Latvia is a member of the European Union, and as such the citizens of Latvia enjoy all privileges enjoyed by EU citizens. Latvia’s economy after adopting EURO witnessed a GDP growth unlike any other country in the EU; mainly driven by internal consumption rather than exports and development. The spending on consumption was a function of public and private debts. Eventually, when the credit lines dried up, the GDP came crashing down, and around the end of 2009 the real estate sector, which had reached the historic 120%, also took a nose dive.
To recover from the blow, the Latvian government took multiple steps. Firstly, the state-owned assets and businesses were privatized, mostly sold to foreign direct investments (FDI). Secondly, the state introduced a citizenship-by-property program. The obvious catch behind opting for Golden Visa Program, as it is officially known, for eligible Indian nationals is the easy and fast access to EU citizenship status. Investing in property worth EUR 250,000 can get a residence permit provided all the requirements are met.
The requirements for a permanent residence status bearer to qualify for citizenship are listed below:
- Live in Latvia for 5 years continuously
- Above the age of 15
- Have a stable annual income to support decent subsistence
- Speak and understand the Latvian language
- Must have a preliminary understanding of Latvia’s constitution, culture, social values, and national anthem text
- Surrender all previous citizenships as the Latvian constitution does not allow multiple or dual nationality
Once a person holds the citizenship of Latvia, he/she is considered a citizen of the EU and is entitled to all privileges the EU offers to its citizens.
Requirements for Indians for Golden Visa Program
Probably the fastest route to EU citizenship is through the golden visa program. Indians can buy a single property not worth less than EUR 250,000 in developed regions such as Jurmala and Riga or two properties of the same worth in lesser developed areas such as Baldone, Garkalne, Adazi, Babite, Olaine, Kekava, etc.
Note that the investment can be in the shape of shares in a Latvian company, a business setup where management rights remain with a Latvian national and other similar investments are also considered for the program.
Other conditions to qualify are listed below:
- The cadastral value of the single property shall be at least EUR 80,000 in cities like Baldone, Carnikava, Garkalne, Adazi, Babita, etc.
- The property shall not be listed as agricultural or forest land
- All tax on property and related taxes shall be paid in full
- Cash payments shall not be made; transactions must take place as per the prescribed method
- 5% value of the property shall be deposited to the state fund when the residence permit is requested for the first time
- The value of single property in Riga and Jurmala shall not be less than EUR 250,000
- Value of maximum 2 properties in other areas shall be equal to EUR 250,000
Documents required at the time of requesting a residence permit
At the time of applying for the residence permit, the applicant may require the below-mentioned documents:
- Proof of steady income sufficient to support a decent lifestyle
- Copy of passport along with the original
- Proof of health insurance coverage
- A residential address in Latvia (rental or owned)
- Paid-up fee receipts
- Receipt of the paid-up real estate commission/fee
Indians in Latvia
There is a very small Indian community in Latvia of around 600-1000 people who are mostly engaged in business. Due to the popularity of Indian culture Latvians are attracted to them and form a strong social bond. Indians are respected for their business acumen, fair dealings, and abidance to the law of the land.
