Rietumu – the leading privately owned bank in Latvia – is ready to render practical assistance to our customers related to obtaining a residence permit in Latvia.
On 1 July amendments made to the Latvian Law on Immigration have come into force. These amendments allow foreign investors and their family members including those from non-EU countries, to receive a 5-year residence permit in Latvia along with the right to travel in the Schengen area freely.
As of today, Rietumu Bank provides multi-level practical assistance to all customers willing to receive a residence permit in Latvia.
“The right to visit and reside in almost all European countries is the greatest advantage of the new law for citizens of those countries that have no visa-free system with the EU”, says Alexander Gafin, member of Rietumu Bank’s Supervisory Council. “Our customers and their business partners, friends and family members express considerable interest in this law. At present we are ready to render them all the required assistance and legal support in order to meet all the requirements for getting residence permits quickly and easily.”
Rietumu fully supports all customers in receiving residence permits in Latvia. An investor has to meet one of the following conditions:
- To place a subordinated deposit starting from LVL 200 thousand (EUR 286 thousand) and termed from 5 years.
- To purchase a real estate priced from LVL 100 thousand (EUR 143 thousand) in Riga or other large towns of Latvia, or from LVL 50 thousand (EUR 71.5 thousand) in other Latvian regions.
- To invest at least LVL 25 thousand (EUR 36 thousand) in one of Latvian companies and pay corporate taxes in the minimum amount of LVL 20 thousand (EUR 28 thousand) per year.
“In our opinion, the placement of a subordinated deposit is the easiest way to get a residence permit. The agreement is concluded within one day and does not require your presence in Riga. It is not only convenient, but also beneficial in terms of attractive deposit rates”, says Ruslan Stecyuk, Vice-President of Rietumu.
The Bank also assists and advises the customers on alternative ways of obtaining a residence permit. This includes support in selecting real estate (land, houses or flats) in Latvia along with discounted credit rates for the real estate purchase, as well as advisory services to start up a business in Latvia.
Rietumu will support customers in preparation of the necessary documents. “Having called us regarding the issue, you get detailed information about what documents are required, where and when to apply, we also plan your meetings with the state institutions, etc. We do help our customers to receive the residence permits as easily and quickly as possible. In most cases the whole process will not take more than 1.5 months”, says Mr. Stecyuk.
According to the new law, investors with residence permits are not obliged to live or reside in the country during a pre-set time period. Formal confirmation of validity of reasons for the residence permit (deposit, real estate, or business) is required once a year.
For more detailed information please contact your personal banker or the Bank’s Customer Information Center by phone + 371 67025555 (round-the-clock).
Eleonora Gailisha Mass Media and Public Relations
Phone: +371-67020506
Fax: +371-67020563
E-mail:
[email protected]
