The Latvia Golden Visa

The Latvia Golden Visa is one of the longest-running residence by investment programmes in the European Union, and the one with the lowest capital level, formally in operation since 01/07/2010. The programme allows citizens from outside the EU, EEA and Switzerland to obtain a Latvian temporary residence card through several different investment channels, from a company capital contribution starting at only EUR 50,000 to buying property, a bank deposit or government bonds.

What draws global investors to the Latvia Golden Visa is its balance of low cost, quick processing and freedom of movement within the Schengen area. This article gathers together the conditions, costs, process and benefits of the programme in full, and updates the latest legal changes that may affect investors during 2026.

An introduction to the Latvia Golden Visa programme

The programme’s official name is the Latvia Investor Visa or Residence Permit by Investment. It was established under the Latvian Immigration Law, specifically at Paragraph 28 of Section 23 of that Act, with the aim of attracting foreign capital into the economy after the financial crisis of 2008–2010.

The body responsible for receiving and deciding applications is the Office of Citizenship and Migration Affairs (Pilsonības un migrācijas lietu pārvalde — PMLP), within the Ministry of the Interior. On PMLP figures, from 2013 to 2024 Latvia granted residence cards to 13,294 investors and family members, bringing around EUR 1.5 billion into the economy. Approvals in 2025 reached around 201 applications, up approximately 34.9% on the 149 of 2024.

Unlike many Caribbean countries, Latvia has no direct naturalisation-by-investment programme. Instead, investors follow the route of temporary residence, then permanent residence, and only then citizenship. The minimum total time to Latvian citizenship is 10 years, together with language and social knowledge requirements. This is an important difference from the direct citizenship by investment programmes.

A detailed article onthe country of Latvia.

The investment routes to the Latvia Golden Visa

Latvian immigration law provides 4 main investment channels qualifying for a temporary residence card. Each channel has its own capital threshold, holding requirements and characteristics suiting different kinds of investor.

Investing in a company’s share capital

This is the most popular channel and the one with the lowest capital level. Under the rules of theLatvian Office of Citizenship and Migration Affairs (PMLP), investors must contribute to the share capital of a Latvian company at the following levels:

• EUR 50,000, where the company has no more than 50 employees and annual turnover or balance sheet not exceeding EUR 10 million
• EUR 100,000, where the company has more than 50 employees and annual turnover or balance sheet exceeding EUR 10 million
• EUR 100,000, where that company together with its Latvian subsidiaries has more than 50 employees and consolidated turnover above EUR 10 million

Besides the capital above, investors must pay a further EUR 10,000 into the state budget when first applying for the residence card. Each company may sponsor at most 10 foreign investors at a time. This is an attractive option for those wanting to combine investment with active business in the EU market.

Buying property

Property investment is the channel that brings a tangible asset and the possibility of returns through renting. The minimum capital level is EUR 250,000 for a single property, not divided across several smaller assets.

The property must be held continuously for at least 5 years from the date the residence card is issued. Investors are free to let it short-term or long-term, with rental yields in the major cities such as Riga currently ranging from 7.9% to 8.5%. Besides the purchase price, investors must pay a state fee of 5% of the property value when first applying for the residence card, together with notary fees, transfer registration and annual property tax.

There is no restriction on the type of property (residential, commercial, development land) or the area. However, investors must ensure the transaction value is not below the cadastral value determined by the Latvian valuation authority, to prevent under-declaration.

Bank deposit

This is a passive channel, suited to investors who prioritise capital security and do not want to run a business. The minimum deposit is EUR 280,000, on a fixed 5-year term, with a licensed Latvian credit institution. The deposit is frozen throughout the period the residence card is held.

Investors must also pay a state fee of EUR 25,000 when first applying for the residence card through this channel. The initial cost is therefore considerably higher than for the company capital channel. In return, the assessment process is simple, there is little operational risk, and no asset management is needed once the permit is granted.

Government bond investment

The final channel is buying special non-interest-bearing bonds issued by the Latvian government, with a minimum of EUR 250,000, held for a term of 5 years. In addition, investors pay a state fee of EUR 38,000 when first applying for the card.

Because of the high state fee and the fact the bonds pay no interest, this channel is less popular than the 3 above. However, it remains the choice of some investors who want to place capital directly with the Latvian treasury to minimise counterparty risk.

Conditions for taking part in the Latvia Golden Visa

Besides the investment requirement, investors must meet the following general conditions:

• Be a citizen from outside the EU, EEA and Switzerland, aged 18 or over
• Have a clear criminal record with no serious convictions
• Hold valid health insurance in Latvia throughout the period of residence
• Prove the lawful origin of the investment capital
• Not be on any blacklist under Latvian and EU anti-money-laundering law
• Have no dangerous infectious disease under the public health rules

The family members who may be sponsored comprise a lawful spouse, a recognised lawful cohabiting partner, children under 18, and in some cases dependent children over 18 who are studying or unable to support themselves for health reasons. Dependent parents may also be added where financial dependency can be proved.

Unlike some similar programmes, Latvia requires no language test, no social knowledge test and no minimum stay during the period the temporary residence card is held. Investors need only travel to Latvia to register the card each year and maintain the investment to be eligible for renewal.

The cost of Latvia residence by investment

The true cost of the Latvia Golden Visa comprises 3 groups: the main investment capital, the state fees, and the incidental costs. The table below sets out the minimum capital together with the state fee for each channel:

Investment channel	Minimum capital	State fee on first application for the card
Capital contribution to a small company (≤50 employees)	€50.000 EURO	€10.000 EURO
Capital contribution to a large company (>50 employees)	€100.000 EURO	€10.000 EURO
Buying property	€250.000 EURO	5% of the property value
Bank deposit	€280.000 EURO	€25.000 EURO
Buying government bonds	€250.000 EURO	€38.000 EURO

Besides the above, investors need to allow for the incidental costs. The temporary residence card application fee at the PMLP is around EUR 150 – 400 depending on the processing speed (standard, fast, express). Minimum health insurance costs for each member are usually from EUR 300 – 800 a year.

The legal and translation costs (notarisation, apostille, Latvian translation) usually amount to EUR 1,000 – 3,000 for the whole file. Going through property, investors must also allow for 1%–2% in notary fees, transfer registration fees, and annual property tax of 0.2%–1.5% of the cadastral value depending on the type of asset.

The annual residence card renewal fee is at a similar level to the initial registration fee, not counting the travel and accommodation costs of each trip to Latvia to re-register.

The Latvia Golden Visa application process

The process for applying for and receiving the Latvia Golden Visa is standardised by the PMLP and usually runs through 6 steps. The overall processing time ranges from 2 to 4 months, among the fastest of the EU Golden Visa programmes.

Step 1 — preparing the file and making the investment

The investor works with a lawyer or advisory firm in Latvia to choose the appropriate investment channel. On the property channel, the investor carries out due diligence on the asset, signs a notarised sale contract and completes the transaction. On the capital contribution channel, the investor transfers the money into the company account and completes the shareholder registration formalities at the Register of Enterprises (Uzņēmumu Reģistrs).

Step 2 — preparing the personal legal documents

Alongside making the investment, the investor prepares the full set of personal documents: passport, birth certificate, marriage certificate (where applicable), and criminal record certificates from the home country and every country lived in for 12 months or more. All foreign documents need consular legalisation or an apostille, together with a certified translation into Latvian, English or Russian.

Step 3 — filing with the PMLP or the Embassy

Investors may file in person at the PMLP office in Latvia or at the Latvian Embassy or Consulate in their home country. The PMLP now allows electronic filing with a secure digital signature for individuals already in Latvia.

Step 4 — assessment and decision

The standard assessment time is 30 working days. Investors may choose the fast service (10 days) or express service (5 days) for a higher fee. Where the case is complex, needs further verification or includes family members, the period may extend to 90 days under the rules of thePMLP.

Step 5 — entering Latvia to register the card

Once approval is granted, the investor must travel to Latvia within 3 months to complete the fingerprinting and biometric photograph formalities and collect the electronic residence card (eID card). This step is mandatory and cannot be done remotely.

Step 6 — registering the place of residence and annual renewal

Once the card is issued, the investor registers their declaration of residence place with the PMLP. Each year, the investor travels to Latvia once to re-register, update the health insurance and prove the investment is still being maintained.

The benefits and duration of the Latvia Golden Visa card

The temporary residence card under the investment category is issued for a maximum term of 5 years. Throughout this period, the investor and family members enjoy a series of notable benefits.

Freedom of movement is the benefit of greatest interest. Latvia is a Schengen area member, so the card holder may travel visa-free through all 29 Schengen countries and stay up to 90 days in every 180. This is particularly valuable for Vietnamese investors who travel to Europe regularly on business or holiday.

Investors have the right to live, study and work in Latvia without a further work permit. Children may study in the Latvian state school and university system at the same fee levels as EU citizens, opening access to European education at a considerably lower cost than Britain, Germany or France. The public health system is also open to card holders once the compulsory insurance is registered.

On tax, Latvia applies tax residency based on actual presence of more than 183 days a year. Investors who merely hold the card and do not stay long enough to cross that threshold incur no worldwide tax liability in Latvia, and are taxed only on income arising in Latvia (for example property rental income).

The card also covers all eligible family members in a single application, with no need to file separately for each person.

The route from Golden Visa to Latvian permanent residence and citizenship

Although the Golden Visa does not grant citizenship directly, the programme still opens a long-term route to Latvian permanent residence and citizenship for investors intending to settle for the long term.

After 5 continuous years holding the temporary residence card, investors may apply for permanent residence. The conditions comprise: proving lawful residence in Latvia for 5 years, reaching Latvian language level A2 (basic), and having stable income and suitable accommodation. This is a compulsory step before citizenship can be reached.

To obtain Latvian citizenship, investors must complete a total of 10 years’ lawful residence in Latvia, pass the Latvian language examination and a test of knowledge of history and the Constitution. An important requirement is that Latvia generally does not permit dual nationality for naturalised citizens, except for citizens of EU, EEA and NATO countries, Australia, Brazil and New Zealand. Vietnamese citizens wanting to naturalise in Latvia generally have to renounce their original citizenship under the rules in force, unless a special arrangement applies.

Compared withPortugal Golden Visa— where investors may apply for citizenship after 5 years and keep dual nationality — the Latvian route is longer and the conditions stricter. However, the investment capital required in Latvia is considerably lower, suiting investors who prioritise a lower upfront cost over the goal of naturalisation.

Legal updates for 2026 and points for investors to note

The Latvian Parliament (Saeima) is considering amendments to the Immigration Law that could change the term of the residence card on the company capital channel from 5 years to 2 years. The date of enactment has not yet been fixed, but it is likely to take effect in the second half of 2026.

An important point: investors who have already received a card under the law in force will keep the full 5-year term, even once the amendment takes effect. This is an incentive for investors considering Latvia to press ahead with filing before the law changes.

In addition, since 2022 Latvia has tightened the conditions for Russian and Belarusian citizens, restricting or halting the issue of investment residence cards to these two nationalities given the regional geopolitical situation. Citizens of other countries, including Vietnam, are not affected by these restrictions.

The Latvia Golden Visa compared with the other EU programmes

The Latvia Golden Visa is often compared by investors with the other European Golden Visa programmes such as Portugal, Greece and Malta. Each programme has its own strengths and suits a different investor profile.

On entry capital, Latvia has the lowest threshold at EUR 50,000 through the company capital channel, against EUR 250,000 forThe Greece Golden Visaand EUR 300,000 (the MPRP programme) forMalta residence by investment. Portugal removed the property channel entirely in 2024, leaving only the investment fund channel at EUR 500,000.

On processing time, Latvia leads at 2–4 months, while Greece usually takes 6–12 months and Portugal may stretch to 18–24 months because of the backlog. On the route to citizenship, Portugal is far ahead at 5 years and permits dual nationality, while Latvia requires 10 years and generally does not permit dual nationality.

In short, Latvia suits investors who prioritise low upfront cost, quick processing and whose main aim is an EU residence card and Schengen freedom. Investors whose long-term aim is European citizenship should consider other programmes with a shorter route and more flexibility on dual nationality.

Conclusion

The Latvia Golden Visa is a notable option for Vietnamese investors wanting a foothold in the European Union at a low upfront cost with a quick process. With capital from EUR 50,000 through the company contribution channel or EUR 250,000 through property, the programme opens the door to freedom of movement across 29 Schengen countries, high-quality educational opportunities for children, and a diversified asset base in the EU.

The programme’s limitations lie in the long route to citizenship (at least 10 years), the language requirement and the general bar on dual nationality on naturalisation. Investors therefore need to be clear about their objective — whether an EU residence card alone is enough, or whether they want to progress to citizenship — in order to choose the right programme.

The legal changes under discussion in the Saeima suggest the 5-year window on the company capital channel may not last forever. Interested investors should follow the legislative developments closely and consider starting an application early to preserve the 5-year term under the law in force. The next step is to work with a professional adviser to assess financial capacity, choose the investment channel and prepare a complete legal file before starting the formal process.