24-08-2016
The Latvian Saeima has amended the procedure for renewal of temporary residence permit obtained through investment (effective from 1 July 2016)...
The main change is that the renewal of temporary residence permit will require payment of a EUR 5,000 fee. The new provision does not affect all holders of temporary residence permits, but only those who obtained residence permit through acquisition of local immovable property or made a contribution to subordinated capital of a Latvian bank.
The persons who obtained residence permit through immovable property the title to which was registered before 31 August 2014, will pay EUR 5,000 only at subsequent (i.e. the second and further) residence permit renewals. If a person obtained a temporary residence permit, for example, for 5 years (this is the maximum period), then this person is not required to pay the fee at the first renewal. The payment will be required only after 10 years from the initial residence permit obtainment.
While the persons whose title to Latvian immovable property was registered after 31 August 2014 will have to pay the mentioned fee at the first residence permit renewal.
Currently the minimum value of the immovable property required for obtaining a residence permit is EUR 250,000.
Similarly, it does not apply to the holders of permanent residence permit in Latvia (which does not require any renewal). Besides this, there is no requirement to pay the fee to renew residence permit for family members of the principal applicant (investor) regardless of the grounds it was issued.
LA.lv| 9.06.2016.
