OREANDA-NEWS. August 23, 2011. New amendments took effect simplifying the procedures for obtaining a residence permit for real estate owners in Latvia, reported the press-centre of Rietumu Bank.

Whereas previously documents for obtaining the residence permit could be submitted only to the Latvian Embassy in investor’s country of residence, now it can also be done in Riga, through the Office of Citizenship and Migration Affairs. This novelty is especially convenient for those who apply for the residence permit having acquired a real estate in Latvia. The documents can be submitted immediately upon the completion of the purchase.

As for investors, they are no longer required to spend their precious time visiting state institutions. The documents for the annual extension of their residence permits can now be submitted by their authorised representatives. In this case, one should take into account that the investor (as well as family members applying for the residence permit) must stay in the country, in which the documents are drawn up, i.e. either in Latvia, or in the country of their citizenship, if the documents are submitted via the Embassy. The documents for the extension of a residence permit may be submitted only in Latvia.

Later on, the residence permit will be issued not as an inset for one’s passport, but as a separate document.

Beginning on 01.07.2012, some changes will be introduced to the criteria for obtaining the residence permit by officials of Latvian companies (members of the board or council, procurists, administrators, etc.), by private entrepreneurs and by registered representatives of the branch offices of foreign companies. The requirement for a minimum number of employees will be cancelled, but for company officials and private entrepreneurs the rate of annual performance-based taxes to be paid by the company will be increased to LVL 15,000 and LVL 10,000 respectively.
 
It should be reminded that foreign investors may obtain residence permit in Latvia by fulfilling one of three conditions: by investing into a Latvian bank’s subordinated capital (starting from EUR 300,000), by acquiring a real estate in Latvia (the minimum amount being EUR 143,000 in Riga and large cities or EUR 72,000 in rural areas or small towns), or by starting up a business (minimum EUR 36,000).

Rietumu Bank – the leading privately-owned bank in Latvia – renders its clients full support in obtaining the residence permit. At present, a considerable number of foreign investors who have obtained the residence permit in Latvia are clients of Rietumu Bank.