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Latvia: Residency permit in Eurozone
7th June 2013
After the introduction of the euro in Latvia, Latvian temporary residence permits will be eligible obtain for those who have invested at least 35 500 euros in the share capital of the company.

Residence permit in Latvia: facts and results
6th February 2013
The opportunity to receive a temporary residence permit in return for investments in the Latvian economy has been used by 4744 foreigners by investing a total of LVL 318.3 million within two and a half years, shows statistics summarised by the Office of Citizenship and Migration Affairs (OCMA).

Dividends will not be taxable income in Latvia
28th January 2013
Starting of 1st January 2013, the dividends are not taxable income if the company – Latvian resident pay out dividends to the non-resident unless it is located, established or founded in low tax or no-tax states or territories.

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President of Latvia

Official website

From the Constitution charpter III – The president

35. The Saeima shall elect the President for a term of four years.

36. The President shall be elected by secret ballot with a majority of the votes of not less than fifty-one members of the Saeima.

37. Any person who enjoys full rights of citizenship and who has attained the age of forty years may be elected President. A person with dual citizenship may not be elected President.

38. The office of the President shall not be held concurrently with any other office. If the person elected as President is a member of the Saeima, he or she shall resign his or her mandate as a member of the Saeima.

39. The same person shall not hold office as President for more than eight consecutive years.

40. The President, upon taking up the duties of office, at a sitting of the Saeima, shall take the following solemn oath:

I swear that all of my work will be dedicated to the welfare of the people of Latvia. I will do everything in my power to promote the prosperity of the Republic of Latvia and all who live here. I will hold sacred and will observe the Constitution of Latvia and the laws of the State. I will act justly towards all and will fulfil my duties conscientiously.

41. The President shall represent the State in international relations, appoint the diplomatic representatives of Latvia, and also receive diplomatic representatives of other states. The President shall implement the decisions of the Saeima concerning the ratification of international agreements.

42. The President shall be the Commander-in-Chief of the armed forces of Latvia. During wartime, the President shall appoint a Supreme Commander.

43. The President shall declare war on the basis of a decision of the Saeima.

44. The President has the right to take whatever steps are necessary for the military defence of the State should another state declare war on Latvia or an enemy invade its borders. Concurrently and without delay, the President shall convene the Saeima, which shall decide as to the declaration and commencement of war.

45. The President has the right to grant clemency to criminals against whom judgment of the court has come into legal effect. The extent of, and procedures for, the utilisation of this right shall be set out in a specific law. The Saeima grants amnesty.

46. The President has the right to convene and to preside over extraordinary meetings of the Cabinet and to determine the agenda of such meetings.

47. The President has the right to initiate legislation.

48. The President shall be entitled to propose the dissolution of the Saeima. Following this proposal, a national referendum shall be held. If in the referendum more than half of the votes are cast in favour of dissolution, the Saeima shall be considered dissolved, new elections called, and such elections held no later than two months after the date of the dissolution of the Saeima.

49. If the Saeima has been dissolved or recalled, the mandate of the members of the Saeima shall continue to be in effect until the convening of the newly elected Saeima, but the former Saeima may only hold sittings upon the request of the President. The President shall determine the agenda of such sittings of the Saeima. New elections shall take place not earlier than one month and not later than two months after recalling of the Saeima.

50. If in the referendum more than half of the votes are cast against the dissolution of the Saeima, then the President shall be deemed to be removed from office, and the Saeima shall elect a new President to serve for the remaining term of office of the President so removed.

51. Upon the proposal of not less than half of all of the members of the Saeima, the Saeima may decide, in closed session and with a majority vote of not less than two-thirds of all of its members, to remove the President from office.

52. If the President resigns from office, dies or is removed from office before their term has ended, the Chairperson of the Saeima shall assume the duties of the President until the Saeima has elected a new President. Similarly, the Chairperson of the Saeima shall assume the duties of the President if the latter is away from Latvia or for any other reason unable to fulfil the duties of office.

53. Political responsibility for the fulfilment of presidential duties shall not be borne by the President. All orders of the President shall be jointly signed by the Prime Minister or by the appropriate Minister, who shall thereby assume full responsibility for such orders except in the cases specified in Articles forty-eight and fifty-six.

54. The President may be subject to criminal liability if the Saeima consents thereto by a majority vote of not less than two-thirds.

[4 December 1997; 3 May 2007; 8 April 2009]

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