On 1 July 2010, the amendments to the Immigration Law of the Republic of Latvia came into force expanding the possibilities to obtain a residence permit in Latvia for foreigners who want to stay and move freely within the Schengen area.
The uniqueness of these amendments lies in the fact that a new method for obtaining a residence permit was introduced â investing in real estate. It has attracted a large number of investors, because a foreigner investing in real estate (that can be used for profit) has the possibility to move freely within the Schengen area under the condition that he or she has a passport and sufficient financial means. Citizens of the Russian Federation are especially interested in using this possibility, as Latvia is located in the vicinity and is a tourist destination due to its unique cultural monuments, well-known resorts and international festivals.
What is the benefit of holding residence permit?
A residence permit is a document that gives a foreign citizen the right to temporarily (a temporary residence permit) or permanently (a permanent residence permit) stay in the Republic of Latvia.
A temporary residence permit gives a foreigner the right:
to stay in the Republic of Latvia for a period of time not exceeding five years;
to freely cross borders of EU Member States and non-EU countries;
to move and stay up to 90 days within the territory of other EU countries except for the United Kingdom, Ireland, Cyprus, Bulgaria and Romania;
to obtain a Latvian or EU permanent residence permit after five years;
to obtain temporary residence permits for the spouse and children.
Baltic Legal
