If a foreigner has invested no less than 25,000 Lats (35,572 Euros) in the equity capital of a company registered in Latvia, and the company has paid at least 20,000 Lats (28,458 Euros) in the state budget, he/she will be granted a temporary residence permit for up to five years,

This also applies to foreigners who have acquired a property/-ies of the total transaction sum of at least 100,000 Lats (142,288 Euros) and possess one or more pieces of real estates in Riga, Riga Planning Region or other cities – Daugavpils, Jelgava, Jēkabpils, Jūrmala, Liepāja, Rēzekne, Valmiera or Ventspils. If properties are acquired outside these cities, the total transaction sum must be of at least 50,000 Lats (71,144 Euros).

According to the new regulation, the transaction sum is to be paid by transfer. Upon receipt of a residence permit, a foreigner has to present a purchase agreement and a payment document certifying transactions of 50,000 or 100,000 Lats at the Office of Citizenship and Migration Affairs of the Republic of Latvia. The transaction sum, not the cadastral value, will be the point of reference for issuance of a residence permit, which means that cadastral value can be lower. If a seller and a buyer have reached an agreement on a higher price, the transaction sum will be taken into consideration.

The permit must be re-registered every year by presenting documents certifying the possession of the real estate in order to preserve a valid permit.

Residence permits will also be issued to family members of a foreigner (spouse, minors and persons in custody) possessing a Latvian residence permit. Many foreigners have expressed their interest in investing in Latvia and obtaining a residence permit - mostly people from the Commonwealth of Independent States, according to statistics by different banks and legal offices. Acquiring a property in Riga and Jūrmala is of special interest.

More information on the application process, regulations and document completion in Latvian, Russian and English is available at the webpage of the Office of Citizenship and Migration Affairs www.pmlp.gov, in the Services section.