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Investments of at least 25 000 Lats (Euro 36 000 or INR 25 lakhs) should be made into equity of a limited liability company (LLC) or a joint stock company (JSC). In this case, the TRP can be requested once your investment is acknowledges in the commercial scroll.
If investments are made in establishing a new concern, i.e., a registered company in Latvia, then:
- The TRP application can be filed and approved with minimum equity contribution of LVL 25,000 (Euro 36 000 or INR 25 lakhs).
- The TRP is issued for 5 years but an extension application is required to be filed prior to anniversary of each year.
- IF you increase the investment in equity is increased to LVL 100,000 (Euro 143,000 or Rupees 1 crore) before the expiry of one year, then extension will be provided, without any additional conditions.
- If by the end of one year, the initial funds are LVL 25000 and less than LVL 100000, and then an annual report depicting employment of over 50 employees or annual turnover or company’s balance over LVL 7 million must be furnished
- If unable to meet the employment or turnover requirements, as mentioned in (4) above, then the applicant can get an extension by paying and submitting an evidence of annual tax payment of at least LVL 20000 (Around INR 20 lakh)
- Those investing LVL 100,000 at the initial stage do not need to pay any tax (mentioned in 5 above) or show any employment or turnover requirements (mentioned in 4 above) for the purpose of extension of visa at the end of every each of the 5 years for which TRP is valid. They just need to make a brief visit, around 6 weeks prior to expiry and file for validation of status.
- TRP obtained through this passage enables an individual to be in Latvia for 5 years along with his family. It is mandatory for investor to maintain level of his investment for the requisite period.
For the purpose of clarity, the cut-off date of investment has been presumed at later than July 1, 2010. The effects must be transferred directly to the company’s account from investor’s account through wired clearing. Upon clearance of the TRP, you are indicated of the time period and the date of supplying information on corresponding tax payments in amount of at least LVL 20000.
For quick reference 1 LVL = App 2 USD
Latvia Temporary Residence Permit Overview
Latvia Temporary Residence Permit (Latvia TRP) – By Investing in Real Estate
Latvia Temporary Residence Permit (Latvia TRP) – By Investing in Subordinate Capital