On July 1, 2016, amendments to the Immigration Law of the Republic of Latvia took effect, modifying the conditions for receiving a temporary residence permit and repeated issuance of the temporary residence permit.
Thus, a foreign individual may apply for a temporary residence permit valid for up to five years:
- one functionally linked and built-up immovable property in Latvia, the value of which is not less than EUR 250 000.
- not more than two functionally linked and built-up immovable properties outside the districts Riga, Jurmala, Adazi, Babite, Baldone, Carnikava, Garkalne, Iksķile, Kekava, Marupe, Olaine, Ropazi, Salaspils, Saulkrasti, Stopini for which the collective value is at least EUR 250 000.
Previously it was allowed to purchase one functionally undivided built-up property the value of which is at least EUR 250 000.
- who has invested in the share capital of companies by increasing it or registration of the new company. The minimum investment is increased from EUR 35 000 to EUR 50 000 for companies with no more than 50 employees and annual turnover or the annual balance not exceeding EUR 10 million. These companies shall henceforth have to pay an average of EUR 3300 per month in taxes to the state and municipal budgets.
Maximum ten foreigners will have rights to receive a residence permit upon investing in the company, in case each of them has invested in the company and paid at least EUR 10 000 in the state budget. Previously permits were issued to no more than three foreigners.
- who has invested in the share capital of companies by increasing it or registration of the new company at least EUR 100 000. The sum is decreased from EUR 150 000 to EUR 100 000. The company shall employ more than 50 employees and with the annual turnover or annual balance exceeding EUR 10 million. It is set that a permit shall remain valid if the company pays at least EUR 100 000 in taxes, while the average tax payment for the first reporting year since the issuing of the residence permit shall be at least EUR 8300 a month.
- who has invested EUR 100 000 in the share capital of companies which, together with one or several daughter companies, employ more than 50 employees, and their total annual turnover of the annual balance exceeds EUR 10 million. Additionally, EUR 10 000 payment into the state budget shall be made by the shareholder to obtain a residence permit.
According to amendments, investors who would like to prolong the temporary residence permits shall pay EUR 5,000 in the state budget. Investing in Latvia.