Open a Business in Latvia: Get a Residence permit in 2021

Many entrepreneurs strive to open a business in Europe. Doing business in Latvia is a quick way to obtain a residence permit there. After all, having a company in Latvia, you automatically become a full participant in the European market and receive all the bonuses and benefits for doing business within the EU.

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6 Reasons to open a company in Latvia

1. Fast and easy company registration;
2. When obtaining a residence permit in Latvia through investment in a business, you do not need to part with your money, they will continue to work and bring you income;
3. You can get co-financing from EU structural funds;
4. Latvian tax legislation is very liberal and business-oriented;
5. There are no customs barriers in Latvia;
6. Favorable geographical location. Latvia has been a powerful transit point in international trade since ancient times. Transport corridors cross it from North to South and from East to West. And, according to statistics, the main flow of goods goes from East to West precisely through Latvian ports, connecting Russia, the CIS, and Asia with Western Europe and the rest of the world.

Business investment options for obtaining a residence permit in Latvia:

• invest in a company of 50,000 euros, which employs no more than 50 employees, the annual turnover or annual balance does not exceed 10 million euros. In this case, no more than 10 foreigners can apply for a temporary residence permit, if each of them has invested the indicated amount and paid 10,000 euros to the state budget;
• invest 100,000 euros in a company with more than 50 employees and an annual turnover or annual balance sheet exceeding 10 million euros;

Open SIA for Residence

The most common form of company in Latvia is SIA – an LLC (limited liability company)

The residence permit can be obtained by the following officials of the LLC (SIA) and their family members: board member, council member, procurator, administrator, liquidator. Latvian law requires compliance with the following requirements for an LLC so that his office can obtain a residence permit in Latvia:

• LLC must be registered in the commercial register of the Republic of Latvia for at least 1 year;
• The authorized capital must be at least € 2,800;

During the first year, before the filing of an official for a residence permit, at least € 21 350.

Obtaining a residence permit in Latvia when starting a business is a less laborious and time-consuming process than when buying real estate. A company in Latvia can serve as an excellent tool to optimize your business.

Obtaining permanent residence and citizenship

After 5 years of residence in Latvia in the status of a temporary resident, the applicant has the opportunity to apply for permanent status. A total absence from the country is allowed for no more than 10 months in 5 years (that is, for example, 2 months a year). When obtaining Latvian citizenship based on naturalization, you must renounce your previous citizenship, as well as show 10 years of residence in the country (5 years for a residence permit and 5 years in permanent status).

Invest to real estate in Latvia

Another option for obtaining a residence permit in Latvia is investing in real estate. It is no coincidence that thousands of families have already taken advantage of this opportunity to obtain the legal status of residents of the European Union

It should be noted that today the most profitable offer for an investor to obtain a residence permit in the European Union and the Schengen zone is precisely the Latvian one.

Watch also:

How to get a Latvian Residentship by purchasing real estate?

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Latvian Residence based on work 2021