One of Europe’s earliest such programs, Latvia’s Golden Visa has been operational since 2010 and saw its investor migrant application volume peak in 2014, a year during which Latvia approved some 2,500 applicants. Application volume has grown considerably more modest since then, in part because of rising minimum investments and growing competition from the golden visas of Portugal, Greece, and Spain.
With a minimum investment threshold of just EUR 50,000, it also offers one of the continent’s most affordable routes to permanent EU residency.
Latvian residency also offers a path to eventual EU citizenship, but only following at least ten years of physical residency and subject to knowledge of Latvian history and language.
| Program Type | Golden Visa Program |
| Time to citizenship | 10 years |
| Time to permanent residency | 5 years |
| Minimum investment | EUR 50,000 |
| Physical presence requirement | None at temporary residency stage |
| Application processing time | 1-3 months |
| Citizenship grants visa-free travel to | 181 destinations, including Schengen countries and the United States |
| Contribution types available | Property Investment, Business Investment, Bank Deposit, Bond Investment |
General program requirements
Applicants may choose from the following investment options:
€250,000 investment in real estate, along with a one-time government fee equivalent to 5% of the purchase price.
€280,000 capital deposit in a Latvian bank for a period of five years, along with a one-time government fee of €25,000.
€250,000 investment in special-purpose, interest-free bonds, along with a one-time government fee of €38,000.
€50,000 equity investment in a Latvian company that annually pays at least €40,000 in taxes, along with a one-time government fee of €10,000.
Program benefits
Requirements to qualify for citizenship
After determining the investment option, the applicant gathers the required documents and submits the application, including the application fees, to the authorities. The investor is required to commit to the investment at this stage. After approval, the applicant is required to travel within 3 months to Latvia to give his biometrics, obtain his ID and residence permit, and to finalize his investment. The permit is valid for five years.
Latvian permanent residency is available after the applicant has resided in the country for a minimum of five years. The applicant needs to physically live in Latvia and have have resided in the country for a minimum of four of those years. Additionally, he will need to have knowledge of the language, general history, and national anthem of Latvia.
After and additional five years of residency, the investor may apply for citizenship. Dual citizenship is recognized for many countries, but not all.
Legislation upon which this program is based:
Immigration Law Section 23, Paragraph one, Clause 28
See more statistics on this program and others in the IMI Data Center.
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Globally, hundreds of millions of people have a great grandparent from an EU country. Too few of them are picking up citizenships for free.
In the end, Latvia keeps its program but suspends Russians and Belarusians for a year and bars those who support the war from applying.
As Latvia terminates its golden visa, we summarize what can arguably be characterized as the worst month in investment migration’s history.
If you have ancestors who were Latvian citizens and you can prove it, you likely qualify for Latvian – and thereby EU – citizenship.
If appeasing the EU was Malta’s goal, says Philippe May, it was unsuccessful. “These people are driven by ideology. They will never give up.”
Though approval volumes were down across the board, the differences in performance varied sharply, from -4% to -92%.
Programs that offer citizenship within months in exchange for investments or donations, with minor/no physical presence requirements.
Programs that offer citizenship in exchange for investments following a 1-2 year period, with minor/no physical presence requirements.
Bulgaria Investor Program (discontinued)
Malta MEIN
Programs that offer residence permits within months in exchange for passive investments, with limited physical presence requirements.
Andorra Residence Without Lucrative Activity
Anguilla Permanent Residency Program
Australia BIIP Investor Streams
Bahamas Economic Permanent Residence
Brazil Investor Visa (VIPER)
Cambodia My 2nd Home
Cayman Islands Investor Visa
Costa Rica Investor Visa
Curaçao Investor Permit Program
Cyprus Golden Visa
Greece Golden Visa
Guernsey Investor & Entrepreneur Residency
Ireland Immigrant Investor Program
Italy Investor Visa
Latvia Investor Visa
Luxembourg Investor Visa
Malaysia M2H Visa
Malta Permanent Residence Program
Mauritius Permanent Residency Program
Monaco Carte de Séjour
Netherlands Investor Visa
New Zealand Investor Visa
Nicaragua Investor Permanent Residency Program
Panama Qualified Investor Visa
Philippines Special Investor Residence Permit
Portugal Golden Visa
South Korea Investor Visa
Spain Golden Visa
Thailand Elite Residence Program
UK Investor Visa (discontinued)
United States EB-5
Programs that offer residence permits within months to those who can demonstrate income or personal wealth above a certain level, usually requiring that the holder not take up employment locally.
Argentina Rentista and Pensionado Residency
Greece FIP Visa
Indonesia Retirement Visa (KITAS)
Italy Elective Residency Visa
Jersey High Value Residency
Mexico Legal Residency Visa
Nicaragua Pensionado and Rentista Visas
Panama Rentista Retirado Visa
Paraguay Permanent Residency Program
Portugal D7 Visa
Spain Non-Lucrative Visa
Uruguay Independent Means Visa
Programs that offer residence permits within months to those who physically relocate to start and/or run a business. Startup and entrepreneur visas fall under this category.
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