A tiny country with a steady political climate and a vibrant economy, Latvia is now one of the EU’s fastest-growing nations. The nation offers a lucrative market for energy products, capital machines and equipment, medical and basic products, and IT technology and services. A member of the European Union, Latvia is positioned in the middle of the three Baltic States and serves as an important economic, financial, and logistic hub for the Baltic region.
Business Environment
Foreign businesses may typically operate in an atmosphere that is favorable, and EU regulations are adopted and followed. There are no restrictions on the import, export, usage, or exchange of international currencies, which makes it easier to invest and bring earnings home. Modern legislation defining copyrights, inventions, and trademarks, as well as the procedures for upholding their protection, have been implemented by the Latvian government. Modern, high-quality telecommunication services are available throughout the EU, and the real estate market offers both contemporary living quarters and commercial space. The official language of government and business is English.
Numerous American businesses operating in Latvia rank the country’s business climate as one of the finest in Central and Eastern Europe. To conform to EU standards, considerable changes have been made to the legal system, tax systems, trade restrictions, and other laws. The majority of EU directives have been integrated into Latvian law.
Latvia’s main trading partners are
- Lithuania
- Estonia
- Germany
- the United States
- Poland
Best business sectors in Latvia
- Agricultural Sector
- Computers and Peripherals and Computer Software
- Forestry/Woodworking
- Information and Communications Technologies (ICT)
- Medical Devices & Pharmaceuticals
- Renewable Energy Equipment
- Transportation Services
- Travel and Tourism
- Computer Services
- Drugs/Pharmaceuticals
Latvian residence permit
You must obtain a residency permit if you want to conduct business in Latvia.
A residency permit is a legal document that grants an outsider the right to live permanently (or for a set length of time) in the Republic of Latvia (a permanent residence permit). If you plan to stay in the Republic of Latvia for more than 90 days within six months starting on the day you enter, you must have a residence permit. The Office of Citizenship and Migration Affairs in Latvia is responsible for issuing residency permits. The Latvian Immigration Law offers a number of options for foreign investors to get a resident visa there. The most frequent choices are:
- Property investment, such as the purchase of an apartment, might result in a residence permit. The required down payment for real estate is € 250 000, which equates to the cost of one property unit.
- If a foreigner is listed in the Register of Enterprise in Riga as a member of the board, member of the council, procurator, administrator, or liquidator of the company, who has the right to represent the company, or as a person, who is permitted to represent a merchant in processes linked to the branch, if the company’s or the branch of a foreign company engages in commercial activities, they may be eligible for a residence permit.
- Obtaining a residence visa by making an investment in stock while holding the position of shareholder, as in the case of incorporating a business and registering it or joining an established business with a sizable investment:
€35,000, this business employs no more than 50 people, its annual budget is no more than 10 million EUR, and it has paid at least 40 000 EUR in taxes to the national budget and local authority budget during the fiscal year (unless a new firm is established, in which case tax payment confirmation is not necessary); when making investments in fixed assets, no more than three foreigners may be asked to obtain a temporary residence permit;
€150,000, the business has over 50 workers, and its yearly budget exceeds €10 million.
- If a foreigner has subordinated liabilities to Latvian credit institutions in the amount of at least €280 000, the term of the agreement reached with the credit institution is at least 5 years, and he has made a contribution to the state budget in the amount of €25,000, he may qualify for a residence permit through investments in subordinated capital of a credit institution.
- Creation representative office in Latvia.
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