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>> UZTURĒŠANĀS ATĻAUJAS
RESIDENCE PERMIT IN LATVIA
Residence permit in Latvia - is the right to stay in the Republic of Latvia or in the territory of other Schengen states for more than 90 days within six months from the day of entry. The residence permit is needed to be confirmed each year. After five years, the holder of a temporary residence permit has the right to apply for a permanent residence permit in Latvia, which gives the right to move freely and to reside in any state of the Schengen Agreement without obligatory being in Latvia for 180 days or more. After another five years, the applicant has the right to apply for the citizenship of the Republic of Latvia, which gives the right to move freely and to reside in any state of the Schengen Agreement of the European Union.
The advantages of a temporary residence permit in Latvia
•	Temporary residence permit is issued for 5 years with the right to obtain new residence permit after the said term.
•	The holder of temporary residence permit is allowed to reside on the territory of Latvia without limitation, as well as outside the country.
•	Residence permit in Latvia covers family members of the investors: spouse, children under 18, etc.
•	After 10 years of residency in Latvia the holder of a permanent residence permit has the right to apply for Latvian citizenship through naturalization.
•	To make a residence permit in Latvia is much cheaper than in other European countries.
In appliance with the approved by government of Latvia amendments to the Immigration Law, taking effect in July, 2010, foreign citizens are given opportunity to obtain a temporary residence in the Republic of Latvia. Residence permit is provided to those who meet one of the following criteria:
•	Purchase of real estate in the territory of Latvia.
•	Placing subordinated deposit in credit institution of Latvia or purchase government bonds.
•	Investment in fixed capital in existing business activity in Latvia.
The fastest way to obtain a residence permit is acquisition of real estate in Latvia (Latvia is a member of the EU and the Schengen zone).
The required amount of investment to obtain a residence permit:
Investment in property value of which is > = 250.000 EUR.
Cadastral value of acquired property in Riga should not under 80.000 EUR.
If the cadastral value of the acquired property is under the required, it is necessary to make an independent assessment of the property, according to which the sum of acquisition must satisfy the appraised value of the property.
Residence permit is available both for the investors and their family members - spouses, underage children and persons that are under official care of such investors.
A residence permit is required for those planning to stay in Latvia or other country of the Schengen Agreement for more than 90 days over 6 months from the day of entry.
Temporary residence permit is issued in the European Union ID-card standard form.
Temporary residence permit is equivalent to resident status. This status does not restrict on stay in any Schengen country.
The holder of the temporary residence permit is not obliged to leave the Schengen zone for the annual re-registration, as well as to hand over passport in the state immigration authorities as it is required in case of obtaining the Schengen visa.
These are the documents which you will need to receive a residency permit after purchasing real estate, also looking at important requirements for same:
1.	The purchase agreement: The buyer in the agreement must be the person who is seeking the residency permit, and a copy of the agreement must be notarised.
2.	The Land Book: Ownership rights must be registered in the Land Book, and a copy of the Land Book certificate must be notarised.
3.	A document to confirm the real estate transaction: This can be a report from the bank which confirms that the sum which is stated in the purchase agreement has been transferred to the seller's account. The report must be prepared on the bank's letterhead and stamped by the bank.
4.	A passport photo: A portrait photo that is 35 mm wide and 45 mm long, with two copies being required.
5.	A request for a residency permit: Only fill in those line items which you do not understand. If you do not know the answer to any of the questions, it is better to leave the line blank. Please use block letters to fill in the form.
6.	A medical report to show that you are not suffering from tuberculosis (no other visit to a doctor is required).
7.	A legal report to show that you have not been criminally sanctioned. This report can come from your country of origin (this applies to citizens of foreign countries who are 14 or older and have spent more than 12 months in the relevant country). The report must be stamped with a seal.
8.	A report on cash on hand for residency in Latvia (for one year): This document must confirm that you have enough money to live in Latvia. It is a bank report about sufficient bank account deposits, indicating the payment card that is attached to the account.
9.	An insurance policy which must be valid in Latvia.
10.	A real estate appraisal document (if the cadastral value is lower than the desired value).

	COSTS - 1000 EUR+official costs/government costs, insurance, medical certificate, bank advice, ID card, valuation of the real estate ( if necessary).