Latvia golden visa: Requirements & benefits

Almost everyone dreams of living in Europe at some point, but the question is whether it’s possible without waiting years for a work visa or relying on luck. If you have the funds, programs like the Golden Visa are often the answer. One lesser-known option is Latvia’s Golden Visa, which is worth paying attention to.

Latvia is in the EU and the Schengen Area, and since 2010 it has allowed non‑EU investors to get residency by investing in the country’s economy. It’s not the most famous Golden Visa program, but it’s one of the easiest to access in Europe, with much lower investment requirements than places like Spain, Portugal, or Greece.

In this article, we’ll explain how Latvia’s Golden Visa works, who can apply, what the requirements are, what investment options exist, and how much it costs. If you’re thinking about moving to Europe with your family or just want a backup plan, keep reading.

What Is the Latvian Golden Visa?

Latvia’s Golden Visa, officially called a residence permit by investment (or investor visa), is a program launched by the Latvian government in 2010. It was created to attract foreign money after the economic crisis between 2007 and 2009. In its first five years, it brought in over €1.3 billion, mostly from real estate investment.

Since then, thousands of investors from outside the EU, EEA, and Switzerland have used this program to enter Europe. Unlike other visas, you don’t need to live in Latvia full-time or speak Latvian. You simply need to make a qualifying investment and maintain it for the required period.

How Does the Latvian Golden Visa Work?

The process is straightforward. You pick an investment option (business, property, or a bank deposit), meet the minimum amount, pay the fees, and apply through Latvia’s Office of Citizenship and Migration Affairs (OCMA or PMLP). If approved, you travel to Latvia to give your biometrics and receive your temporary residence permit.

What makes this visa especially attractive is that it doesn’t require investors to take a language test, get a job, or meet other common residency requirements. In most cases, there’s also no mandatory interview, which makes the process much faster compared to other European programs.

Initial duration of the permit

The residence permit you obtain through this program is valid for five years. During that time, you and your family can live, travel, and move freely within the Schengen Area, although the physical residence card is issued for one year and must be renewed annually.

Renewals and maintenance of residency status

One reassuring thing about this program is that you don’t need to live in Latvia to keep your permit. You only have to visit once a year to renew your ID card and update your biometrics. After five years, if you apply for permanent residency, then you’ll need to meet extra requirements for time spent in the country and language skills.

Benefits of the Golden Visa in Latvia

The Latvian Golden Visa offers several practical benefits, from residency rights to easier travel within Europe. Here are some of the main advantages applicants should know about.

Right of residence

This visa lets you live, work, and study in Latvia, either through a local employer or your own business. It provides legal residency in Latvia and the flexibility to live, work, study, or run a business in the country.

International mobility

Because Latvia is part of the Schengen Area, your residence permit allows you to travel freely without a visa across 33 European countries. This includes places like France, Germany, Italy, and the Netherlands, with no extra paperwork needed, which is especially useful if you travel often for work or lifestyle.

Inclusion of family members

The program does not require you to go through the process alone. The main applicant can include their spouse and dependent children under 18 in the same application, which significantly reduces both time and costs compared to applying for separate visas for each family member.

Access to education and services

Once you have residency, your family can access Latvia’s education system and healthcare services, which meet EU standards. This is especially important if you are moving with school-age children, as they can attend both public and private schools in the country.

Possibility of permanent residence or citizenship

Latvia doesn’t offer immediate citizenship through investment, but it does provide a clear path toward it. After five years you can apply for permanent residency, and after ten years in total you may be eligible for citizenship, as long as you meet the language and integration requirements.

Who is eligible to apply for the Golden Visa in Latvia?

This program is for people who can invest and want to diversify their wealth or have a backup base in the EU. Applicants often include business owners, investors, retirees, and families looking for a European residency option with relatively flexible requirements. Many are attracted by the ability to travel within the Schengen Area and maintain a long-term foothold in Europe.

The important thing is that you don’t need to be a millionaire or run a multinational company to qualify. The lowest entry amount for the program starts at $54,000, which is significantly more accessible than similar programs in other European countries.

Requirements for obtaining a Golden Visa in Latvia

Now that you know who is eligible to apply, let’s talk about what you actually need to provide to ensure your application proceeds smoothly.

Required documentation

To start the process, you need a valid passport, proof of your investment, a clean criminal record, and proof of income or where your money comes from (bank statements, contracts, or transfers). If you include family members, you also need translated and apostilled marriage and birth certificates. Latvia is strict about money: you must show where your funds come from, whether it’s salary, property sales, dividends, or inheritance.

Financial requirements

In addition to the investment amount, you must show that you have enough income to live without relying on social assistance in the country. The reference figures are approximately $16,900 per year for a single applicant, $22,500 for the applicant with a spouse, and $24,200 for a couple with one child.

Background checks and security screenings

Latvia follows EU anti-money laundering laws, so your application will go through criminal and security background checks. Any relevant record or lack of clarity about the source of your funds can delay or block approval.

Maintenance of the investment

The investment you choose must be kept for at least the full five-year period of the permit. If you sell or withdraw it early, you risk losing your residency status, so this needs to be part of your financial planning from day one.

Residency renewal requirements

Every year you must travel to Latvia to renew your ID card and re-register your fingerprints. If you reach the fifth year and want to apply for permanent residency, you must have lived in the country for at least four of those five years and pass a basic A2-level Latvian language exam.

Requirements by country of origin

You might already be wondering this: does the process depend on where you come from? The short answer is that the investment requirements are the same for all non-EU applicants, but your immigration situation before applying can vary depending on your passport.

As an EU citizen, you don’t actually need Latvia’s Golden Visa to live there. You already have the right to live, work, and study in Latvia without any investment process. This program is intended exclusively for people from outside the EU, the EEA, and Switzerland.

Citizens of several non-EU countries can enter Latvia and the Schengen Area without a visa for short stays. However, visa-free access does not grant the right to live or work in Latvia. Anyone seeking residency through the Latvian Golden Visa must still complete the investment and application process, regardless of whether they can enter the country as a tourist.

One more thing to keep in mind is ETIAS, an electronic travel authorization required for visa-exempt travelers like those from Mexico, Colombia, and Argentina before visiting Latvia, even for short stays. It doesn’t replace the investment residency process, but it is an extra step if you travel to apply or visit before investing.

Types of investments to obtain the Golden Visa in Latvia

This is probably the part that interests you the most: how much money you need and where you can invest it. The program offers three main options.

Business investment

For investors looking to minimize upfront costs, the business investment route is usually the most affordable option. It requires a $54,000 investment in the share capital of a Latvian company, on the condition that the company pays at least $43,000 in annual taxes to the government. In addition, there is a one-time $10,900 payment to the state budget.

The company you invest in must have fewer than 50 employees and earn under €10 million a year, so this option is aimed at small and medium-sized businesses. Your money is legally protected for the full five years. The main risk is that the business may not generate $43,000 in taxes each year, and if it doesn’t, your residency could be affected.

Real estate investment

If you prefer something more tangible, you can buy property in Latvia for at least $270,000, plus a state fee equal to 5% of the property value, with a minimum of $13,600. Unlike in some other countries, there are no restrictions on the type of property you can buy, and you can invest anywhere in Latvia.

A key benefit of this option is that you can rent out the property short or long term, with potential returns of around 7.9%–8.5%, so the investment can also generate income while you keep your residency. The main risk is the property market: if prices fall, you could lose value when you sell after five years.

Financial investment (bank deposit)

The third option is a $300,000 fixed-term deposit in a Latvian bank for five years, plus a one-time $27,200 state fee and $4,350 account opening fee. It requires the highest upfront capital, but it’s also the most passive option. The money simply stays deposited and earns interest (though modest) during the required period.

Other eligible investments

Some official sources also mention buying non-interest government bonds in Latvia as an alternative option with a similar investment amount to real estate. If you’re interested in this route, it’s best to check directly with the Office of Citizenship and Migration Affairs or a legal advisor, since the rules can change.

Taxes for Golden Visa holders in Latvia

This is a point that many people leave until last, but it should be one of the first things to consider, because it can completely change what’s actually in your best interest.

Tax residency and immigration residency

Having an investment residence permit does not automatically make you a tax resident in Latvia. They are separate things. You become a tax resident if you have permanent residence there or spend more than 183 days in the country in a 12-month period. Since the Golden Visa does not require you to live in Latvia, many people keep their tax residency in their home country and just use the Latvian permit for travel and mobility.

If you decide to actually move there and stay more than 183 days, you’ll be taxed as a resident on your worldwide income, not just what you earn in Latvia. If you don’t reach that threshold, you’ll only pay tax on income you actually earn in Latvia.

Income tax

If you become a tax resident, Latvia has a progressive personal income tax: 20% on income up to $21,800 and 23% on anything above that. This is significantly lower than in much of Western Europe, which is why Latvia often ranks well in European tax competitiveness comparisons.

Taxes on investments

If your investments earn capital gains, dividends, or interest, keep in mind that from 2025 the capital gains tax rate is 25.5%, and the same rate applies to interest from deposits, bonds, or loans. If the income comes from a Latvian bank, tax is usually taken automatically. If it comes from foreign platforms, you have to declare it yourself.

Taxes on real estate

If you choose the real estate route, keep in mind that properties in Latvia are subject to a municipal property tax, which varies depending on location and the property’s assessed value. This tax is paid annually, regardless of your tax residency status, simply for owning property in the country.

Tax considerations to evaluate

It’s important to check whether your country has a double taxation treaty with Latvia. If it does, you may be able to offset taxes paid in Latvia against taxes on the same income in your home country.

Costs of the Golden Visa in Latvia

Let’s break it down clearly, because the total cost isn’t just the investment amount.

Government fees

As mentioned, each investment route comes with its own state fee: $10,900 for the business option, 5% of the property value (minimum $13,600) for real estate, and $27,200 plus a $4,350 account opening fee for the bank deposit.

Legal costs

This also includes help from a lawyer or immigration advisor, who assists with gathering documents, certified translations, and dealing with the Latvian authorities. The cost depends on the firm, but it helps reduce the risk of mistakes in your application.

Administrative expenses

Regardless of the chosen route, all applicants and their family members share certain common fees: a Schengen visa if required ($65 per person), biometric and fingerprinting costs ($90 per person), and the residence permit fee ($175 per person).

Renewal costs

Each year you must renew your identity card, which involves a new administrative fee and usually a trip to Latvia to complete the process in person.

Other related expenses

Don’t forget to include document translations and apostilles, private health insurance (mandatory for non-EU residents), flights for the required annual visits, and bank fees if your investment route involves opening accounts or making international transfers.

How do I apply for a Golden Visa in Latvia?

Here’s what the Latvia Golden Visa application process typically looks like, from choosing an investment to receiving your residence permit.

Investment preparation

The first step is choosing the option that best fits your finances and goals. If you want a passive investment, the bank deposit is the simplest choice. If you prefer a property that can also generate income, real estate may be a better fit. If you have business experience, you can invest in a Latvian company.

Gathering documents

Once you’ve chosen your investment route, you’ll need to gather your passport, a police clearance certificate, proof of income and source of funds, and any family documents if you’re including your spouse or children. All documents must be properly translated and, in many cases, apostilled.

Submitting the application

If your passport allows visa-free entry to the EU, or you already hold a valid Schengen visa, it is generally recommended to submit your application directly from Latvia. In some cases, you may still be required to attend an interview at the embassy in your country of residence.

Assessment by the authorities

The Office of Citizenship and Migration Affairs reviews your application, checks the source of your funds, and carries out the required security checks. Processing usually takes around two to three months, depending on the investment route and how complete your documents are.

Obtaining and renewing the permit

After approval, you have to travel to Latvia within three months to give your biometric data and pick up your temporary residence card. The permit is valid for five years, and you renew the physical card every year until you apply for permanent residence or citizenship.

How can I get internet access when I arrive in Latvia?

When you arrive in a new country, the first thing you need is a connection. You need it to get around, contact your lawyer, confirm your accommodation for your biometrics appointment, or just let your family know you arrived safely.

This is where Holafly’s daily eSIMs for Latvia come in. If your trip to Latvia is short, for example just to drop off documents or pick up your residence card, there’s no point paying for a full monthly plan when you’ll only be there a few days. A daily eSIM gives you unlimited internet from the moment you land, without needing to find a physical store or swap SIM cards.

If you’re planning a longer-term move and will be traveling across different European countries, Holafly’s monthly plans are a good option. They work in over 160 destinations, include unlimited data and hotspot use, and let you stay connected without relying on Wi‑Fi or local SIM cards, especially useful when you don’t yet have a fixed address or provider.

Frequently asked questions about the Latvian Golden Visa

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Paula Henderson

Spanish-English Translator

Hi! I'm a Spanish-English translator working with Holafly, helping bring travel content to life for curious travelers. As a digital nomad with a passion for exploring, I'm always adding new spots to my bucket list. If you love to travel like me, stick around because you're in the right place to find inspiration for your next trip! ✈️🌍

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