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