In 2010, Latvia launched its golden visa scheme. By spending €250,000 on a property, investors can get a five-year residence visa. The new restriction, which was implemented in 2014, applies to the first 800 applications. Following that, the investment limit is raised to €500,000. There is also a government processing charge of €25,000 or 5% of the property value.
Latvia is a member of the Eurozone and a Schengen visa-free nation. As a result, residence in Latvia allows investors to travel freely within the EU Schengen visa zone. After five years, applicants can apply for permanent residency, but they must have resided in the nation for most of that period. Riga, Latvia’s capital, is only 90 minutes away by plane from Moscow. Most Latvians speak Russian, and the country is a popular destination for Russians seeking investment visas, residency, and citizenship in Europe.
After residing in Latvia for a minimum of five years, the candidate may apply for Latvian Permanent Residence. They should have lived in the country for at minimum four of those years and be fluent in the language, basic history, and national anthem.
Applicants can apply for citizenship in Latvia after ten years of residence.
