Obtaining residence permits by business investment is best suited for those wishing to set up or develop their business in the European Union while reaping the benefits of legal residence in the EU - with all the amenities it offers for travel. Statistics show that business investment is a less popular way of obtaining a residence permit than buying a property, but there are a number of features that make this option the best option for some investors.
Financial investment in local business
Last year, the Office of Citizenship and Migration Affairs in Latvia received 268 applications for residence permits based on investments in local businesses. The amount of investment is estimated at 13.5 million lats. Qualified investors who complete the successful applicants receive a residence permit for an initial period of up to 5 years, with a possible further extension.
There are two possible options when it comes to the amount of investment required, but since the change to the immigration law on September 1, 2014, the second option has become almost impossible to fulfil.
- The first option is an investment of more than EUR 35,000 in the share capital of a Latvian company. However, in order to qualify for this smaller investment, there are additional requirements: you must invest in a limited liability company or limited liability company, and must pay taxes of at least EUR 40,000 per year.
- The second option is to invest EUR 150 000 in the share capital of a Latvian company (stock company or limited liability company). While this option requires a higher upfront investment, the advantage is that there is no requirement for the amount of tax the company pays each year. The company must have at least 50 employees and an annual turnover of at least EUR 10 million.
