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Vestabalt is a company specializing in the processing of residence permits.
It prepares all the necessary documents in accordance with Latvian legislation, ensuring professional support at every stage of the process. The company guarantees an individual approach and a fast, efficient residence permit acquisition process for every client – regardless of complexity.
Foreign nationals who wish to obtain a residence permit in Latvia often face a number of legal and practical challenges – from document preparation to communication with government institutions.For over a decade, Latvia has offered foreign citizens the opportunity to obtain a residence permit through investment in real estate. This is an attractive option for those who wish not only to live in Latvia, but also to make a strategic investment. For international clients, this opportunity is particularly appealing as it combines personal comfort with smart investment potential.
To obtain a temporary residence permit for five years through real estate investment, several key conditions set out by the Immigration Law must be met. One of the most important requirements concerns the value of the property: in Riga, Jūrmala, and other cities of national significance, the minimum value is set at €250,000, while in regional areas, it is €60,000. Additionally, the property must be purchased from a Latvian resident – either a legal entity or an individual – and must be free of debts or mortgages. Upon completing the transaction, a state fee must be paid, currently amounting to 5% of the property’s value.
Client Application Form:https://www.vestabalt.lv/en/residence-permit/
The process itself is relatively straightforward, but it must be approached carefully – from selecting a suitable property to preparing documents for the Office of Citizenship and Migration Affairs. In most cases, residence permit applications are processed within one to three months. It is important to note that the property must not be sold or lost during the validity period of the permit – failure to comply may result in the permit being revoked.
The foreign national must also ensure they enter Latvia at least once a year for the permit to remain valid. After five years, there is an option to renew the permit, provided that all initial conditions are still met. It is essential to understand that the residence permit is not granted automatically – it can be denied if the applicant provides incomplete or false information, has ongoing legal violations, or if the property has not been properly evaluated. Moreover, Latvia’s policy in this area may be adjusted depending on the political and economic situation, so it is important to stay informed about legislative changes.
One of the main benefits of obtaining a residence permit is the right to travel freely throughout the Schengen Area without an additional visa, as well as the ability to live and work in Latvia, open a business, access financial services, and receive local healthcare and education. The permit can also be extended to the applicant’s spouse and children, allowing families to relocate together and integrate into Latvian society.
However, such an investment should be viewed from a long-term perspective. Although the Latvian real estate market is stable, it is not as dynamic as in some other European countries, and a quick sale may not be easy. Annual property taxes, maintenance costs, and legal nuances can also pose additional challenges for those who do not use professional legal support, such as that offered by Vestabalt.
Purchasing property in Latvia is a secure and proven path used by thousands of foreigners. The key to success lies in careful planning, qualified legal assistance, and thoughtful property selection. In this way, the program can serve not only as a legal residence solution but also as a valuable long-term investment.
