Most paths to European residency demand six-figure investments that vanish into real estate purchases or government coffers. Latvia’s Golden Visa program operates differently.
Deposit €280,000 in a Latvian bank for five years, pay a one-time government fee of €25,000, and secure EU residency. The deposit returns in full after the residency period concludes, though it remains locked for the entire term.
EU Law Firm has structured an arrangement with a partnering Latvian bank that delivers returns on your deposit. The specific financial outcomes depend on individual circumstances, including applicable capital gains taxation.
The Mechanics of Latvia’s Program
Latvia launched its residence-by-investment program in 2010, making it one of Europe’s earliest and most stable such initiatives. The program peaked in 2014 when authorities approved some 2,500 applicants. Application volumes have moderated since then, but the fundamentals remain compelling.
The legal framework has weathered a decade and a half with minimal changes. While other European programs have faced legislative turbulence, raised minimums, or closed entirely, Latvia’s program has maintained consistent requirements under Section 23, (1) of the Immigration Law.
Clause 28 covers business investments of €50,000 in share capital, Clause 29 addresses real estate acquisitions of €250,000, and Clause 30 governs bank deposits of €280,000.
This stability matters when planning long-term residency strategies.
Business investment calls for €50,000 in equity in a Latvian company that pays at least €40,000 annually in taxes, plus €10,000 in fees. This investment can be refunded after five or ten years, according to the investment agreement.
The bank deposit option stands apart. At €280,000 deposited for five years plus €25,000 in fees, it offers distinct advantages when returns are factored into the equation.
Capital Structure and Commitment
The bank deposit remains locked for five years according to the agreement. Funds cannot be withdrawn before the agreed term expires. This differs from the flexibility some promotional materials suggest, but the structure provides clarity and certainty for planning purposes.
Real estate purchases lock capital into illiquid assets with uncertain exit values, but the Latvian housing market is a strong one, so expect solid returns. The bank deposit provides a defined term with full capital return at conclusion.
Speed That Matters
Processing time averages four to six months from application to approval. Compare this to Portugal’s 38-month timeline or Greece’s three to 18 months depending on application location. When securing Plan B residency, velocity carries value.
After approval, applicants have three months to travel to Latvia for biometric collection, ID issuance, and investment finalization. The permit activates immediately upon completion and grants five years of residency with access throughout the Schengen Area.
Temporary residency requires a minimum physical presence of five days per annum to maintain status. Annual card renewal is also required, taking a minimum of five business days.
Residency holders can travel visa-free to EU and Schengen countries for up to 90 days in any 180-day period. This represents freedom of movement rather than freedom of resettlement, an important legal distinction that affects long-term planning.
From Temporary Residency to Citizenship
The initial five-year permit requires minimal physical presence to maintain. Permanent residency becomes available after five years, though it requires that applicants have physically resided in Latvia for at least eight months over four years. A Latvian language examination at A2 category level is also necessary.
Citizenship opens after an additional five years of residency, bringing the total timeline to ten years. Latvia recognizes dual citizenship for individuals from NATO or EU/EFTA member states, as well as Australia, New Zealand, or Brazil. Knowledge of the Latvian language, history, and the national anthem are required for citizenship applications.
Most applicants value the initial residency as insurance rather than an immediate relocation plan. The modest physical presence requirements preserve this optionality while your capital remains secured.
The EU Law Firm Advantage
The return structure on the bank deposit enhances Latvia’s program beyond mere affordability. This arrangement exists exclusively through EU Law Firm’s relationship with their partnering Latvian bank.
The Office of Citizenship and Migration Affairs administers the program with efficiency that reflects Latvia’s broader commitment to digital governance and streamlined bureaucracy. Processing timelines of four to six months represent standard expectations, though individual cases may vary.
Why This Matters Now
European residency carries weight that extends beyond travel convenience. Access to live and work in Latvia creates opportunities that transcend any single nation’s borders. Educational access improves. Tax planning options multiply. Personal security deepens.
Latvia offers all of this at a price point that defies conventional wisdom about European golden visas. The country’s position in the EU and Schengen Area delivers fundamental benefits at competitive cost, with defined financial terms, clear processing timelines, and transparent requirements.
The bank deposit route through EU Law Firm represents a capital-efficient path to European residency. Your funds remain secured while building future optionality.
Ready to Explore Latvia’s Golden Visa?
EU Law Firm specializes in navigating Latvia’s Golden Visa application process and securing the bank deposit arrangement. Contact our team via our website to explore European residency options.