If you are willing to make some money in Latvia then temporary resident permit is your key to success. It is mandatory to have a residence permit if a foreigner wants to live in the Republic of Latvia for duration of more than three months or 90 days within 6 months. There are several investment options for migrating people to Latvia under TRP i.e. temporary resident permit.
Latvia follows the policy of 100 per cent private participation. This privatization resulted into higher returns for private sector. Overall performance of the economy after privatization has been more productive and efficient. Latvia has been one of the fastest growing EU economies since 2000. Latvia at present stands at a stabilized position at the political and economic front.
Latvia is among those countries which has lowest cost of doing business in Europe. It gained 21st rank in the study done by Europe for ease of doing business. One of the reason due to which it is easy to start business in Latvia is that it offers good tax benefits to the business starters. If you are a smart businessman then it will be very easy for you to generate profits in this country.
The Latvian government has the intentions to integrate local currency within EU’s and convert its local currency system into Euro within next few years. There are multiple numbers of Investment options for migrating people to Latvia under TRP. You can invest as an individual trader; you can make investment as partner, you can be a self-employed person or a representative of a foreign trader.
If you want to make an investment as a business trader then you can apply for 5 year temporary residence permit. A business plan should be there. You must fulfil following requirements in order to make investment as a merchant:-
- Pay LVL 8000 as taxes and duties
- Hire three employees
These are the only two mandatory and simple requirements.
If you are a member of management board or the supervisory board or you are a managing clerk or administrator or liquidator or any person lawful to represent the merchant i.e. a foreign merchant in the actions related to the branch office then your need visa for minimum 5 years. There are only 4 compulsory requirements:-
- 5 employees
- The total amount of at least LVL 10,000 per annum paid as taxes
- An invitation processed by the OCMA
- associate of a partnership, with rights to represent a partnership
If you are planning to be self-employed then you need temporary visa permit for at least one year and a business plan along with payment of LVL 7000 in the form of taxes and duties.
A foreigner can make an investment of 25000 LVL or more in to share capital of any company. The company must increase or new company must establish. The company must employee 50 workers. Annual turnover of the company must not exceed LVL million.
You can also make an investment in a credit institution or real property. All these opportunities come with TRP.
Latvia is one of the fastest developing countries. Its economy is stable at present. Future of Latvia’s economy seems to be very bright. If you want to experience Latvia life and make some money then you must apply for trp. This country offers lots of Investment Options for Migrating people to Latvia under TRP.