a profit on your investment.

The Latvian real estate market has residences to suit every taste and budget. And keep in mind that you are not only purchasing a property for yourself and your family in a lovely nation; this investment will help you get Latvia permanent residency and European citizenship.

 

INVESTING IN A BUSINESS

If you want to avoid buying real estate, you may invest in a Latvian business or start your own company in Latvia. If you start your company and it employs 50 or fewer people and has annual sales of less than €10 million, your needed investment is €50,000 ($51,800 USD). If your firm has more than 50 workers and annual sales of more than €10 million ($10,360,000 USD), your minimum investment will be €100,000 ($103,600 USD).

If you choose the business investment option, you must additionally pay a €10,000 ($10,360 USD) government charge. This cost is a one-time obligation that must be met before a Latvia Golden Visa may be issued.

 

Kuldiga, Latvia

Kuldiga, Latvia

FINANCIAL  INVESTMENT

You may also qualify for the Latvia Golden Visa Program by depositing money in a Latvian bank. The deposit must be equal to, or more than €280,000 ($290,060 USD), and the funds must be kept in the bank for at least five years.

There is also a necessary government charge of €25,000 ($26,208 USD) with this investment strategy, which you must pay. This cost is non-refundable and non-recoverable.

 

GOVERNMENT BONDS

The last option for obtaining a Latvia Golden visa is to acquire government bonds for a minimum of €250,000 ($258,985 USD). If you remove your investment after five years, you will get the amount you paid. However, this investment choice has an extra state charge of €38,000 ($39,836 USD).

Tighter background checks were implemented in Latvia in 2014 in response to a deluge of applications for its Golden Visa Program, which revealed information, leading to an increase in refusals and even the cancellation of some visas previously issued. The grounds provided were the possibility of espionage and the threat to economic security since many applicants could not establish the origin and legality of their funds. When applying for the Latvia Golden Visa, remember that competent authorities will inspect you, and the security police will treat any significant concerns about your background.

 

Christmas Market in Riga, Latvia

Christmas Market in Riga, Latvia

LATVIA GOLDEN VISA REQUIREMENT

To be eligible for the Latvia Golden Visa, you must be at least 18 years old. A dependent spouse, younger children, and financially dependent children are included. All of your family members may apply for Latvia Residence Permit alongside you. The residency permit is valid for five years and must be renewed annually.

Please remember that you cannot acquire agricultural land, woodlands, or forests with the Golden Visa and cannot pay in cash. The property's cadastral value must be at least €80,000 ($83,865 USD). An extra 5% of the purchase price must be paid as government costs upon approval, and a 2% stamp duty for title registration.

In addition to the above standards, you must meet and possess the following:

  • No criminal history.
  • No outstanding real estate taxes.
  • Excellent physical condition.
  • You have enough money to support yourself and your family.
  • Health insurance is required for one year after the permit is issued.

 

THE ADVANTAGES OF APPLYING FOR LATVIA'S GOLDEN VISA

You and your family only need to live in Europe after applying for a Latvia residence permit with the Latvia Golden Visa. You would not be required to attend an interview or demonstrate your grasp of the Latvian language. Latvia Golden visa provides one of Europe's most affordable real estate investments.

Although Latvia's Golden Visa Program is less expensive than comparable programs in neighbouring countries, its list of privileges is just as extensive. Aside from a simple application procedure, the Latvia Golden Visa Program offers travel privileges, access to top education, healthcare, and other incentives. You will be allowed to travel without a visa to any Schengen nation and remain in the Schengen Zone for up to 90 days every six months. There are additional travel advantages while attempting to enter the United States, Canada, Japan, the United Kingdom, or Australia since the visa procedure becomes more straightforward.

Though European Union citizenship is not guaranteed, the Latvia Golden Visa provides a route to EU citizenship. After a specific period in the nation with the Golden visa, you may seek permanent residence, followed by citizenship.

 

Related content: Greece Golden Visa, Portugal Golden Visa, and Spain Golden Visa.

 

Latvia, River Amata at winter

Latvia, River Amata at winter

TAXATIONS ON LATVIAN GOLDEN VISA

While you enjoy the benefits of the Latvia Golden Visa, you will also be required to pay taxes. The Tax and Duties Act governs general taxation in Latvia, and taxes are levied either by the state or by municipalities under this Act.

The rate of value-added tax (VAT) is 12%. Corporate income tax (CIT) is 20% on distributed profits, whereas personal income tax (PIT), depending on your income, ranges from 20% to 23% and 31.4%.

 

Old town in Cesis, Latvia

Old town in Cesis, Latvia

CONCLUSION

If anything occurs in your home nation or you wish to explore a different lifestyle, you have a secure second home to go to. While Latvia's property market is still quite strong and prices are continuously rising, you and your family may live in a European nation and even establish your own business. Furthermore, the country will provide fantastic career prospects and a beautiful lifestyle. So, whether you are a nature lover or not, Latvia's serene, hospitable, and fascinating country will have something to enjoy.

 

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WORK WITH ME

I help my clients to move offshore for freedom, privacy and autonomy by focusing on the immigration, legal, and tax issues that you will face when becoming an expat. If you would like to work one-on-one with me on getting out of your home country (or setting up a Plan-B location), then read this important letter and fill in an application form to become a Private Client. My fees are not cheap; however, I can assure you that when you work with a professional firm like ours, the results will be worth it.

 

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Mikkel Thorup

Written by Mikkel Thorup

Mikkel Thorup is the world’s most sought-after expat consultant. He focuses on helping high-net-worth private clients to legally mitigate tax liabilities, obtain a second residency and citizenship, and assemble a portfolio of foreign investments including international real estate, timber plantations, agricultural land and other hard-money tangible assets. Mikkel is the Founder and CEO at Expat Money®, a private consulting firm started in 2017. He hosts the popular weekly podcast, the Expat Money Show, and wrote the definitive #1-Best Selling book Expat Secrets - How To Pay Zero Taxes, Live Overseas And Make Giant Piles Of Money, and his second book: Expats Guide On Moving To Mexico.

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