Changes to the Immigration Law and new regulations of the Cabinet of Ministers on the residence permits allowing obtaining a temporary residence permit in Latvia on the basis of the acquired real property, came into effect on July 1, 2010.
Benefits of having a residence permit in Latvia
- Visa-free travel to Schengen countries;
- Opportunity to stay in the Schengen countries as many days as you wish;
- Simplification of visa procedures in several countries outside the Schengen area (USA, United Kingdom, Canada,NewZealand);
- Possibility of obtaining a permanent residence permit after 5 years, and then the passport of citizen of the EU;
- If you have small children and you have already now taken care of the beginning of the way to the passport of an EU citizen, then when your child will start studies in a higher education institution in any European country, he/she will receive a grant for his/her studies that will reduce the cost of education in comparison with that for a non-resident of the EU by about 30 - 80%. In the future, the person may be domiciled and work in any country of the EU.
- Personal safety: in case of emergency you will be able to promptly leave the country and stay outside on legal grounds until the conflict indicated above will be completely resolved.
- Financial safety: you can deposit your funds in any currency in the various branches of European banks that are widely represented in Latvia;
- Opportunity to take your business to theEUmarket;
- Possibility to freely manage your cash flows with the purpose of tax optimization;
- Import of cars into Russia without going through customs clearance procedures;
- Possibility of obtaining a European driving license (if withdrawn outside the Schengen area, it is possible to restore the driver's license within 1 day upon arrival to Latvia).