Latvia golden visa

Latvia launched golden visa scheme in 2010, since the start of the scheme foreigners invested some €1.5 billion euros in Latvia, according to the new official figures released by PMLV migration office of latvia

 

The Latvian scheme is also the oldest golden visa scheme in Europe opened well before Portugal launched in 2012.  As of 2019, Portugal has received some €4.25 billion, approx three times more investment received by Latvia in nine years. The latvian scheme lost its shine, because less attractive for investors, when the scheme was tightened after 2014. This despite Latvia has the cheapest golden visa scheme in Europe.

 

As of September 2014, the number of applications related to the Latvia golden visa investment program decreased significantly. Only 160 applications received in 2017 and and 82 applications received until mid-2018

 

 

From January 1, 2015, Latvia introduced government bonds option under Section 23, Paragraph one, Clause 31 of the Immigration Law has come into force – the possibility to request TUA for a period of up to five years, if a foreigner acquires specific interest-free government securities for a nominal value of EUR 250,000 . Upon receipt of TRP, the alien must contribute to the national budget of 38,000 euros.

 

In July 2010 and June 2011, new amendments to the Latvian Immigration Law came into effect, expanding the right of foreigners to obtain temporary residence permits for up to five years in exchange for their investment in the development of the Latvian economy.

 

Under the new rules, Latvia requires foreign investors to invest in any of the following options to qualify for 5 year temporary residence permit.

 

  • €250,000 in Government bonds + €38,000 state fee
  • €250,000 in Real estate + 5% state fee
  • €100,000 company investment + €10,000 state fee
  • €280,000 Bank deposit or in a credit institution + €25,000 state fee

 

Golden visa investment
Latvia Golden visa investment in millions of euros from 2010 to 2018

 

From July 1, 2010 to June 30, 2018, under the golden visa program

 

  • The total investment received was €1.5 billion euros during the period 82% invested in real estate.
  • The average property investment per investor is  €195,000 close to 200K euros.
  • Riga and Jurmala are the most popular locations for property investment in Latvia
  • Total 7,545 golden visa applications were received of which 17,900 TUA (temporary residence permits) were issued
  • 90% of the golden visa investors came from Russia and followed by chinese
  • Only 43 applications received for government securities/bonds option
  • A total of 165 applications refused and 3,278 permits canceled/revoked

 

Golden visa applications for Latvia
Golden visa applications received under real estate, bonds, company and bank deposit

 

Golden visa applications received

Applications TUA Investor + Family Refused
Real Estate 6160 14843 112
Bank deposit 492 1258 5
Capital companies 850 1690 47
Government bonds 43 87 1
Total 7545 17878 165

 

Golden visa investment in millions of Euros

Real Estate Banks/Credit institutions Capital companies Government bonds
2010.II 15.843 12.283 0.305 0
2011 138.138 35.064 3.641 0
2012 207.65 28.474 13.335 0
2013 296.583 34.106 29.3 0
2014 397.315 31.328 18.825 0
2015 72.844 8.962 7.433 1.25
2016 50.706 3.874 3.195 4.75
2017 28.266 3.565 5.528 2.25
2018.I 13.171 0.325 4.515 0.75
Total 1220.516 157.981 86.077 9
EUR €1.47 billion  

 

 

 

Top Countries

 

Top countries applied for latvia golden visa (investor + family)

 

Russia 12425
China 1460
Ukraine 1414
Uzbekistan 746
Kazakhstan 677
Belarus 382
Azerbaijan 291
Vietnam 100
Israel 92
Pakistan 85
United States 73
Iraq 63
Turkmenistan 57
Kyrgyzstan 54

 

Note

TUA – Temporary Residence Permit

PUA – Permanent residence permit