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Latest business news

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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Types of temporal residency:

Business migration in Latvia and Lithuania

What are the possibilities to obtain a residency permit in Latvia or Lithuania (both are in European Union)?

IMMIGRATION IN LITHUANIA (UP TO 1 YEAR):

Lithuanian Immigration Law provides ability to apply for residence permit up to 1 year through investments in business. In order to obtain temporal residence permit in Lithuania, the investment must fulfil following conditions:

  • a company has at least LTL 30 000 (approx. EUR 8 600) share capital;
  • a company has genuine economical activities and pays minimum taxes;
  • the presence of investor is necessary for business activities of a company.

IMMIGRATION IN LATVIA (UP TO 5 YEARS):

Latvian Immigration Law provides ability to obtain residence permit if the foreigner`s activities are related to business. Residence permit might be granted for:

  • Official of the company: Manager Director, Chief Executive, Board Member, Proxy, Representative of Branch, Representative of foreign merchant
  • Shareholder of existing or newly established company: Residence permit through investment in share capital in the status of shareholder, for example, company formation and registration or acceding to existing company with significant investment
  • Residence permit through investments in subordinated capital of credit institution

    Conditions for officials in the company

    Foreigner is entitled to residence permit if he holds a position of:

    • Board member (Manager Director, Chief Executive), Proxy, Representative of Branch, Representative of foreign merchant

    Please note! Although the residence permit is issued for 5 years, it must be registered each year. At the moment of registration, the following should be established:

    Company must run actual business and generate taxes at least EUR 21 350 / year
    This provision is not applicable to a new company

    Conditions on investing in the equity capital of an enterprise

    According to Latvian Immigration Law there are two options:

    The amount of investment must be at least EUR 35 000

    Temporary residence permit is issued for up to 5 years though the foreigner is obliged to register the residence permit each year. Failure to do this might be basis for annulment of residence permit. For the second and following years, the foreigner shall approve his contribution to Latvian economy:

    • Company must run actual business and generate taxes at least EUR 40 000 / year

    Conditions on investing in Latvian credit institutions:

    • the amount of financial investments must be at least EUR 280,000;
    • the term of transaction must be at least five years without the right to terminate it prior to the term of repayment of the deposit. Conditions on investing in the equity capital of an enterprise.

    If you do not plan to set up business in Latvia, we advise other option - investment in real estate.

    Other information on immigration

  • WEB devoloper - Artis Zelmenis