Latvia was once touted as the best and easiest place in the EU to qualify for residency. Vanuatu. It also has bucketloads of investment potential. And if you chose to invest in a business, you will need to maintain it or retain your shareholder rights, as well as pay a minimum of €40,000 in government tax each year. So, at the very least, you’re paying €262,500. Here are four alternative Golden Visa programs that you can choose if you feel that Latvia just isn’t doing it for you. The country is also known for its pro-business attitude and relatively low corporate taxation, which is always good to have in a country that you’re investing in. Things were great when the program had its heyday back in 2012-2014, raking in nearly €900 million annually and approving nearly 2,500 applicants and over 3,000 of their dependents. Latvia offers the cheapest and most affordable investor visa schemes in Europe. However, the launch of the Golden Visa program saw property prices growing rapidly until the increase in the investment threshold. We offer Malta Golden visa for EUR 125,000 (all inclusive costs) through financing option. What a residence permit is not is citizenship. Wouldn’t it be great if you didn’t have to visit Latvia at all to obtain and then retain your residence permit? The recommendations were prepared by the Special Committee on Financial Crimes, Tax Evasion and Tax Avoidance (TAX3) of the EU Parliament, which for over a year has investigated, found […] That is, if you choose to reside there at all – which isn’t necessary. European property investment scheme; Very … At the time of writing the homepage of Latio, one of the leading Latvian realtors, boasts around 1,300 advertisements which would allow buyers to qualify for a Golden Visa. 03 Aug Caribbean countries slash prices for CBI passport programs. Dual citizenship is allowed. You will have to fly yourself, as well as your spouse and other dependents to Latvia for at least one day every year to renew your residence permit. While the Portuguese program has recorded a slow-down in demand, given bureaucratic complexities and a challenging road to residency, the Greek residency program appears to be going from strength to strength. However, keep in mind that properties are not always very liquid, so when it comes time to sell, you could be playing the waiting game. This is ideal for investors simply buying for the purpose of the Golden Visa. When it comes to investment migration, it doesn’t matter how small or seemingly unattractive of a country you are, you can still dish out, The country’s economy suffered a major blow during the economic crisis of 2008. IMIpedia And the upward trend is continuing. Best Citizenships. Well, the fact that over half of the investors chose to go with real estate – also raising 90% of the total capital for the Latvian Golden Visa program – is significant. You can add all of your dependent children, your spouse, and even your parents and parents-in-law (if they’re financially dependent on you) under one application. PASSPORT RANK:See this country’s ranking on five different passport indices and use our interactive tables to compare. If the decision is positive, please apply for the 30-day Long Term D Visa. Profitable real estate investment You can either open your own company or become a shareholder in an existing Latvian company. Latvia is a country that sits in between the other Baltic states of Lithuania and Estonia, on the shores of the Baltic Sea. We also have a Plan B now if life becomes impossible in my home country.”, “I was looking for a way into a Schengen residency that didn’t cost me a fortune and I found it in Latvia. Cyprus UK citizens who wish to enter Latvia after 31 December 2020 will be able to stay in Latvia as third-country nationals in accordance with the Immigration Law. Since those countries aren’t part of the Schengen zone, you will need a visa to visit them. And for a sum like a quarter of a million euros, you could get a large, top-notch apartment in the heart of the city center of Riga. The Golden Visa is aimed at non-EU citizens who wish to obtain a residence permit in Latvia. OFFICIAL WEBSITE: See the official website of the government entity responsible for processing applications to the program. But as we’ve seen in the recent past, the Latvian government has tightened its Golden Visa requirements and upped the minimum investment sums. This means you’ll get visa-free access to 179 countries in the world, including the visa-waiver program to the United States. If you go for Latvian citizenship in ten years’ time, you will be glad to know that it’s ranked 10th in the world. Latvia’s residence by investment program logged marginal gains in 2019, but Vietnamese appetite for the business investment option remains strong. In a 2019 report the commission acknowledged golden visa and golden passport schemes posed similar money-laundering and organised crime risks. . The residence permit allows visa-free access to Europe’s Schengen Area and requires an average stay of just seven days a year in Portugal over the five-year period. Well, as you will see, the dirt-cheap €50,000 option requires you to make a minimum tax payment every year, which doesn’t truly make it the cheapest option. All dependent family members can apply for Latvia Residence Permit together with the main applicant. Despite the 23% flat income tax, the effective tax rates can go all the way to 40%, and then some. It received 364 applications in 2014, and 7,550 in just the first quarter of 2020 – more than twenty times as many. We imagine a free world without visas and borders. Expedite the process even more by gathering all of the necessary documents beforehand. In other words, during your time of being a resident of Latvia, you must spend four years living in the country for 183+ days a year, which also means you’ll be paying tax there at a flat 23% rate. Your email address will not be published. But opting out of some of these cookies may have an effect on your browsing experience. This article was published on the Investment Migration Insider, on January 21, 2021. It is a European citizenship, after all. Expedite the process even more by gathering all of the necessary documents beforehand. Finally, as always, keep in mind that the more you pay, the easier things tend to get. The OECD reckons one in four countries … La Vida Golden Visas facilitates the acquisition of residency, immigration and citizenship through investment. No border checks, here you come. Also known as the Latvian Golden Visa, investors are offered residence in exchange for an investment of a set amount. There are no interviews, no need to speak Latvian, and certainly no need to travel to Latvia to obtain your residence permit. Cyprus said last week it … Why Did Greece’s Golden Visa Performance Fall So Far Behind Portugal’s in 2020? There is an option to invest in a Latvian business for just €50,000 upfront, but the total outlay turns into €250,000 over five years anyway. "Nomad Capitalist" and "Go Where You're Treated Best" are registered trademarks, Offshore Banking: How to Open an Offshore Bank Account Legally, The best offshore banks (even for Americans), The easiest place in the world to open a bank account, The 5 countries with the safest offshore banks, Offshore Company: How a Foreign Corporation can Reduce Taxes, Labuan: Asia’s secret haven for an offshore corporation, Second Passport: How to Get Dual Citizenship, The Fastest Countries in The World to Become a Citizen, Get second residency and pay no tax in these 20 countries, How to Become a Resident by Investment in Latvia, The Step-by-Step Golden Visa Application Guide, residency or citizenship somewhere in Europe. Is your main objective a European residence for yourself and your family? Golden visa programs are just residence programs in exchange for investments in real estate, business or gilts issued by governments. You can apply for the Latvian Schengen Visa since 2007 when Latvia as an EU Member country also became a member state of the Schengen Area. It tells us that the Latvian real estate market is full of good deals and that various analysts are predicting Latvian property to appreciate in value rapidly. This can be a real drag, especially if you don’t reside in Latvia physically. No access to Ireland and the UK. However, you must visit the country at least once a year to maintain your residence permit. It remains to be seen how Latvia’s Golden Visa fares in the future, and if it will still be able to interest foreign investors with its real estate and pro-business climate. That’s because Latvia is a long-standing member of the European Union, the Schengen zone, and the Eurozone, so you know its political and economic stability are rock-solid. There are four options that you need to consider to obtain Latvian residency by investment. Portugal is a full member of the EU. It used to charge no government fees, but since the popularity of the program absolutely skyrocketed, the government ‘wised up’ and added extra fees. ... LATVIA. A High Net Worth Individual (HNWI) who is considering global citizenship, or obtaining a so-called “Golden Visa” should be familiar with the differences between citizenship and residency, the qualifying requirements, and the laws of a country before selecting it as their destination of choice.. Today Citizenship Investment (CBI) industry is … Turkey at a Latvian bank or a credit institution to purchase its bonds. However, you will have to invest double –. Golden Visa | Harvey Law Group - World's Leading Law Firm in Business Law, Investment Immigration, Citizenship-By-Investment, Residency-By-Investment If you purchase in the capital of Riga or in Latvia’s premier seaside resort Jurmala, which is where you definitely want to be if you’d like to spend some time in the country, you are limited to one property. Apply now from EUR 250,000. In this article, we will tell you all that there is to know about this program, why you should apply, and guide you through the application process step-by-step. There is also the option to purchase government bonds to the tune of €250,000. Finally, after spending at least ten years legally residing in Latvia, you will become eligible for its citizenship. €250,000, it has been successful in getting many non-EEA nationals to sign up. INVESTMENT MIGRATION JOBS Enquiry Factsheet If you think that having a Latvian residence will open up doors to the British Isles and Ireland, you’d be wrong. This is on par with other Golden Visa programs. In fact, it was one of the worst-hit countries in the world. Each country picks its own term under the relevant legislation. Malta You must be a tax resident in Latvia for all of those ten years, and five of those years must be as a permanent resident. At a price of €250,000, it has been successful in getting many non-EEA nationals to sign up. You can most certainly invest in Latvia as a non-resident. Buy flats in Old Riga – thousands of listings at your reach. Some say it’s in Eastern Europe and others say it’s in Northern Europe, but one thing is clear – it can be your gateway to the European Union. Valletta – Malta capital. CBI Real Estate Watch, INVESTMENT MIGRATION EVENTS Let us begin by saying that we consider the minimum investment in Latvia to be. Under Malta Residency Visa program, you only pay €75,000 one time costs to finance the government bonds/stocks worth €250,000. Combine that with the fact that the Vietnamese go for the absolute cheapest investment option that is company formation (98% of all Vietnamese applicants), and it all starts making sense. IMPORTANT December 23, 2020 Update: In December 2020, it was decided that Golden Visa changes eliminating eligibility for investments in metropolitan (Lisbon and Porto) and coastal areas (including the Algarve) would gradually come into effect starting in July 2021. All in all, Latvia’s Golden Visa is ideal for those looking to: So, let’s see exactly how you can take advantage of those investment opportunities and obtain residency in this small, yet advantageous, country. Once first among its European equals, Latvia’s golden visa has languished since 2014. CIP Restricted Nationalities Lists 2.1 Do UK employees need a business visa from 1 January 2021? In many cases, governments have set up programs through which you can qualify for residence by making an investment in their country. That means that if you chose the real estate investment, you will be expected to maintain it and not sell it. . Books on Investment Migration What’s more, there are plenty of real estate opportunities that haven’t been capitalized on by anyone else. Deposit  €280,000 in a Latvian bank and hold it for 5 years. The Greece Golden Visa Program is a residence-by-investment program launched in 2013 that enables non-EU nationals and their family members to obtain permanent residence permits in Greece. As far as Golden Visa programs go, Greece has been a real success story. Highlights: Spacious Pool; Club house; Sea View; Unspoiled tranquillity and magnificent nature, beautiful sandy beaches; Healthy diet and wide choice of high class restaurants etc. Note, that there is no minimum stay requirement to renew your Latvian residence, but you are expected to visit the country once a year to be eligible for an extension. As far as Golden Visa programs go, Greece has been a real success story. Since very recently, Latvia allows its citizens to have two (or more) passports. Unlike Malta no financing option is available makes it expensive. Enquiry Factsheet Requirements for Latvia Golden visa To be eligible the main applicant must be 18 and older. And, it turns out that Latvia is not a bad place to invest after all – its economy has experienced rapid growth. Let’s talk. Latvia offers golden visa to foreign investors against investments in business or real estate in Latvia. As the world has become increasingly globalized, the need for greater travel freedom has grown steadily creating a new demand for investment based citizenship and residency programs. The Greece Golden Visa Program is one of the most affordable residence-by-investment programs that provide access to Europe. Cyprus You can either open your own company or become a shareholder in an existing Latvian company. But Golden Visa programs in Southern Europe like Portugal, Spain, and Greece, have been gaining more and more traction at the expense of Latvia. 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