Temporary Residence Permit
DOMENIKA LATVIA provides services to foreign citizens:
- Provides efficient investment for foreign citizens;
- Offers a full range of services for non-residents;
- Arranges a business invitation, registration for property, a temporary residence permit;
- Guarantees organizing and execution of a safe transaction.
If you are not a citizen of the European Union member state we offer you arranging your visa, invitations and temporary residence permits.
At the same time with purchasing of real estate property we shall also assist you in the process receiving of a temporary residence permit in Latvia which allowes you to travel freely throughout the European Union member states (in the Schengen area) visa free.
If a foreign citizen has purchased real estate property in the Republic of Latvia or he/she possesses real estate property in the planning region of Riga or in the cities of the republic (Riga, Daugavpils, Jekabpils, Jelgava, Jurmala, Liepaja, Rezekne, Valmiera, Ventspils) total value of which is not less than 250 000 EUR (~278’800 USD*) provided that the following conditions are fulfilled at the same time:
1) He/She does not have or has never had any real estate property tax liabilities;
2) Payment has been made by money transaction (NOT cash);
3) Real estate property has been purchased from a legal entity which is registered in the Republic of Latvia, European Union, European Economic zone or in the Swiss Confederation. Real estate property has been purchased from an individual who has a citizenship of the Republic of Latvia or the European Union or real estate property has been purchased from an individual who is not a citizen the Republic of Latvia, but who stays in the Republic of Latvia with a valid residence permit;
4) Total cadastral value of real estate property purchased in the planning region of Riga and in other cities of the republic is not less than 80 000 EUR (~89’216 USD);
5) In case the cadastral value is smaller than the one previously specified then total value of real estate property must not be less than 250 000 EUR (~278’800 USD) according to the market value of this real estate property which has been calculated by a certified real estate appraiser;
6) When applying for the first temporary residential permit 5% of real estate property value is paid to the State Budget, a residential permit for 5 years is granted.
* During the validity period of a temporary residence permit a spouse or underage children are allowed to apply for a residential permit.
If a foreign citizen who has been granted a temporary residence permit has stayed in the Republic of Latvia for at least 5 years he or she is eligible to receive a permanent residence permit in Latvia (citizenship of the Republic of Latvia). Attention! This condition does not apply to foreign citizens who have received temporary residence permit for the purpose of studies.
In order to get a residence permit DOMENIKA LATVIA processes documents:
1) On the grounds of purchased real estate property;
Purchasing a real estate in the Republic of Latvia in the planning region of Riga or in other cities of the republic (Riga, Jurmala, Jelgava, Valmiera, Ventspils, Liepaja, Jekabpils, Daugavpils, Rezekne etc.) total value of which is not less than 250 000 EUR (~278’800 USD);
2) On the grounds of investments in the subordinated capital.
If a foreign citizen has made a financial investment in a credit institution of the Republic of Latvia amount of which is at least 280 000 EUR (~312`256 USD) as a subordinated capital of the credit institution (subordinated loan or subordinated bonds) provided that the minimum term of the agreement is at least five years and according to which it is not possible to terminate it before the payment date of the investment.
*Exchange rates on 04.05.2015