immigration latvia

7/29/2019 Immigration Latvia

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Abhinav Outsourcings Pvt. Ltd. | www.abhinav.com

Gateway to EuropeINVEST IN LATVIA

GET LATVIA TEMPORARY RESIDENT VISA


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About Abhinav

W e are the change makers in peoples lives where it matters the most. Bridging geographical barriers and connecting worlds is our motto. We believe in helping to live a quality life which you and your family truly deserve.So, as global immigration and visa specialists, we play an important role in helping people select their new settlement destination.

Established in 1994, ABHINAV is an Immigration and Visa Consultancy firm catering to every possible immigrationneeds of its clients. We have a network of offices in all the major cities in India with experienced staff and seasonedinternational associates including professionals, lawyers and authorized representatives in all the major countries. Weare ideally positioned to assist our clients in choosing the right immigration destination and handholding them

through the entire immigration process. Our understanding of concurrent immigration rules and procedures andlearning through past precedents in managing various immigration and visa situations ensures proper presentation of application forms and the overall credentials of our clients.

ABHINAV caters to those seeking living and work options to all major countries such as Canada (Federal and Quebec),Australia, UK, Denmark, Singapore, New Zealand, Hong Kong and other popular destinations. Our USP is ourtransparency with clients at all stages of application process.

Our services include all forms of immigration and visa applications such as Permanent Resident and Skilled Migrantvisas, Investor and Business immigration applications, Temporary Work Permits and so on. Filing pleas and appealsagainst rejected and refused applications is our forte.

Ajay Sharma is the Principal Immigration Consultant at ABHINAV. In his vast industry experience, he has worked withan array of clients from both India and abroad and continues to gain respect for his solution-oriented approach tocomplicated immigration and visa issues. His blog at www.abhinav.com on immigration and visa matters is amongthe most read in the world.

With our solution based approach, all we need is our clients to think beyond limits so that we can put our best footforward. This provides us the challenge to perform better and exploit our expertise making each of our cases, a bigsuccess.

So, let experience stand by your side in this life changing decision called Immigration!


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About Latvia

Latvia is a north European country that lies in Baltic region; it shares its borders with Estonia in north, Lithuania in south and ineast Russia and Belarus in east and the Baltic Sea to the west. The population of is around 2.1 mill and area 64589 square miles.

The national capital is Riga which is the largest in the Baltic States housing more than 30 percent of population of the country. Itis an important seaport and also a major industrial, commercial, cultural and financial center. It also has regions largestinternational airport.

The national currency is Lats and One (1) Latvian Lats is normally approximately Two (2) USD. The language of the country isLatvian and majority of population has been historically practicing protestant Christianity except for Latgale region which has amajority of Roman Catholic followers. The majority ethnic group of the country is primarily Latvians who count around 62% of the total population followed by Russians whose number represent around 27% of population, other small ethnic groups areconstituted by Belarusians, Ukrainians, Polish and Lithuanians etc.

The climate is humid with mild summers and moderate winters that is primarily influenced by temperate maritime weather.Summers last from month of June to August with temperatures staying on an average of 15 to 16 degrees Celsius and warmestmonth being July, while winters can be experienced though sometimes harsh in months of December to February with the

temperatures ranging around -4.5 centigrade. The coldest month can be January.

The Republic of Latvia was founded on November 18, 1918. It has been recognized as a sovereign state since 1920 despiteoccupations and rule by erstwhile USSR (1940-1941, 1945-1991) and Nazi Germany (1941-1945). This Baltic state finallydeclared the restoration of its de facto independence on August 21, 1991 that was in almost in tandem with collapse of SovietUnion. Independence from the communist rule ushered Latvia into a new era of economic liberalization. Past the collapse of USSR, the swing of the countrys majority went into leanings on more liberal western hemisphere of nations and Latvia formall y

joined the World Trade Organization in 1999. This country became an active member of NATO on March 29 2004. Latvia alsobecame member of European Union on May 1 2004.

Besides all these premium organizations this former Warsaw pact member (Warsaw pact member was ex-USSR) is also a fulltime member of many international organizations prominent being United Nations, Council of Europe, OSCE, IMF, SchengenArea, Council of the Baltic Sea States, Nordic Investment Bank.

On the economic front the countrys policy has taken a complete U -Turn from the state owned enterprise to up to a 100percent private participation. Privatization of complete set-up including 98 percent of medium and small sized corporationsbaring some critical and sensitive large establishments has been achieved. This change over has brought rich returns for theprivate sector as well as overall performance of the economy in achieving a more efficient and productive economicperformance. Private sector today amounts to 70 percent of national GDP. Parts of Latvias infrastructure have been broughtfrom deep obsolescence 20 years ago to being among the best today (Latvia has the sixth fastest internet in the world). Sinceyear 2000 this Baltic state has been the fastest growing EU economies and is driven by consumption. In 2008 - 10 globalslowdown hit this Baltic state and it was one of the EU nations where the impact was quite widespread, but walk has been quiterapid and since 2011 a fair level of stabilization has been achieved on the economic front with a shift to export-orienteddevelopment of industry. The GDP growth was 5, 5% in 2011 and 6, 8% in first quarter 2012 which is the fastest growth amongthe Baltic States (in Lithuania and Estonia 3, 9%). Latvia is at the 21st place in "Ease of Doing Business" rank in the world

(Estonia at 24th, Lithuania at 27th).

The Latvian government aims to integrate the countrys local currency within the European Unions premise and convert thesystem into EURO by the year 2014. This is expected to drive in richer results in economic perspective as the country is part of single market bloc.


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Latvia Temporary Resident Permit An overview

The application processing will takes ar

ound 16-24 weeks from the date you file in person.Applicant(s) will get intimation on decision on the filed application for temporary resident permit. If theapplication is approved, then the applicant(s) will then apply to Lithuanian Embassy for a visit visa.Applicant(s) will then fly into Vilnius to formalize the TRP, after 10 days applicant can collect ready-madeTRP card in person.With TRP in hand, the applicant can initiate settlement procedures make arrangement for residentialaccommodation ( temporary/permanent) etc and (if married and if so desired) make plans to call spouseand children. TRP for self does not give right to get TRP for spouse. Spouse has to pass same procedure asmentioned in foregoing lines. Accompanying Children can apply for and get automatically with parents.If applicant (if married), wishes for a TRP for spouse, he/she must deposit at least 50K Litas (AroundEuro 14,500) in the company account. The spousal application is being filed as a shareholder/director of

the company and increasing paid up capital will make him/her eligible to file her TRP. Unless this paid upcapital enhancement is not done, he/she will not be able to make her TRP application.Applicant, if desiring to do so, can then invite the spouse to visit Vilnius and file the TRP application. Fromhere on same process as has been followed by the applicant, to get the TRP will be repeated. Spouse willvisit and file application for TRP. Spouse then comes back and revisits again to collect the TRP once it isapproved.The money deposited in the company account belongs to the company and can be towards companybusiness operations including directors salary.If applicable, Dependent children (below 18 years) can accompany parents (on visit visa) when they aregoing to collect their TRPs and their TRP will be applied and issued when they are with their parents inLithuania. All need to apply same time if they wish to get same time, in first application time of man hemust fill information that he want to bring children, or when spouse apply.At various stages applicant will be required to make payment for visit visa fee (around Euro 60 onwards)and TRP visa fee (around Euro 80 onwards) per person. The fee is to be paid at actual and to thevisa/immigration office. The fee is subject to change without any notice.Applicant will be incurring travel expenses for visit to Lithuania (first to apply and then to collect the visa)and related boarding and lodging expenses during these visits.Our consulting fee includes TRP services for both spouses and children and excludes all visa fee (TRP andvisit) and travel (for multiple visit to Lithuania and back), boarding (for visit to during visit to Lithuania)related costs.Overall application processing time under this option could be around 3-6 months when above proceduresare followed. The time is to be counted from the date of filing at immigration office in Vilnius, Lithuania.

Option 2: File the application at Local Lithuanian Embassy/consulate

Under this option, the application is prepared and filed at Local Lithuanian Embassy. The Embassy then forwardsthe application to Immigration Office in Vilnius, Lithuania. The Immigration office reverts with decision to theEmbassy and the Embassy then let the applicant know about the decision. IF biometric facilities are not available atLocal Embassy, the applicant may have to fly down to Vilnius to collect TRP Card. Overall application processingtime could be around 6- 12 months though normally informed application processing time frame is around 6months.

The Latvia Temporary Resident Permit (LTRP) is a basically a type of certificate that offers an overseas personnel the right to

stay inside the nation in question for a fixed duration. Residence permit from the 2 April 2012 will be issued in an identitycard format, so before obtaining a residence permit the biometric data (fingerprints (from six years of age) and a digitalfacial image) should be submitted.

The permit offers the visitor the right to spend an unlimited period of time inside the country Unlike many other Schengenstates, Latvia does not require persons granted a residence permit to stay in Latvia permanently. It also helps one makeunrestricted and free (without visa) border movements and to stay in any Schengen zone country up to 90 days out of sixmonths.

In other words, the offered LTRP is meant for applicants who are interested in having an immigration status that lets themdo a business in Latvia as also offer all travel related benefits in the Schengen Zone. Latvia TRP options are unique in thatone even gets the permit by making passive investments in Real Estate or subordinate capital/financial instruments of aLatvia based financial institution.

So one may take Latvia TRP for doing serious business across the whole of Schengen and the EU Zone, or simply for thepurpose of having a visa that will provide him travel convenience, without strict requirements, in terms of physical residencyin Latvia. The LTRP application process is smooth with the processing time being just 30 days or even less from the date theapplication is duly filled and submitted with all the completed formalities.

If one considers an opportunity to move to another EU country in future, a TRP obtained in Latvia and residing there will betreated as a plus when applying for a status of permanent resident or citizen there.

Latvia Temporary Resident Permit (TRP) options

There are 3 options available for making an application for Latvia TRP:

Latvia Temporary Resident Permit (Latvia TRP) - Investing in Equity Option

This option is ideal for applicants who are interested in running an active business enterprise running out of Latvia.

Latvia Temporary Resident (Latvia TRP) by investing in Real Estate

This option is ideal for applicants who are interested in having a temporary resident permit and all related benefits throughpassive investment in Real Estate in Latvia.

Latvia Temporary Resident Permit (Latvia TRP) through investments in Subordinate Capital

This option is ideal for applicants who are interested in having a temporary resident permit and all related benefits throughpassive investment in financial instruments in Latvia.


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Latvia Temporary Resident Permit (Latvia TRP) - Investing in Equity Option

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 thecommercial scroll.

If investments are made in establishing a new concern i.e. a registered company in Latvia, then the initial funding

1. The TRP application can be filed and approved with minimum equity contribution of LVL 25,000 (Euro 36 000).2. The TRP is issued for 5 years with extension required at the end of one year.3. IF you increase the investment in equity is increased to LVL 100,000 (Euro 143,000) before the expiry of one year,

then extension will be provided without any additional conditions.4. If by the end of one year, the initial funds are LVL 25000 and less than LVL 100000, then an annual report depicting

employment of over 50 employees or annual turnover or companys balance over LVL 7 million must be furnished 5. If unable to meet the employment or turnover requirements as mentioned in (4) above, then the applicant can get

an extention by paying and submitting an evidence of annual tax payment of atleast LVL 20000.6. Those investing LVL 100,000 at the intial stage do not need to pay any tax (mentioned in 5 above) or show any

employement or turnover requirements (mentioned in 4 above) for the purpose of extention 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 (between 30and 90 days prior to expiry) prior to expiry and file for validation of status.

7. TRP obtained through this passage enables an individual to be in Latvia for 5 years along with his family. It ismandatory 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 betransferred directly to the companys account from investors account through wired clearing. Upon clearance of TR P youare indicated of the time period and the date of supplying information on correpsonding tax payments in amount of atleastLVL 20000.

For quick reference 1 LVL = App 2 USD

You can use this option by investment in a new entity or by investment in equity (at least LVL 25 000) of already operatingcompany.


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Latvia Temporary Resident (Latvia TRP) by investing in Real Estate

If you have obtained

One or more immovable properties in Riga, Riga planning region or any other republic city amounting to at least LVL100000 (Euro 143000) orOne or more than one immovable properties in regions other than Riga, Riga planning area or other republic cities foran amount of at least LVL 50000 (Euro 72000), you can file for TRP once the effects have been transferred in the dealand the ownership rights have been entered in the Land Book.

The property deal to be effected must be post July 1 2010.The funds must be transferred from your bank account to thesellers account (usually through an escrow account). There should not be any tax debt on property in Latvia. It is advisable notto mortgage the property in order to enter a real estate deal. You must furnish proofs of real estate tax payments

It takes around 10 days to prepare necessary documentation for executing the purchase and registration deal andendorsement into the land book. State authorities charge a fee of 2 % on the value of registration.

Our Latvian associates can assist you in locating suitable properties, finding tenants, managing property, provide legal supportand take care of the property proceeds when you are out of Latvia.



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Latvia Temporary Resident Permit (Latvia TRP) through investmentsin Subordinate Capital

This is the shortest and the quickest way of obtaining Latvian TRP. You just need to make a financial investment intune of LVL 200000 (Euro 286000) in subordinated capital of a credit institution (debt or debentures) or a term

deposit.

The deposit term is irrevocable 5 yearsInvestment carries an annual rate of interest at 4-5 %Interest on the investment is transferred half yearlyThe agreement signed is irrevocable and you do not have privilege of terminating or carry out prematurewithdrawal of this deposit

Bank account can be opened with help of valid passport or the national Identity document. Migrants from countrieswith reciprocal visa agreements must have a passport with entry permission stamping. The institution also requiresevidencing the source of funds and record of the nature of transactions.

This is an accelerated mode of attaining Temporary residence permit of republic of Latvia as the whole formality is

completed within a couple of days and as the institution issues statement confirming of opening of deposit andcompleting other necessary formalities, you can immediately apply for TRP for yourself and tour kin.



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Benefits of Latvia Temporary Residence Permit (TRP)

Unrestricted movement in Schengen area

Being member of European Union and Schengen treaty Latvia offers an incomparable advantage to the permit holders of enabling them to gain freedom to an unrestricted movement in the EU member countries and staying up to 90 days out of sixmonths there without needing to obtain a visa.

Settlement opportunities to other EU countries

Migrants aspiring to move their set-up to any EU member countries in future will stand a better chance of making itsuccessfully and on priority

Long duration of residence permission to stay in the country

Latvia TRP has a validity of 5 years permitting a stay in the country through the extent of validity of the entry permit.

Multiple entries into this Baltic state

Once you obtain this TRP you are eligible for multiple entries into Latvia (without any limits) and other EU states (up to 90 dayswithin a six month period). The TRP holder can also stay full time in Latvia during the TRP vailidity Period.

No specific residence fulfilment requirements

You do not need to reside in Latvia for a relevant period in the country to retain your TRP status. Extension is granted and canbe maintained with least formalities. Extension formalities are very easy and simple to meet for holders who have met theapplicable terms and conditions of TRP issuance of one of the three possible options.

Eligibility to file an application for residency

Grant of TRP makes the holder eligible for status and the rights of a resident

Advancing onto the citizenship of Latvia

On successful completion of the TRP and subject to fulfillment of the criteria, the Resident visa holder has an option topermanently make Latvia your home and become citizen of the Latvia

Bring your family along

TRP allows your family to accompany you to this Baltic state and enjoy similar facilities as you while being in the country

Except agricultural and forest land, land in border zone and in reserved beach zone of Baltic Sea

As a TRP holder you have an unrestricted access to business and investment opportunities in Latvia.

we can register a company, to buy a property or to sign a deposit agreement on behalf of an applicant (based on POA) butthen he should submit personally his TRP application to our embassy in non-Schengen country (for example in China).

For applicants short of time or not having appropriate visa to visit Latvia or other Schengen countries or Europe or past visitvisa refusals, getting Latvian TRP under one of the 3 permitted processes is possible and feasible. One need to and may fly intoLatvia only after entire TRP process has been completed.


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Geographical location provides opens up more business opportunities

Perfectly positioned between the EU and the CIS, one can NOT ask for a better affordable European location thanLatvia. The facet is supreme from the perspective of international trade and warehousing facilities, hence paving wayto more business growth opportunities than ever. Geographically well located warehouse synonyms growth forbusiness! Exporters can use this warehouse base to explore and grow business throughout Europe and CIS. Industriesrelated to manufacturing and BPO can make use of affordable human resources to promote their business interestsin Europe and CIS countries.

NATO and EU membership

Lithuania is a fully-fledged NATO and EU member with a politically stable ambiance. What that means is nodisturbances, just a calm background to have a peaceful life in store for you and your kin! This is very important forlong term stability and growth of business.

Low cost and ease of doing business

Latvia has amongst lowest cost of doing business in Europe and has an impressive worldwide ranking of 21 in terms of ease of doing business. The country provided nice tax benefits for start-up businesses and within the 4 free economiczones (in Riga, Ventspils, Liepaja and Rezekne). All it needs is a smart businessman in you to take advantage andstarting point is making an application for and getting Temporary resident permit (TRP)!

Low cost of living

Latvia has amongst lowest cost of living thus giving you more reasons to make the country your long term homeand/or an important base for expanding your long term business expansion goals.


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Latvia Key Business Information

Taxes

Corporate income tax 15%The government has recently announced that the personal income tax will be decreased from January 1st, 2013 till 24%and gradually till 20 % in 2015.Last week the government decided to decrease this tax till 21% starting from July 1st, 2012.Social security tax 35,09%

Property prices (Updated July 1 st , 2011)

RIGA CITY - FlatsCOST ()

YIELD (p.a.)PRICE/SQ.M. ()

TO BUY MONTHLY RENT TO BUY MONTHLY RENT50 sq. m. 105,200 433 4.93% 2,104 8.6585 sq. m. 189,635 637 4.03% 2,231 7.49120 sq. m. 318,840 858 3.23% 2,657 7.15200 sq. m. 542,400 1,538 3.40% 2,712 7.69

RIGA SUBURBS - Flats45 sq. m. 46,395 226 5.85% 1,031 5.0370 sq. m. 76,800 378 5.91% 1,024 5.04120 sq. m. 176,520 589 4.01% 1,471 4.91

Source: Global Property Guide
http://www.globalpropertyguide.com/faq/square-metre-prices-rentals-and-yieldshttp://www.globalpropertyguide.com/faq/square-metre-prices-rentals-and-yieldshttp://www.globalpropertyguide.com/faq/square-metre-prices-rentals-and-yieldshttp://www.globalpropertyguide.com/faq/square-metre-prices-rentals-and-yields


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Countries which fall in the Schengen Zone

Holder of Latvian temporary residence visa is permitted visa free travel through the Schengen zone countries. They can alsolive in any Schengen zone country for up to 90 days within six months. The countries which fall in the Schengen Zone areAustria, Belgium, Czech Republic, Denmark, Estonia, Greece, Hungary, Iceland, Italy, Finland, France, Germany, Latvia,Lithuania, Liechtenstein, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden andSwitzerland.

Validity of Latvian Temporary Residence Permit

Latvian Immigration Department decides about the duration and issuance of the permit. Generally, post approval, theapplicant would be given a renewable, multiple entry Latvian Residence Permit for a span of Five years. The holder is however,required to renew the temporary residence permit after every 12 months period and up to five years from first approval. If theapplicant wants to renew it, it should be done ten weeks (30 to 90 days before expiry date) before the expiry day, while he orshe is still living in the Latvian Republic. The applicant will gain eligibility to apply for the Latvian Permanent Residence Permitafter five year stay in the Latvian Republic as a Temporary Residence Permit holder. Our Latvian experts and lawyers canmanage the extension process with least inconvenience to our clients.

Guarantee for getting the Temporary Residence Permit

We believe in providing authentic service. Providing guarantee for any permit or visa is not possible for any immigrationprovider and we are NO exception. We dont believe in giving false guarantee but can assure of giving an unswervingimmigration service along with an updated knowledge on the Latvian Permit. With an updated knowledge, authentic and well-prepared documents and ace advice along with having best of the Latvian lawyers and consultants as associates, Abhinavsimmigration experts would try their best to reduce any chances of denial. Write to us today to [email protected] or have adiscussion with one of our senior business counselors to have clear understanding of our commercial terms.

If your application is refused

If somehow the application is rejected, an appeal would be made against the refusal decision and necessary steps would betaken. Our lawyers would leave no stone unturned in convincing the Latvian Immigration Department to issue the LatvianResidence Permit on the basis of your status. If by any chance, the application faced rejection even after making an appeal, theapplicant would be given a Refusal letter issued by the Latvian immigration agencies or local Embassy. It will contain thereasons as to why the applicant has NOT been granted the permit. We would require the letter along with the original refusalletter issued by the Latvian Embassy and Abhinav would refund 50% of all fee paid to us. The service fee would NOT berefunded back without re-applying and submitting the mandatory documents after the refusal. Write to us today [email protected] or have a discussion with one of our senior business counselors to have clear understanding of ourcommercial terms.

Optional Support Services through our Latvian associates for our Latvia TRPclients

Services related to purchase, sale and management of Latvian businesses and propertiesHelping in liaison with Latvian government agencies, real estate agencies, service providers including accounting andlaw firmsOffering marketing strategy on successful entry into Latvian market and helping in preparing a sound business planHuman resource planning including hiring and trainingLearning Latvian languagePlanning and managing events in Latvia


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Contact Us

Branch Offices

Mumbai:

Office No: 101, 1 st Floor,Pinky Palace, S.V. Road,Next to Rajasthan Restaurant,Khar (West), Mumbai - 400052Ph No: 022-2605-9683 / 84 / 85Email: [email protected]

Hyderabad:

6-3-1191-1196, Brij Tarang,Above Mebaz Showroom, 2nd Floor,Besides White House,Kundanbagh, Begumpet. Hyderabad - 500 016, India. Ph No: 040-40078189 / 40027916 / 40146974 Email: [email protected]

Bangalore:

Unit #809, 8th FloorPrestige Meridian - IM.G. RoadBangalore - 560 001Ph No: 080-40965051 / 40965052 / 41160482Email: [email protected]

Pune:

246 Sohrab HallTadiwale RoadPune - 411 001Ph No: 020-4126-6662 / 4126-6664Email: [email protected]

Corporate OfficeAbhinav Outsourcings Pvt. Ltd.

UG-5, Devika Towers, Nehru PlaceNew Delhi 110019

IndiaPh No: 011-4155-2515 / 4155-2516 /

4155-2517 / 4155-2518Fax: 011-4155-2514

Email: [email protected]
mailto:[email protected]:[email protected]:[email protected]:[email protected]

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