Why you should consider the opportunity of getting a Latvian residence permit
You can definitely run a business on Latvian territory without a residence permit but there are some complications if you need a visa to enter a state.
- The need to renew your visa to go to a country
- You will not be able to stay on Latvian territory more than 90 days in half a year.
If you are planning to have a lot of business trips and your personal presence is needed in Latvia, it becomes a problem.
Getting a Latvian residence permit is inevitable if you have decided to start a business here and move to Latvia.
What advantages does a residence permit bring?
After getting a residence permit you will be able to
- stay in Latvia as long as it is needed;
- move inside the EU and stay in EU countries (including Switzerland, Norway, Iceland) for 90 days in half a year;
- purchase cars registered in Latvia and use them on EU territory without any restrictions;
- get a EU residence permit after 5 years;
- become a citizen of Latvia in 5 years after receiving a permanent residence permit;
- have access to the European medical care, insurance and other social services;
- start a business in Latvia or the EU in a more convenient way; get a credit for business at lowest interest rate;
- get visas easier to countries which have signed relax visa requirements with Latvia (e.g. USA, Great Britain, etc.)
Why exactly Latvia?
It often happens that CIS citizens choose between several countries when they decide to receive a residence permit. Why should they stop at Latvia?
In the context of business:
- Latvia is a traditional transit hub between the EU and CIS with a large goods flow and all the conditions for intermediaries.
- The set logistics and transport nodes. The level of infrastructure development allows arranging massive logistics centres here.
- Agreements between Latvia and other countries provide a unique small business trade and development congenial climate.
- Latvia is a convenient country to run a business with EU countries. The same currency and trust of European clients and partners to Latvian companies allow an effective work with EU markets.
- Stable growth of Latvian economy provides unforeseen leaps protection for businesses.
- Low employment expenses with high quality personnel. Strong higher education system and the fact that a lot of employees speak several languages make it easier to hire professionals.
Conclusions: if you require a EU residence permit to start or to move a business, Latvia is a congenial option.
If you are moving to Latvia with your family, you get:
- Developed medical service, education, tourism on a European level. Every family member will feel great in all spheres.
- No linguistic barrier. Almost everybody here speak not only Latvian, but also Russian and English. It means you will find it easy to talk to anybody.
- Wonderful environment and nature. Latvia has no hazardous industries, which pollute the atmosphere. Latvia has a very large amount of EU woods on its territory.
To sum up: if you require a EU residence permit to move there with your family, Latvia is ready to accept you with wonderful social conditions, kind neighbours and clean environment.
How can you get a Latvian residence permit?
Latvian legislation provides many ways to get a residence permit. We have investigated them and put the information into our brochure.
Below you can find different ways to get a residence permit, which are connected with real estate and business investments.
Receiving a Latvian residence permit via investments into real estate
In the past, this way of getting Latvian residence permit was very popular because of highly congenial conditions comparing to other countries but recently the threshold amount for real estate purchase was increased by legislation. I.e. to receive a residence permit you have to pay more for real estate now.
Nowadays, this amount is 250 000 Euro + one off payment of 5% of the real estate cost. Actually, only Riga and Jurmala have objects with such a price and there are not so many of them, which are worth this money.
This is the reason why a lot of our clients prefer different ways to receive a residence permit. One of our main recommendations is investment into an existing business or starting a new one in Latvia.
Receiving a residence permit via investing into business
We have already described Latvia as one of the most favourable countries for business set up (please refer to our article Advantages of Running a Business in Latvia to know more).
Our clients find the most appropriate ways to arrange their entrepreneurial activity in Latvia:
- Move back-offices to optimize expenses and taxation;
- Arrange management holding companies;
- Open logistics centres to arrange trading between EU and CIS countries;
- Open subsidiaries, which are destined to work with the European market.
If you choose any of the listed options and choose another one, you will have many advantages in business running.
This way of getting even a temporary Latvian residence permit is more attractive, as the sum that you need to have is only 35 000 Euro, which has to be invested into the statutory capital of a new or an already existing Latvian company. You should also take into account that the company should have its activity in Latvian territory. I.e. The company will have to pay at least 40 000 Euro of taxes by the end of the year.
How can BBCRiga help you to receive a Latvian residence permit?
Baltic Business Consulting professionals are specialists in starting and supporting businesses in Latvian territory. We are ready to provide you with full and free consultations on getting a residence permit via investment, as well as helping you to receive all necessary documents and support you further on. Please contact our consultants to find out about our possibilities and guarantees, you get working with real experts.