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Bank deposit residence permit Residencies Plan of Latvia (Europe)
Bank deposit residence permit
Dependents may be included in the application.
The residence permit will have a validity not exceeding 5 years. After that period, you may renew your residence permit if you still fulfill the requirements, or you may apply for a permanent residence permit. Language skills and significant physical residency in the country for 5 years may be required for permanent residency.
Foreigners who hold a permanent residence permit and have been living in Latvia for 5 years, may apply for citizenship if they fulfill certain conditions.
Requirements
- Travel document admitted in the Republic of Latvia
- Financial means to subsist in Latvia without need of work
- Health Insurance
- Have a place of residence in Latvia, whether ownership of property or rental
- Document issued by the credit institution of the Republic of Latvia, which confirms that the foreigner has subordinate liabilities towards the credit institution of the Republic of Latvia at least in the amount indicated in Section 23 Paragraph One Clause 30 of the Immigration Law, and the transaction term is at least five years. If the financial investment has been made in a foreign currency, the credit institution shall confirm that on the date of entering into the agreement the amount thereof was compliant with the amount indicated in Section 23 Paragraph One Clause 30 of the Immigration Law, according to the foreign currency rate used for accounting on the date of entering into the agreement.
- Documents a foreign national needs with respect to the anticipated place of residence:
+ Document in his/her name stating his/her right to reside in the specified real estate property (an entry in the Land Register);
or
+ A Lease Agreement for a specified real estate property in his/her name. If the Lessor is an individual or a corporation, additional documentation is required confirming the Lessor's ownership of the said property.
If the foreign national applying for a residence permit does not have either of the above, he/she needs to submit either:
+ A copy of the Land Register pertaining to the specified real estate property; and the property owner's agreement to declare the said property as the foreign national's place of residence;
or
+ A Lease Agreement for the specified real estate property; and the Lessor's agreement to declare the said property as the foreign national's place of residence. If the Lessor is an individual or a corporation, additional documentation is required confirming the Lessor's ownership of the said property.
Restricted Nationalities
No nationality is officially restricted
dual citizenship
Dual citizenship is recognized in Latvia. You are not required to renounce your previous nationality to become a citizen of Latvia.
Dual Citizenship permitted with some exceptions
Documents Required
- Proof of income
- Original and photocopy of passport
- One passport-size photo
- Evidence of Health Insurance
- Evidence of Residential Address
- Receipt of payment of fees
- Bank confirmation letter regarding deposit
- dual citizenship Yes
- Family members included Yes
- land ownership Yes
- Physical residence required No
- Personal visit required Yes
- Language skills required No
- Interview required No
- Investment Single €280,000
- Investment Family 4 €280,000
- Minimum annual income -
- Time to citizenship 72
- Time to permanent residency 60
- Visa-free countries 165
- Financing available No
Latvia
The Republic of Latvia is a sovereign member of the European Union, which covers 64,589 km² and has a total population of 2,070,371 inhabitants. Its capital is Riga. Latvia is located in northern Europe, and is one of the Baltic countries. It shares borders with Estonia to the north, Lithuania to the south, to the east with Russia and Belarus, and to the west with the Baltic Sea. It is a country of low plains covered by extensive forests.Latvia gained its independence in 1991, after the dissolution of the Soviet Union. Since then, it has become a member of the United Nations, European Unionand NATO since 2004, and became a member of the OECD in 2016. Currently the country is a democratic parliamentary republic divided into 120 municipalities.The country adopted the euro as its official currency on January 1, 2014.
- National Flag of:Latvia
- Currency:EUR
- Area Code:371
- Capital:Riga
- Continent:Europe
- Native Languages:Latvian, Russian, Lithuanian
- Population:2,217,969
BENIFITS
With your new passport from Latvia you'll be able to access 165 countries visa free
citizenship benefits Visa-free or Visa on arrival to 165 countries including United States Schengen Area United Kingdom Visa-free access to the United States Get one of the most valuable passport worldwide Become an EU citizen with the right to live work do business invest own property and access to healthcare and education benefits throughout the European Union permanent residency benefits Access to healthcare and education system The right to live and work in Latvia without any time limit Live and work across the EU Be eligible for citizenship in a short period of time temporary residency benefits Low tax jurisdiction Potentially profitable investment Low cost of living Be eventually eligible for permanent residency Travel visa-free across the European Union Peaceful democratic and politically stable country Low crime rate countryFEES
| ITEM | AMOUNT |
|---|---|
| government fees main applicant | €10 |
| 000 |
TAXES
To be a tax resident in Latvia, an individual must have his or her permanent place of residence in Latvia, or be present in Latvia for 183 days or more in any 12-month period.
Residents are subject to tax on their worldwide income, while non-residents pay taxes on their income derived from Latvia.
Employment income and business income are taxed at 23%, capital gains at 15% and investment income at 10%.
Income from controlled foreign companies (CFCs) is subject to personal income tax at 23%. A foreign entity is deemed to be a CFC when a Latvian tax resident holds at least 25% of equity, stock, or voting power.
Real property tax is levied at 1.5% of the cadastral value of land and buildings. Residential properties are taxed between 0.2% and 0.6%. Unused agricultural land is taxed at 3%.
A stamp duty is levied on the higher of sales price or cadastral value when real property is registered in the land register, capped at €42,686.
The standard V.A.T. rate is 21%. A reduced 12% rate applies to certain goods and services.
There are no taxes on inheritances and personal wealth in Latvia.
Regarding corporate taxation, resident entities are subject to a 15% tax on their worldwide income.
| TAX ITEM | DESCRIPTION |
|---|---|
| Property tax | Yes |
| Transfer tax | Yes |
| Inheritance tax | No |
| Net worth tax | No |
| CFC law | Yes |
| Tax residency days | 183 |
| Personal income tax rate | 23% |
| Capital Gains tax rate | 15% |
| Investment income tax rate | 10% |
| Territorial taxation | No |
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