After the revolutionary amendments made in the immigration law, Latvia offers the opportunity to become a resident in the Schengen Zone with minimal bureaucratic requirements. Since May 2010 two new options are added which are buying realty objects or banking deposits were introduced into the legislation of the country, these options have made it possible for the acquisition of EU- residency for non-residence.
Under this program, the member is allowed visa-free travel to all Schengen states. Initially, this permit is issued for a year and needs to be renewed annually. After five years of residency, a person becomes eligible to apply for permanent residency, and after 10 years of legal residence, one can apply for Latvia Residency.
Benefits of Latvian Permanent Residence
There are a number of benefits that the Latvian PR provides and hence must be tried to acquire one.
- It is the cheapest option for European residency: This country has 20% lesser business investment option on comparing with other European visa investment options
- Live work and study in Latvia: under the PR of this country one can work, get a job and his/her children will get European education.
- Visa-free travel in Europe: this PR allows one to travel to all 26 states without the need to have a VISA.
to avail these benefits one must try to get this country’s PR