Latvia Temporary Resident Permit LTRP—A Comprehensive Look

With mesmerizing beauty and beautiful landscape Latvia is located in Northern Europe and is a popular country among Non-European citizens. It’s perfect for those who wish to migrate to study, work, live or simply spend some memorable time with their loved ones on a family holiday. Latvia is just right country to immigrate as it has everything that one needs to live a happy and satisfied life.

This beautiful Baltic country has a low cost of living as compared to other European countries which means immigrants can easily save more on their earnings. In order to legally live or work in the country, one needs a residence permit. It’s an official document and makes one’s u stay in the country valid and gives him you the right to live, work or study.

Those who wish to visit the country for a short period of time should submit an application for Latvia Temporary Resident Permit (LTRP). Temporary Residence Permit is issued for up to five years depending on individual’s application.

Generally, a visa is issued for a period of one year. The visa holder needs to present an application for an extension of 90 days at the maximum or 30 days at the minimum before his Temporary Residence Visa expires or loses its validity.

Once a person has lived as a temporary resident in Latvia for five years, he may submit an application for Permanent Residency (PR), and once he has lived as a Permanent Resident for ten years, he becomes eligible to submit a petition for—well, you guessed it right–Latvian citizenship.

How to Get LTRP

Presently, one can get LTRP on these grounds:

  1. Investment
  2. a)   Not less than EUR 35 000 have to be invested in a firm with a figure of workers not surpassing 50 people. It is compulsory that the firm gives not less than EUR 40 000 of taxes to the state budget every year even as the yearly turnover shall not go beyond EUR 9000000.
  3. b)   Investment of EUR 150000 to a firm, minus any additional requirements.
  4. Acquisition of real estate

The bare minimum worth of the real estate in big cities of the nation is equal to EUR 141043. In the remaining areas the same ought to be not less than EUR 71150.

  1. Deposit in a bank

An outsider has to put a time deposit of not less than EUR 280 000 to any bank of Latvia for not less than 5 years.

Latvia Temporary Resident Permit LTRP Advantages

Permit holder enjoys many rights with par with Latvian citizens. Following are the some major advantages enjoyed by the Temporary Resident Permit holders:

  • Hassle free movement across the Schengen zone and the European Union (EU).
  • An easy opportunity to settle in other European country. What a blessing!
  • Complete freedom to invest or start a business venture.
  • Applicant can bring along his family members and can send invite to second degree relatives as well.
  • He enjoys the right to get subsidized education or gets a discount across the EU.
  • An easy way to receive a visa for other countries, like the USA, Australia, New Zealand, etc.
  • Right to enjoy social benefits, such as an easy access to medical healthcare, unemployment benefits and maternity leaves, etc.

These are just some of the benefits that greet the visa holders. There are some restrictions as well. The holder does not have the right to vote, run for election or hold a designation in state authorities or government institutions.

Coming back to the gains, for most of the immigrants, the biggest advantage of Temporary Residence Permit is that he automatically becomes eligible to enter the Schengen Zone and the EU without acquiring any additional visa or getting through the lengthy registration procedure which makes the complete process hassle-free and he can expand his business venture across the European length and breadth without giving a second thought.

The processing of application does not take more than 30 days from the date an application is accepted by the Latvia High Commission.

Summary: Latvia Temporary Resident Permit (LTRP) can be easily acquired. The procedure is crystal clear and one does not need to get through the lengthy procedure. The permit is issued for up to five years depending on the applicant’s needs with subject to further extension.

Source: http://www.immigrationvisaonline.com/latvia-temporary-resident-permit-ltrp-a-comprehensive-look/

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