Residence permits
Latvia is a member of European Union, and its legislation allows obtaining residence permit which entitles a foreign citizen to stay in the Republic of Latvia for a definite period of time.

A residence permit allows free (visa-free) movement in all countries of the Schengen Agreement. Temporary residence permit can be obtained by investors and their family members - spouses, minor children and persons, who are under the care of the investor. The duration of temporary residence permit preparation takes approximately one to three months. Initially, the residence permit shall be issued in consular offices outside the Republic of Latvia for a period of 1 to 5 years (depending on the reasons for acquisition). After five years you can get permanent residence permit. A temporary residence permit for 5 years allows staying in the territory of Latvia without limiting the minimum and maximum periods, and also allows staying in Schengen countries.

How to acquire residence permits in Latvia
Existing migration legislation provides the following grounds for the acquisition of a temporary residence permit:
•    Acquisition of immovable property in the territory of the Republic of Latvia for an amount of at least 250 000 EUR.
•    Implementation of financial investment in the form of subordinated capital in the credit institution of the Republic of Latvia for an amount of at least 280 000 EUR and for a period ofnot less than 5 years.
•    Investments in the businesses (in the company's share capital) owned by a resident of the Republic of Latvia.

Benefits
•    You can enter and stay in the territory of Latvia for an unlimited time period;
•    The right to travel and reside in the Schengen area, Switzerland, Norway and Iceland for a period of not more than 90 days during 6 months;
•    The opportunity to acquire and register a vehicle within the territory of Latvia and travel around the entire Schengen Area without paying any customs duties;
•    Obtain a Latvian driver’s licence, which is valid in all Member States of the European Union;
•    Permission to work in Latvia;
•    Entitlement to the entire scope of social safeguard equal to that for citizens of Latvia (maternity allowance, pension, free social healthcare, etc.);
•    Free schooling in Latvia (also in Russian language) and the right to execute visa invitations for relatives;
•    Opportunity to obtain permanent residence permit in the European Union after 5 years;
•    Opportunity to apply for Latvian citizenship after 5 years, which facilitates the process of obtaining a visa for travelling to Canada, the Unites States, Australia and the United Kingdom.