Saturday, November 9, 2024

Latvia update: Less than 100 golden visas issued in 2019

Latvia remains the least popular golden visa scheme in Europe, despite being the cheapest golden visa in Europe. Latvia golden visa scheme initially launched in 2010 offered residency to foreign investors who invested in business, real estate or purchase of securities. Investors receive five year residence permits once the application is approved by migration office of latvia

 

According to the latest data published by migration office of Latvia, up until Jul 1, 2019, a total of 91 golden visas issued to foreign investors and 187 family members, bring a total of 278 permits for investment.

 

Latvia golden visas
Latvia Golden Visa Statistics issued for Q2 2019 (as of Jul 1, 2019) – Source: PMLV Migration office of Latvia

 

The report shows real estate is slightly popular than business investment.

 

Russians are the biggest investors in Latvia golden visa scheme (LGV). There has been a big spike in the number of Vietnamese investing in LGV scheme. Latvia is not popular with chinese.

 

Latvia golden visa statistics
Latvia Golden visas issued to top countries for 2019 – Source: PMLV Migration office of Latvia

 

The following are the eligible investment categories for golden visas.

Latvia Golden Visa Minimum investment

Residence permit

Real estate

At least EUR 250,000

+ 5% payment to the State budget

Up to 5 years

Business

At least EUR 50,000 or EUR 100,000 investment into capital companies depending on the company’s size (i.e. turnover and the number of persons employed)

+ EUR 10 000 payment to the State budget

Up to 5 years

Subordinate liabilities of credit institutions

At least EUR 280,000

+ EUR 25,000 payment to the State budget

Up to 5 years

State securities

At least EUR 250,000

+ EUR 38,000 payment to the State budget

Up to 5 years

Renewal of a residence permit for investors in points a, b and c – EUR 5000

 

Since the launch of the golden visa scheme, Latvia has granted a total of 8,553 visas to investors and family members, as of Jul 1, 2019

Latvia golden visa
First time residence permits issued under golden visa scheme as of Jul 1, 2019 – Source: Latvia Migration Office

 

Latvia Government has received millions of euros as fees from golden visa scheme. This is the current fee structure.

  • €10,000  payment to state budget for company shares or business investment
  • €25,000 fee to state budget for real estate investment
  • €10,000 fee to state budget for bonds/shares

 

From our rough calculations, we estimate close to €100 million euros the government added to state budget through LGV scheme.

Prabhu Balakrishnan
Prabhu Balakrishnan
Founder of Citizenship by Investment News. Chief Editor with over 15 years experience in PR and News publishing. He Loves writing about citizenship, residency and wealth migration. CIP Journal is a Leading publication founded in 2017 bringing latest news from CBI/RBI market.

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