A foreigner may also apply for a TRP for a period up to 5 years by investing in a legal entity, established in Latvia, by increasing share capital of an existing legal entity or by investing in a share capital upon establishment of a new legal entity. TRP for the same period may be requested for a spouse and children (age younger than 18).
Requirements:
- amount of investment is at least EUR 50 000 and is made in a legal entity (i) with the number of employees not exceeding 50 and (ii) annual turnover or annual balance does not exceed EUR 10 million. Upon investing in the share capital of one legal entity, a TRP may be requested for no more than 10 foreigners, if each of them has made the aforementioned investment (minimal annual tax payments of at least EUR 40 000 or EUR 3300 per month for incomplete first year of commercial activity will be checked each year);
- amount of investment is at least EUR 100 000 and is made in a legal entity (i) with the number of employees exceeding 50 and (ii) annual turnover or annual balance exceeds EUR 10 million (minimal annual tax payments of at least EUR 100 000 or EUR 8300 per month for incomplete first year of commercial activity will be checked each year);
- amount of investment is at least EUR 100 000 and it has been performed in the share capital of a legal entity, which together with one or several subsidiaries registered in Latvia employs more than 50 employees and total annual turnover or annual balance thereof exceed EUR 10 million (minimal annual tax payments of at least EUR 100 000 or EUR 8300 per month for incomplete first year of commercial activity will be checked each year. Tax payments in Latvia of subsidiaries are also included in the total amount);
- In each of aforementioned investment options, the foreigner shall pay additional EUR 10 000 into the state budget after a decision on issuance of TRP is received (the amount shall not be paid for application of a spouse and/or children). Please note that in case of TRP request on the basis of investment in a legal entity, upon each year’s TRP registration the OCMA (Office of Citizenship and Migration Affairs) will check if the legal entity has made tax payments in a specific amount (as indicated above). TRP will not be registered for the next year, thus a foreigner will no longer hold a valid TRP, if the tax payment requirement will not be met each year.