I did not ! Thanks for sharing
Apologies for the late reply…quite new here and did not get a notification for your reply!
About the Latvian Program.
It is an investment into a Latvian registered company of min. eur 50,000 in paid capital + eur 10,000 govt. state fees paid upon approval + eur 17,000 which includes legal, processing and professional fees
We are a Latvian owned company based in Dubai UAE (I have the Latvian Citizenship myself), and we have 3 ready companies in Latvia open for investment for the Latvian residency.
For EUR 77,000 you will receive EU Residency permit for 5 years, renewable each year. You have no minimum stay requirement for Latvia (1 day per year to renew) and can travel freely within Schengen (or live). However, living more than x amount of days in certain countries, means you become a tax resident.
After 5 years, you are eligible to apply to Permanent EU Residency. For this, you would need to provide proof that you are in Latvia more than 6 months out of the year.
After 10 years, you can apply for the Latvian EU passport, granted they pass a simple language and history test. The language test is extremely simple and can be learnt in 2 weeks.
With Latvian EU Residency, you are able to travel/live anywhere in the EU, and have freedom of movement. To work, you can only be permitted to be employed in Latvia during the Residency Permit.
Any further questions, just ask!
Hi Richard. I hope you do turn on your notifications so that you dont miss my replies.
I do have several questions in mind:
How is Latvia’s Golden Visa better than the Portuguese Golden Visa programme apart from price? The Portuguese program has a shorter path to an EU citizenship(& passport) in 5 years compared to Latvia. It also has an additional benefit of a NHR tax free status as an add on. And lastly, it has 0 crypto taxes(I’m a crypto investor). Is Latvia also tax friendly to cryptocurrencies?
A few points such as minimum income requirements, proof of income, health Insurance and a tuberculosis test were stated as requirements to apply for the Latvian Golden Visa from this agent’s website. (https://www.harveylawcorporation.com/latvia-residency-permit-program/) Plus, several other websites also mention the strict regulations/screening process for Golden Visa applicants. Are they true? Could you enlighten me on the details?
Also heard from a source/rumour that applicants who invested in the Latvian registered company would not be approved for Latvian Citizenship when the time comes. Is this also true? And could you also enlighten me on the details?
I apologise in advance for the seemingly silly questions but I have a limited knowledge on this particular program as Latvia has been under the rader when it comes to promoting its golden visa program.
Hi Paul, yes all notifications now go straight to my email.
How is it better? Well, it’s not. It’s different. Portugal yes does have a shorter time to citizenship, but mind you that it’s not 5 years, but in reality 6.5 – 7. After 5 years, you are eligible to apply for citizenship – then it will take 1.5 – 2 years to actually receive it, best case.
Latvia does not have an NHR tax regime, and income from crypto trading is taxable under the capital income tax which is 20%.
In regard to the requirements, yes this is true. Proof of funds is to show proof of minimum income which is bound to the minimal salary in Latvia – this is eur 430. Health care in Latvia is very cheap, so insurance would also be quite cheap. Tuberculosis test has to be done upon arrival to Latvia to submit documents for application.
About strict screening process, this would only be for high risk countries.
This is not true, there are no grounds for this. You are eligible for Latvian citizenship after having PR for 5 years granted you pass a language and history test.
Your questions are not silly whatsoever, and I am happy to reply to any. And yes Latvia has been quite under the radar globally, however when they first launched the GV back in 2010, it was a huge success with Russia/CIS nationals and brought in eur 1.3bn in the first five years.
thanks for your prompt response. I now have a better understanding of the Latvia Golden Visa program. However, I still have some nagging questions from the back of my head.
- “Latvia does not have an NHR tax regime, and income from crypto trading is taxable under the capital income tax which is 20%”
Regarding 1), a little bit more detail about my crypto trades: I dont trade regularly(except if I decide to sell majority of my crypto during a bull run like this year) and to do dollar(euro) cost average buying and hodling of crypto until the next bull cycle.
In this scenario, am I still taxed the 20%?
- “Proof of funds is to show proof of minimum income which is bound to the minimal salary in Latvia – this is eur 430. Health care in Latvia is very cheap, so insurance would also be quite cheap. Tuberculosis test has to be done upon arrival to Latvia to submit documents for application.”
Regarding 2), can I show my income statements(current salary from job, current bank statements crypto trades etc.) as proof of minimum income(~5000 Euro/Month)? Good to hear that health care is cheap in Latvia. But I currently have a (local?)insurance policy in my home country. It also covers me when I’m overseas. Not sure if that qualifies?
Its good to hear from an expert about 3). I feel so much more reassured. Ironically, that source itself turns out to be ‘shady’ and is also promoting its own visa programs. I have a huge interest in history(esp. if its European history) and I’m reassured that its an “easy” language test.
Do you make final decision paul ? Thanks
No not yet. I’m currently in the exploration/factfinding phase. I need to know as much of the various golden visa/CIP programs as much as possible before I can make a decision. I need to do this to minimize the impact the GVs have to my mid/ long term future
Also I have one more question regarding using a foreign driver’s license in Latvia. Can I still drive in Latvia using my foreign driving license (with an AA approved International Driving Permit) after applying for the Golden Visa? I like to drive cars ever since I got my drivers license.
The countless sources that I see from the Internet are confusing and do not offer much clarity. Best to hear such the advice from a Latvian himself.
You would only be taxed if you are a tax resident of Latvia, in this case you stay more than 183 days in a 12-month period. 20% is taxed on profit (if you can prove buying cost)
Yes in terms of minimum proof of income, that works. For health insurance, if it is a European one, it could work. International one – would need to check as not entirely sure.
Regarding drivers license - It depends where you are from? Let me know and I can check with local authorities
Thanks for your reply
Regarding 1), I take that I have to pay 20% tax for my capital gains profit.
Regarding 2), my current insurance policies are with Manulife and AXA. These life & critical illness insurance policies mostly covers my country, Singapore. They also include coverage that is similar to that of a “travel insurance” when I’m abroad. Could you help me check it out?
Also, could you help me check with the local authorities if its possible to drive with my Singapore Driving License(with IDP) while in Latvia?