TERM RESIDENCE PERMITS

 

Since July 1, 2010 it is possible to obtain a term residence permit (hereinafter -TRP) by

buying a real estate in the Republic of Latvia.

TRP is issued for five years. In Latvia a non-resident who has TRP can reside for an unlimited

period of time, and there is no minimum residence term, which means that the investor must

come to Latvia at least once a year to confirm that he/she has paid the property taxes and

insurance, as well as to extend the ID card for one more year.

TRP provides non-residents with the opportunity to reside and travel within the Schengen

states for a period of up to 90 days in a half-year.

 

Preconditions for the investor to receive TRP against the acquisition of the real estate:

  • Property value must be at least 250 000 EUR
  • The cadastral value of the real estate must be at least EUR 80,000, if it is less, then the property assessment by a certified appraiser should be at least 250 000 EUR
  • Real estate should include apartments, houses, commercial premises, and other premises or buildings, but not the land or forest
  • The investor must pay 5% of the transaction amount in the public treasury.

 

Necessary documents for TRP execution:

  • Inquiry form;
  • Passport;
  • Photography;
  • Documents proving the purchase of a real estate (Land Register, Purchase agreement, transaction account agreement, if available);
  • Proof of subsistence wage, presenting an extract from the bank about account balance;
  • Note of indemnity;
  • Bank note that the payment for the acquisition of a real estate has made in the form of money clearing;
  • If TRP is made also for the family, then the marriage and child birth certificates are needed;
  • A medical certificate/note that the applicant does not suffer from tuberculosis (examination must be carried out at Latvian experts);
  • Insurance;
  • When submitting copies, originals of all documents should be presented.

 

Documents may be submitted to the Embassy of the Republic of Latvia/advisory agencies in foreign countries, as well as in the Latvia, and to the Citizenship and Migration Board.