General Information
Residency by Real Estate Purchase (€250,000 property)
Acquiring real estate in Latvia offers a straightforward way to secure a temporary residence permit (TRP).
This investment not only allows you to participate in a growing market but also grants the opportunity to live in and explore both Latvia and the Schengen Area.
BENEFITS
-
Residency: Legally reside in Latvia.
-
Schengen Area Access: Travel visa-free within the Schengen Area.
-
Renewal: TRPs are typically issued for up to five years and are renewable.
-
Family Inclusion: Your spouse and children can also obtain TRPs based on your permit.
ELIGIBILITY REQUIREMENTS
-
Real Estate Purchase: Invest in real estate in Latvia with a minimum investment of at least €250,000 in Riga and major cities in Latvia.
-
Property Conditions: cadastral value At least €80,000.
-
Type of Property: The property cannot be agricultural or forest land.
-
Taxes and Fees: State Fee: 5% of the property value and additional property taxes and notary fees.
APPLICATION PROCESS
1. Purchase Real Estate: Select and acquire eligible real estate in Latvia.
2. Document Preparation:
-
Proof of property purchase.
-
Proof of state fee payment and other taxes.
-
A valid passport.
-
Health insurance valid in Latvia.
-
Proof of sufficient financial means.
3. Submit Application: Apply for a TRP at the Latvian Office of Citizenship and Migration Affairs (OCMA) or at a Latvian embassy/consulate if applying from abroad.
4. Processing Time: Expect a processing period of 1-3 months.
5. Receive TRP: Upon approval, you will be issued a temporary residence permit card.
TRP TERM AND PERMANENT RESIDENCE
After five years of holding a temporary residence permit, you may be eligible to apply for a permanent residence permit, provided you meet the following criteria:
-
Continuous Residence: At least five consecutive years in Latvia.
-
Latvian Language Proficiency: Pass a basic language exam (exemptions for age or disability).
-
Legal Income: Demonstrate stable and sufficient income.
-
Knowledge of the Constitution: Basic understanding of the Latvian Constitution, national anthem, and history may be required.
RENEWAL OF TEMPORARY RESIDENCE PERMIT
If you do not qualify for or choose not to apply for a permanent residence permit, you can renew your temporary residence permit, provided you continue to meet the original conditions. The renewal process depends on the basis of your initial permit (e.g., employment, family reunification, or investment).