Andrew Henderson

Andrew Henderson

Founder of Nomad Capitalist and the world’s most sought-after expert on global citizenship.

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Get second residency and citizenship in Latvia

Update 2022: Russians and Belarusians are now excluded from the Latvia Golden Visa program. Latvia will not issue first-time temporary residence permits to these nationals until June 30th of 2023.

Latvia is part of emerging Europe, and one of the cheapest places to live in that part of the world. Becoming a resident of Latvia has several advantages, and gives you for example access to countries from the European Union.

Why get second residency in Latvia?

 

  • You can apply for Latvia citizenship after ten years
  • Access to Schengen countries
  • Highly developed economy
  • Pro business

How it works

Time to Citizenship: 3 years
Economic Citizenship: No
Minimum Investment: US$5,000 Physical Presence: Minimal
Nationalities Allowed: All

Taxes and Costs

Cost of living: $2,000+
Income Tax Rate: 9%
Taxes Foreign Income: Yes

The Latvia Passport

Visa Free Countries: 158
Passport Ranking: 13th
Can Visit Europe: Yes
Can Visit the US: Yes

Why Latvia citizenship?

Latvia is a small country in the North of Europe, known for its pro-business attitude and low corporate taxation. Latvia offers great investment opportunities when it comes to real estate.

Once you obtain permanent residence in Latvia, you have the right to live and work there for life. You will also enjoy access to Schengen countries.

 

How to get second citizenship in Latvia

You must first obtain permanent residence by depositing €300,000 in a Latvia bank. After ten years as a permanent resident, you and your family may apply for naturalization.

Latvia allows dual citizenship, so you do not need to renounce your current citizenship to become a Latvia citizen.

 

About Latvia

Latvia is neighboring Lithuania, Estonia, Russia, Belarus, and Poland. Around two million people live in Latvia, with more than 600,000 living in the capital city of Riga.

 

Taxes and cost of living in Latvia

Latvia has a 9% corporate tax rate, and a 24% personal income tax rate.

It is not required to live in Latvia in order to maintain your second residency or work toward your second passport. Nevertheless, it is possible to live for as little as $2,000 per month. Connections to other European countries are great.

Why Nomad Capitalist?

Our team is made up of entrepreneurs and investors just like you. We know why you’re going offshore, and we know what you need. Because we speak your language, we will make sure you get the best advice possible before going offshore. Nomad Capitalist offers unbiased advice on second residencies both on our website and in offline consulting calls.

We don’t represent one particular country or peddle only one option. Instead, we listen to your needs and determine the best residency and passport solution based on your budget, current citizenship, and future goals. Are you ready to get a second residency and passport? Click the button below to apply for a consultation so we can help you cut through the clutter and get the expert advice you need.