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Latvia: Immigration law amendments
26th May 2014
Latvian parliament adopted amendments to the Immigration Law in Latvia on May 8th, 2014. The amendments will come into force on September 1, 2014. Changes refer to the minimum thresholds of the property that qualifies for temporary residence permit.

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Baltic Legal - Your corporate law office in Latvia

Baltic Legal focuses on Corporate Law, Tax Law, Company Formation and Registration, and Accounting Services in all three Baltic states - Estonia, Latvia and Lithuania. If you intend to start business in the Baltic States, our team of professionals will provide you with full support and advice in choosing the type of a company, establishing and registration of the company, dealing with tax issues, and promoting your business in Latvia, Lithuania or Estonia.

As countries have different cultural, legal and business administration systems without local knowledge and experience opening a company and its registration in a foreign country can be a challenge. Our assistance will guarantee accurate and timely execution of all the necessary measures in order to facilitate your operations in the Baltic States. Also, on many occasions we are able to offer our clients comprehensive advice on non-business related issues.

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Incorporation in Latvia, Lithuania and Estonia

The most common legal entity(business) set up in Latvia, Lithuania and Estonia is a limited liability company, also known as a LLC. This type of enterprise provides its owner with business opportunities, limiting the exposure of owner’s private capital to risks and not affecting his personal obligations. There are no restrictions to set up a company - enterprise can be set up by resident, non resident or legal entity. In Latvia a LLC is called SIA, in Estonia – OÜ and in Lithuania – UAB. The process of incorporation is not as complex as that of a joint stock company, but still requires time and experience with establishment of such companies. Registration as a Value Added Tax (VAT) payer is not mandatory following the formation and incorporation of a company, but becomes necessary if the annual turnover exceeds the limit stipulated by the law. A limited liability company requires the minimum equity capital which is almost common in Latvia, Lithuania and Estonia; however, there are different ways to invest the capital.

EU residence permit

According to Council Regulation No. 1030/2002 residence permits in the European Union have uniform format, which means that residence permits have the same form in every Member State – it may be a sticker or stand-alone document containing particular information. It is useful to obtain residence permit in a Schengen zone country since it will entitle its owner to move without visa to other Member States of Schengen Agreement (a travel document with residence permit replace visa). It must be noted that Latvia, Lithuania and Estonia have joined Shengen area in 2007, and they provide for great opportunities to receive temporal residence permit through investments. For instance it is possible to receive residence permit in Latvia for up to 5 years by investing at least EUR 250 000 in a real estate or at least EUR 280 000 in a subordinated capital of Latvian credit institution (more information here). Along with main investor residence permit can be obtained by his/her spouse and minor children. The process of obtaining temporal residence permit takes from 1 up to 3 months.

WEB devoloper - Artis Zelmenis