A second passport can be lifechanging. With a citizenship-by-investment program, you can unlock the freedom to live, work, study, travel and retire in the country of your choosing.

When you obtain citizenship in Latvia, this freedom extends to the whole of the EU. The path to Latvian citizenship starts with residency – which, with the right support, can be obtained by investing in or forming a new Latvian business.

Once you have met this eligibility criteria, you will receive a residency permit allowing you to travel throughout Europe’s Schengen Area, access the country’s world-class health and education systems, and benefit from its attractive tax regime.

From here, you can make your residency permanent and even become a Latvian citizen. So, why wait? Find out how to take the first steps to EU citizenship.

Benefits of Latvia’s business immigration program 

While full citizenship unlocks many more advantages, the benefits of Latvia’s business immigration program start right away. As soon as you meet the investment criteria and receive your residence permit, you’ll get:

Guaranteed European residency for five years: This also extends to your partner and any children under 18. After five years, you can apply to become a permanent resident.

Pathway to EU citizenship: You can apply to become a Latvian citizen after ten years of residency, unlocking many more benefits guaranteed for life.

Business opportunities: Latvia is a gateway to all European Union markets, with more than 400 million potential customers.

Freedom to travel: As well as visa-free access to all 26 Schengen Area countries, Latvian residents benefit from an easy visa process to many more countries. These include Australia, Canada, Japan, the UK and the US. As a Latvian citizen, you can travel to 147 countries without the need for a visa.

World-class systems and services: Access Latvia’s high quality and affordable healthcare system and great education opportunities for your children.

Eligibility Criteria

To be eligible for the Latvia business immigration program, you must either:

Invest in an existing Latvian business
You must invest at least EUR 50,000 into a reputable, revenue-generating Latvian business 

OR 

Set up a new business in Latvia
There is no minimum investment criteria or requirement to hire employees. However, you must pay yourself a salary that generates at least EUR 730 in taxation every month.

In both cases, there is no minimum profit or turnover requirement. If starting a new business, you must prove your qualifications or experience relating to its activities. Once you have received your residency permit, you are free to register new companies or change your business type.

Applicants must speak English, attend an interview at a Latvian embassy, and travel to Latvia to collect temporary resident permits.

All permits are valid for five years, after which you can apply for permanent EU residency, followed by citizenship.

Roadmap of Latvia’s business immigration program 

When you work with an expert in residency and citizenship by investment, obtaining a Latvian residency permit is fast and straightforward. If you choose to start a new business, you will usually have your residency permit in hand within 90 days.

The team at Knightsbridge will guide you through the following process.

Step 1: Register your Latvian company
Setting up an LLC usually takes between one and two weeks, after which you are free to trade with businesses and markets around the world.

Step 2: Prepare your documents
This part of the process can take up to two months. We will check all documentation meticulously to ensure it is relevant, accurate, and likely to be accepted upon submission.

Step 3: Submit your application
All applicants, including your family members, must visit a Latvian embassy in person to submit the application and supporting documents.

Step 4: Application review

In most cases, the Latvian immigration authorities will review applications and provide a decision within 10 to 30 days.

Step 5: Collect your residency cards
If your application is successful, you will be asked to collect your residency cards. At this stage, you will receive an immigration visa allowing you and other applicants to travel to Latvia to collect your permits in person. 

With this process complete, you are free to work and live in Latvia and travel freely to all other Schengen states. After five years of residency, you have the opportunity to apply for permanent residency.

With these criteria met, you can apply to become a Latvian citizen. Your second citizenship allows you to:

• Travel freely to more than 140 countries, including Singapore, Hong Kong, Japan, Australia and Brazil.
• Benefit from low taxes on dividends, interest and royalties.
• Live, work and retire in any EU country.

Financial Requirements

There are several costs involved when applying for the Latvian business immigration program. These are as follows: 

Upfront costs 

• Legal service fee for main applicant: EUR 7,500
• Legal service fee for additional family member: EUR 500
• Latvian company registration fees: EUR 400
• Initial TAX payments: EUR 600

Running costs

• Required minimum monthly taxes: EUR 730 per month

Knightsbridge can also support your Latvian company with the following support and maintenance services:

• Basic monthly bookkeeping: EUR 100 per month
• Company registered address: EUR 100 per month
• Residential address in Latvia: EUR 100 per month
• Company representative service: EUR 120 per month 

If you wish to take part in the program via the investment route, you will also need to invest EUR 50,000 into a relevant Latvian business on top of the costs listed above. 

Documents required for Latvia’s business immigration program

When applying for Latvian business immigration program, you will be required to provide:

• Copy of valid passports for all applicants.
• Qualification proof for main applicant: This should be either your graduation documents or proof of at least three years of relevant experience in the field of your proposed Latvian business.
• Police clearance certificate: This must show a clear criminal record for all applicants over 14.
• Marriage and/or birth certificate: If applicable.
• Proof of funds: This should be a bank statement showing at least EUR 7,500 if supporting a spouse and EUR 2,300 for each child. 

All official documents must be legalised in English. 

Conclusion

While Latvian citizenship can be a long road, you can start realising the benefits of EU residency after just ten days with the fast-track business immigration program option.

After ten years of visa-free travel, tax benefits and access to incredible trading opportunities, education and healthcare, you can secure the life-changing advantages of lifelong EU citizenship, which can then be passed on to your descendants.

Whether you decide to stick with the many benefits of residency or take the path to full citizenship, it always pays to make your application with an industry expert.

At Knightsbridge Group, we understand the intricacies involved in the residency and citizenship-by-investment process and are committed to streamlining the procedure for you.

Our experienced team of professionals is devoted to developing customised solutions that cater to your unique requirements.

With a wealth of experience in immigration services and a specialisation in obtaining second citizenship through strategic investments, we are your ideal companion on the path to acquiring greater global freedom for you and your family.