Latvia Golden Visa: updated 2025 guide

The Latvia Golden Visa — officially called the Latvian Investor Visa or Residence Permit by Investment — is a government-backed program. It offers non-EU, non-EEA, and non-Swiss nationals a temporary residence permit in exchange for a qualifying investment in the Latvian economy. 

The program aims to attract foreign capital while giving investors and their families the right to live, work, and travel freely across the Schengen Area.

Latvia provides several routes to obtain a residence permit through investment. Applicants can:

• purchase real estate;

• invest in a local business;

• buy government bonds;

• invest in the subordinated capital of Latvian banks.

The minimum investment starts at just €50,000, making it one of the more accessible routes to residency and citizenship in Europe.

For many investors, Latvia’s Golden Visa is more than a mobility tool — it’s a strategic Plan B. Designed for high-net-worth individuals and entrepreneurs, the visa offers a renewable 5-year residence permit. It provides access to both Western and Eastern European markets, and allows investors to diversify capital.

Several other European countries run similar residency programs, including Portugal, Greece, Hungary, Malta, and Cyprus. Each of them can serve as a plan B, offering flexibility, freedom, and a gateway to European living for investors and their families.

1. Plan B. Latvia’s Golden Visa gives investors a ready-made plan B by securing EU residency — an alternative base if their home country faces political, economic, or personal uncertainties. 

The program includes a 5-year renewable permit, eligibility for permanent residency after 5 years, and the opportunity to apply for citizenship after another 5 years.

2. Political and economic stability. Latvia ranks among the more politically stable EU states, with a World Bank Political Stability Index of 0.59, while the EU average is 0.47. This reflects a low likelihood of government disruption, political violence, or social unrest.

Real GDP grew 2.9% in 2023 and 0.4% in 2024, driven by diversified sectors like IT, logistics, green energy, and resilient domestic demand. Inflation has moderated toward the European Central Bank’s target, easing to 3.3% in March 2025, underscoring effective fiscal-monetary policy coordination.

3. Investment in a trusted EU jurisdiction. Latvia adheres to EU directives on transparency, anti-money-laundering and corporate governance — so the investment benefits from high-standard regulations and direct recourse to EU institutions.

4. Preservation and protection of capital. Latvia ranks 38th out of 180 countries on Transparency International’s 2024 Corruption Perceptions Index, reflecting a transparent legal environment that protects shareholder and creditor rights. 

As an EU and euro-area member, Latvia guarantees free movement of funds, allowing investors to repatriate profits or redeploy capital anywhere in the single market without restriction.

Latvian banks participate in the EU’s deposit-guarantee scheme, insuring up to €100,000 per depositor per bank.

5. Potential investment returns. Under Latvia’s Golden Visa, investors can choose from several routes — real estate, government bonds, subordinated capital, and private equity. These options offer attractive returns:

• real estate: up to 7.9% gross rental yield, with ~6% net after costs;

• government bonds: around 4.1% yield on 5-year securities;

• private equity: ~15% net IRR over time;

• venture capital: ~20.8% net IRR, reflecting high-growth potential.

6. Schengen visa-free travel. Foreigners with a Latvia Investor Visa can travel to 29 Schengen countries without visas and stay there for up to 90 days in any 180-day period.

Thanks to Latvia’s strategic location in Northern Europe, one can reach neighboring countries like Estonia, Lithuania, and Poland by car in just a few hours. Major European hubs like Berlin, Helsinki, Stockholm, and Vienna are also just 1—2 hours flight away.

7. No physical residency and language requirements. Latvia’s Golden Visa does not obligate investors to live in the country for any set number of days each year. They need only enter Latvia once every 12 months to re-register the temporary residence permit with immigration authorities.

Applicants are also not required to pass a Latvian language exam as part of the residence permit process.

8. Family inclusion. Latvia’s Golden Visa allows investors to include their spouse, children under 18, as well as financially dependent adult children and parents under the same residence permit. This means their entire family can enjoy the same rights to live, work, study, and travel freely within the Schengen Area.

9. Access to European education and healthcare. Latvian residents enjoy free education from preschool through secondary school. They also have the right to enroll in public universities in Latvia at little or no tuition cost and can participate in EU‐wide higher education initiatives, such as Erasmus+, to study at partner institutions across Europe.

Residents are also eligible for Latvia’s national health insurance, which covers primary care, specialist services, and emergency treatment. With a Latvian residence permit and an EHIC, investors can receive necessary medical care across the EU on the same terms as local residents.

10. Living in a safe and beautiful country. Latvia’s safety makes it a good destination for families relocating with children. It ranks 30th out of 163 countries in the 2024 Global Peace Index, reflecting overall societal security. Intentional homicides fell to 2.5 per 100,000 inhabitants in 2023.

Rich nature also attracts foreign investors with their families. Forests cover 56% of Latvia’s territory, with over 2,250 lakes and 12,500 rivers, ideal for paddling, fishing, and wildlife spotting. 

Summers in Latvia are mild, with average highs around +19°C, while winters bring temperatures around –6°C and approximately 80 days of steady snow cover. Spring arrives with colorful meadows blooming in May, and autumn offers fall foliage from September to October.

Illiquid, low-return investments. Options like non-interest-bearing government bonds and subordinated bank deposits are locked in for 5 years, offer limited early exit, and the bank capital is not protected by the €100,000 EU deposit guarantee.

Property market limitations. Latvia’s real estate market is smaller and less liquid than in countries like Portugal, Spain, or Greece. Rental demand and resale potential are concentrated in Riga, limiting returns and flexibility for investors unfamiliar with the local market.

Ongoing administrative requirements. Investors must re-register annually, which includes entering Latvia at least once every 12 months, and submitting updated financial, health, and criminal record documents for permit renewals.

Delayed access to citizenship rights. There is no immediate EU mobility or voting rights. Latvian citizenship is only available after 10 years of residence.

The Latvian government offers several investment options for obtaining a residence permit, including investing in a business, purchasing real estate, buying government bonds, or investing in the subordinated capital of credit institutions.

1. Business investment — €50,000. One of the most popular routes is investing in a Latvian company, either by increasing the share capital of an existing business or by establishing a new one.

Minimum investment requirements are:

• €50,000 if the company has up to 50 employees and an annual turnover under €10 million;

• €100,000 if the company has more than 50 employees and an annual turnover exceeding €10 million.

Additionally, the investor must pay a one-time state duty of €10,000, due after the government approves the residence permit application.

To maintain the permit, the company must contribute at least €40,000 annually in corporate taxes to the Latvian budget.

2. Purchasing real estate — €250,000. The investor is required to hold the property for at least 5 years, after which they can sell it and return the original investment.

If the seller is a company, it must be registered in Latvia or in another EU or EEA country or Switzerland, and act as a Latvian taxpayer.

The investor completes the transaction via bank transfer to a Latvian bank account — cash payments are not accepted.

After the government approves the residence permit application, the investor pays a one-time state duty equal to 5% of the property’s purchase price before receiving the residency card.

The minimum investment is €250,000. Applicants can buy one or two properties with that amount, depending on the region. 

For popular areas like Riga, the investment must be made in a single property worth €250,000, with a cadastral value of at least €80,000. In other regions, applicants can purchase up to two properties totaling €250,000, with a combined cadastral value of at least €80,000.

3. Buying non-interest bearing government bonds — €250,000. The state duty for obtaining a residence permit through bond investment is €38,000, payable only after the government approves the application.

4. Buying subordinated debt instruments — €280,000. Financial investment in the subordinated capital of credit institutions also requires a state duty of €25,000. It is paid after approval of the residence permit application by the government.

Over 20,000 foreign investors have applied for a Latvia Golden Visa since its launch, with 13,294 investors and their family members receiving residence permits.

In 2024, the €50,000 business investment option became the top choice, accounting for 74% of applications. Twenty-two investors chose this route, while only eight opted for real estate, and none selected the €280,000 bank deposit option.

In 2023—2024, the majority of investors came from Vietnam, China, and Ukraine. Turkish investors followed at 23%, and Indians at 10%, reflecting growing diversity.

To obtain a residence permit by investment in Latvia, applicants must submit a set of required documents that prove both the investment and eligibility.

The standard package of documents includes:

1. Completed application form with a 35 × 45 mm colour photo.

2. Copy of the applicant’s passport.

3. Proof of legal income, such as an employment contract, author’s contract, or securities documents.

4. Payment receipts confirming the state duty and processing fees.

5. Documents proving the investment has been made, as specified in the application.

6. Health insurance policy covering the entire stay in Latvia.

7. Certificates of no criminal record from each country where the applicant has lived for over 12 months.

8. Tuberculosis certificate from a Latvian healthcare institution confirming the applicant does not have active TB.

9. Marriage or birth certificate, if including family members.

For a real estate investment, the applicant must provide documents confirming the property purchase, proof of payment via bank transfer, and a certificate verifying that the market value of the property meets the requirements set by Latvian immigration law.

In the case of an investment in credit institutions, the applicant must submit a certificate from the bank confirming that a deposit of €280,000 has been made for a period of 5 years and has not been withdrawn.

Applicants must also demonstrate sufficient funds to live above the subsistence level. For those investing in real estate, the required income is €1,500 per month. For all other investment options, it is €500 per month.

If family members are included in the application, the investor must additionally show €500 per month for each adult dependent and €150 per month for each minor child.

The validity periods of documents are the following:

• proof of means of subsistence — 3 months;

• certificate of no criminal record — 6 months;

• certificate of absence of tuberculosis — 1 year.

All the documents must be translated into Latvian and notarised before submission.

Under Cabinet Regulation No. 731, applicants pay a state fee when requesting a temporary residence permit at a Latvian OCMA office. 

If applying abroad at a Latvian embassy or consulate, the fees are typically higher and may vary depending on the location of the diplomatic mission.

If an investor does not intend to apply for permanent residence, they can renew their Latvian residence permit an unlimited number of times.

Holders may apply for an extension either during the permit’s validity period or within 90 days after its expiration. However, in practice, this 90-day window effectively becomes 50 days, as it includes 30 days for document verification and 10 days for producing the new residence permit card.

If the application is submitted more than 90 days after the permit expires or if the investment object has changed, the request is treated as a new application, not a renewal.

To extend the permit, the applicant must demonstrate that:

1. The investment has been maintained.

2. There are no outstanding tax debts.

3. The state duty has been paid.

4. They have sufficient income, not below the subsistence level.

5. They hold valid medical insurance for the full duration of the extended permit.

Additional requirements vary by investment type:

1. Real estate investors must confirm they have no real estate tax arrears.

2. Credit institution investors must provide a certificate confirming an active €280,000 deposit held for at least 5 years.

3. Business investors must show €40,000 in annual tax payments.

After the extension is approved, the applicant must pay a state fee of €5,000.

In addition to investment, common grounds for obtaining a Latvian residence permit include employment, study, international protection, medical treatment, and marriage.

Work. A residence permit for employment is issued for the duration of the work contract, but not exceeding 5 years.

Before applying, the employer must:

1. Register the vacancy with the State Employment Agency.

2. Submit vacancy details, draft employment contract, and employee’s credentials to the Office of Citizenship and Migration Affairs, OCMA, via the e-service “Approval of the invitation or call”.

Only after OCMA issues the approved call, the applicant can proceed with the residence permit application.

The applicant must prove a legal monthly income of at least €1,277. If family members are included, the applicant must also show around €500 per month for each adult dependent and €150 per month for each minor.

Education. A residence permit for study is granted for the exact duration of the accredited academic program, up to a maximum of 5 years. Before applying, the university must submit an official invitation to the OCMA.

The applicant must provide a tuition contract and demonstrate a monthly income of at least €740, which meets the subsistence level. If family members are included, the applicant must also show €740 per month for each adult dependent and €210 per month for each minor child.

International protection. Third-country nationals may obtain international protection in two forms:

1. Refugee status — for persons persecuted for race, religion, nationality, political opinion or membership in a particular social group, or facing a serious threat in their home country.

2. Alternative protection — for persons not qualifying as refugees but facing a real risk of serious harm upon return.

Refugee status grants a permanent residence permit, requiring only re-registration every 5 years with the OCMA. In contrast, subsidiary protection starts with a temporary 1-year permit, renewable in 2-year increments as long as the risk persists.

Family reunification also differs. Refugees can immediately bring their spouse and minor children, who receive permanent permits. Those with subsidiary protection can sponsor family members only after 2 years, and dependents receive temporary permits matching the sponsor’s permit duration.

Despite these procedural differences, both groups enjoy nearly identical rights: full access to the labor market, public healthcare, social benefits, and all levels of education.

Treatment. A residence permit for medical treatment is issued for the duration of the agreed treatment period. Before applying, the treatment center must submit a certified letter to the territorial office of the OCMA, confirming that it will provide care to the applicant.

The applicant must present a treatment contract and demonstrate a monthly income of at least €1,500 to meet the subsistence level. If family members are included, the applicant must also confirm €500 per month for each adult dependent and €150 per month for each minor.

Marriage to a Latvian citizen or a foreign national with permanent residence in Latvia qualifies for a residence permit. The permit is initially granted for 1 year and can then be extended for an additional 4 years. After 5 years of continuous residence, the holder becomes eligible to apply for permanent residency.

To apply, the individual must submit a marriage certificate and confirm a monthly income of at least €500, meeting the subsistence threshold. Before submitting the residence permit application, the spouse must certify an invitation letter at the territorial office of the OCMA.

Retirement. Latvia issues a temporary residence permit to retirees only from visa-free countries such as the US, the UK, Canada, Australia, Israel, and those of the EU and EEA. Residency is initially granted for 1 year and can be renewed for an additional 4 years.

Applicants must be at least 65 years old, which is the statutory retirement age in Latvia as of 2025. They also need to demonstrate a monthly income of at least €784. If family members are included, the required income increases by €500 per adult and €150 per minor each month.

Business. Latvia offers a Startup Visa for early-stage founders, valid for up to 3 years with annual renewals. Up to five co-founders working on the same business idea can apply, and spouses and minor children may be included in the application.

To be eligible, applicants must submit a free-form business plan outlining their commercial activity over the next 3 years, along with proof of financial means of at least €5,160.

After receiving the residence permit, the founder is required to:

• be registered as a board member of a Latvian-based company — within 3 months of residence permit decision;

• secure either €30,000 from a venture-capital fund or €15,000 from an accelerator — within 12 months of residence permit decision.

Remote work. Latvia offers a 1-year visa for digital nomads, which can be renewed for an additional year. The visa is available to third-country nationals who are either employed by an Organisation for Economic Co-operation and Development-registered employer, or are self-employed with a business registered in an OECD country.

To qualify, applicants demonstrate a monthly income of at least 2.5 times the average gross OECD salary, which is approximately €4,213 in 2025. In addition, they must provide proof of accommodation in Latvia and hold health insurance with coverage of at least €42,600 per year.

Several other EU countries also offer Digital Nomad Visas, including Malta, Portugal, Spain, Hungary, and Italy.

Latvian permanent residency requirements apply to all temporary residents, including those who hold residence permits through investment.

Residency period. An investor becomes eligible to apply for permanent residence in Latvia after 5 years of legal residence in the country. 

Stay requirement. To qualify, applicants must meet the condition of continuous residence — they cannot be absent for more than 6 consecutive months or a total of 12 months during the 5-year period preceding the application.

Eligibility. To obtain permanent residence, the applicant needs to do the following:

1. Submit an application to the OCMA.

2. Confirm an income at or above the subsistence level.

3. Own or rent property in Latvia.

4. Pass a Latvian language exam at A2 level or higher and demonstrate knowledge of Latvia’s history and national anthem.

5. Pay the state fee for processing the application.

6. Comply with all other legal requirements under Latvia’s migration law.

Fees. The standard review period is 30 days, with a fee of €35. For faster processing, the decision can be made in 10 days for €90, or in 5 days for €140.

Validity. Once approved, the permanent residence card is valid for 5 years. It must be renewed within 6 months after expiration. To renew, the holder must submit an application to the OCMA and pay the applicable state fee.

Withdrawal. Permanent residence may be revoked if the applicant:

• provided false information;

• was absent from Latvia for 12 consecutive months;

• committed serious crimes;

• failed to renew the card within 6 months of its expiry.

Maintaining compliance with residence conditions and legal obligations is essential for preserving permanent resident status in Latvia.

Residency period. To obtain a Latvian passport, investors must first reside in the country for 5 years with a temporary residence permit, followed by another 5 years as a permanent resident.

Under Latvia’s general naturalisation rules, time spent on a temporary residence permit does not count toward the citizenship requirement — only 5 years of permanent residence are considered.

Stay requirements. Residence is regarded as permanent if the applicant has not been absent for more than 6 consecutive months or a total of 10 months over the 5-year period. Exceptions are allowed for illness, study, or other force majeure circumstances, permitting absences of up to 12 consecutive months.

Eligibility. To obtain Latvian citizenship, applicants are required to:

1. Have no criminal record or convictions for serious offenses.

2. Prove they have a permanent place of residence in Latvia.

3. Demonstrate a regular income at least equal to the national minimum wage for the 12 months preceding their application.

4. Pass a Latvian-language exam at A2.

5. Pass a test on Latvian history, the Constitution, and the national anthem.

6. Sign an oath of allegiance to the Republic of Latvia.

Dual citizenship is not allowed in Latvia. Therefore, applicants seeking a Latvian passport must submit proof of renunciation of their current citizenship and obtain official permission to be expatriated from their country of origin.

While a Latvian residence permit by investment provides numerous benefits and opportunities for the holder and their family, it does not grant all the rights and privileges enjoyed by Latvian citizens.

Below is a concise comparison of what a Latvian residence permit by investment can offer versus full citizenship, highlighting both shared advantages and key limitations.

In some EU countries, investors can obtain a residence permit or even a European passport in a relatively short time through investment. In certain cases, citizenship by naturalisation is possible in as little as 1 year. 

Most of the countries also allow dual citizenship, meaning applicants don’t need to give up their original nationality — with the exception of Hungary, which does not permit dual citizenship through naturalisation.

Greek residency by investment is available through nine different routes, with a minimum investment starting at €250,000.

Four of these options involve purchasing or renting real estate, and investors are allowed to lease their properties for long-term income. On average, Greek real estate yields 3—5% annually.

Applicants can also include family members in the application — such as a spouse, children under 21, and parents.

The Greece Golden Visa stands out for its tax benefits. Investors can pay a flat tax of €100,000 per year on their global income, while close relatives included in the program pay €20,000 annually. Without this special regime, global income is taxed in Greece on a progressive scale up to 45%.

Greek citizenship is available after 7 years of living in the country.

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The Portugal Golden Visa offers foreigners five investment options, with the minimum investment starting at €250,000.

Eligible family members include a spouse, children under 26, and parents, all of whom can be included in the application.

One of the key advantages of Portugal’s Golden Visa is its flexible residency requirement. Investors are not required to live full-time in Portugal — staying just 7 days per year is enough to maintain residency and become eligible for citizenship.

To obtain a Portuguese passport, applicants must live in the country for 5 years with a valid residence permit. Children born in Portugal automatically acquire Portuguese citizenship, if their parents have held residence permits for at least 1 year before the child’s birth.

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Malta offers investors two options: permanent residence or citizenship for exceptional services by direct investment.

The Malta Permanent Residence Programme grants a lifetime status, requiring four mandatory steps:

1. Buying or renting housing.

2. Paying government and administration fees.

3. Making a charitable donation to a Maltese non-governmental organisation.

Applicants also show a specific capital amount in their bank account. This means confirming either a minimum of €500,000 in total assets, with €150,000 in liquid financial assets, or a minimum of €650,000 in total assets, including €75,000 in liquid financial assets.

The minimum investment under renting real estate is €182,000, which includes:

• renting property for at least €14,000 per annum for 5 years;

• paying contribution fee of €60,000;

• paying administrative fee of €50,000;

• making a charitable donation of €2,000.

The minimum investment under purchasing real estate is €457,000, which includes:

• buying property for at least €375,000;

• paying contribution fee of €30,000;

• paying administrative fee of €50,000;

• making a charitable donation of €2,000.

For each additional family member included in the application, investors must pay an administrative fee of €5,000 and a contribution fee of €5,000.

Maltese citizenship for exceptional services can only be obtained by naturalisation by direct investment. The investor first receives a residence permit, and after 1 or 3 years they can apply for citizenship.

The residency duration required for Maltese citizenship depends on the investment amount: a €600,000 contribution requires 3 years of residency, while €750,000 reduces it to 1 year.

To qualify, applicants must meet three mandatory requirements:

1. Contribute at least €600,000 to the National Development and Social Fund.

2. Rent for €16,000+ per year or purchase for €700,000+ a residential property in Malta.

3. Donate at least €10,000 to a Maltese non-government organisation.

Family members including a spouse, children under 29, and parents or grandparents over 55 can also obtain Malta citizenship alongside the main applicant.

Malta citizens enjoy full EU rights, including free healthcare and education, the ability to work and run businesses across the EU, and visa-free travel to 169 countries, including the Schengen Area, USA, UK, Canada, Japan, Singapore, and Hong Kong.

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Cyprus Permanent Residence requires a minimum investment of €300,000 in real estate or securities. Cypriot property prices grow by 1—4% annually, and rental yields on residential leases typically match this return.

Investors can include a spouse, children under 25, and parents in the application, all of whom receive permanent resident status.

One of the key advantages of Cyprus permanent residence is its lifelong status — the permit has no stay requirements and provides a path to Cypriot citizenship after 8 years.

Cyprus also provides a highly attractive tax environment for international businesses. The country offers a low corporate tax rate of 12.5%, no inheritance tax, and favourable rates on income and property taxes. Permanent residents may also be exempt from taxes on global income, including dividends and capital gains.

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The Hungary Golden Visa offers foreign investors a path to residency through two main options: investing in local real estate funds or donating to a Hungarian institution of higher education. The minimum investment required is €250,000.

The program allows the main applicant to include a spouse, children under 25, and parents in the application.

One of the key advantages of the Hungarian Golden Visa is its long-term validity. The residence permit is issued for 10 years and can be renewed once for another 10 years. 

Hungary also appeals to investors seeking favourable tax conditions, with a 15% income tax, 9% corporate tax, and a 4% stamp duty on property purchases.

1. The Latvia residence by investment program offers four main options: purchasing real estate, investing in a local business, buying government bonds, or investing in the subordinated capital of Latvian banks.

2. The minimum investment starts at €50,000.

3. Investors can include their spouse, children under 18, as well as financially dependent adult children and parents in the application.

4. The residence permit is valid for 5 years, with the opportunity to apply for permanent residence after another 5 years, and for citizenship after 10 years in total.

5. Latvia’s investment residency offers a range of benefits, including a secure Plan B in a politically and economically stable EU country, capital protection and potential for investment returns, a safe environment for the whole family, visa-free travel across the Schengen Area, and no physical residency requirement to maintain the permit.

6. Other EU countries also offer foreign investors to obtain residency and citizenship. Among those are Portugal, Greece, Cyprus, Malta, and Hungary, each with its own advantages and investment pathways.