Documents for submission - Immigration in Latvia for real estate investors
Documents for submission
These are the necessary documents to submit to acquire residence permit:
- Filled application form
- Passport size picture
- Document issued by competent authority from the home country indicating that the foreigner has no criminal record
- Prove of sufficient financial means
- Document indicating place of residence in the Republic of Latvia
- Prove that payment for the real estate was in non-cash form (bank transfer)
- Document that indicates that person has paid real estate tax if the real estate in owned for more than a year
- Document that indicates that State fees for residence permit request are paid
Additionally upon arrival
- Valid health insurance
- Reference from Latvian medical institution proving that the foreigner does not suffer from tuberculosis in active phase
Documents and application can be submitted
- At Immigration office in Republic of Latvia
- At Latvian embassy or consular missions outside the Schengen area
Residence permit for the family
Along with the main investor his/her family members can apply for a temporary residence permit.
Qualified family members are the spouse and children under18 years of age.
Financial means to support living expenses
- Minimum required financial means for investor – 960 Eur per month
- Minimum required financial means for spouse - 320 Eur per month
- Minimum required financial means for child - 192 Eur per month
In order to prove possession of sufficient financial means the foreign national should provide a bank statement that indicates amount for one year 12 x 960 = 11520 Eur.
Additionally expected expenses related with buying the real estate
- State fee for registration the new owner in the Land Register – 2% from the value of the property
- State fee that must be paid to the government when you recive the permit – 5% of the proparty value
- Stamp duties, notary fees & other; approximately 80 – 130 EUR
Duration of the process
The time for obtaining a residence permit in Latvia includes the period necessary to review the submitted documents which is 5 to 30 days depending on the amount of fee paid.
If an additional verification by the foreign national is necessary, the term can be extended for up to 90 days.
A foreigner has to visit Latvia to obtain a residence permit no later than three months after being granted the permit.
- State fee 143 Eur – decision by Immigration office is issued in 30 days;
- State fee 285 Eur – decision by Immigration office is issued in 10 days
- State fee 427 Eur – decision by Immigration office is issued in 5 days