ABHINAV IMMIGRATION AND VISA SERVICES

INTRODU CE

IMMIGRATION to LATVIA

Latvia Immigration Why Immigration Latvia?

Pro business framework and facilities
The countrys government has taken several steps to ease up and innovate policy framing and functioning to stimulate business like Removal of bureaucratic hurdles to assist faster establishment and operation of business EU structural funds are being channelized to stimulate and facilitate state sponsored schemes to encourage business and provide incentives to businesses in core and key sectors involving training, Research and development, manufacturing incepting value addition and know-how transfer Low financial outlays in many critical areas of construction and real estate 4 special economic zones have been developed to boost business environment Low or negligible tax rates in form of vat, corporate tax, customs and excise. Low income tax rates and tax waiver on dividends to EU citizens

Competitive and competent labor

Latvia offers access to a well educated and trained, multi ethnic and a motivated labor pool which is characterized with low salary rates as compared to other EU destinations.

Location add-ons
This Baltic state offers location benefits such as lying on the north south and east west corridor of Europe connecting Russia with EU. It also has year round ice free seaport and largest airport.

Association with EU
Latvia being a member of EU is governed by single state regulation Its currency is going to be integrated with single EU currency EU offering more flexibility in near future

Latvia Immigration
Obtaining Latvia TRP - General Rules
A foreigner needs a Temporary Resident permit (TRP) to stay in Latvia if the stay is going to last more than 90 days within a 6 month period. To obtain TRP under the investments category it is essential to fulfill the minimum investment criteria in the targeted scheme you are opting for. As a general procedure all relevant documents must be submitted at the Latvia consulate in your country of residence or in the consular office of Citizenship and Migration affairs in Latvia, in case you are already in the country. The documents you need to submit along the application are Two photos Police certificate evidencing his clearance on character background Documents substantiating your financial ability to support yourself during the stay in Latvia Document establishing your tentative address in the Latvia Proof of Fee payments

The verification of the application is completed within 10 days and a decision is arrived on your application in generally 30 days. Once the decision on the fate of your application is made in affirmative you can get temporary residence permit with next 10 working days, in certain cases within 2 days on special requests. Upon acceptance of the application you would need to submit A valid overseas health cover with the required validity period A health endorsement evidencing absence of any specific disease specially tuberculosis in advanced stages. This can be established through a Medical examination which is generally conducted in a minimum of 1 day that is carried out by the designated medical practitioner Designated and demanded documents to receive TRP can be either submitted by the main applicant or by the spouse or their minor children and persons being under legal guardianship.

Latvia Immigration Latvia (TRP) by investing in Real Estate

Investments of at least 25 000 Lats (Euro 36 000 or INR 25 lakhs) should be made into equity of a limited liability company (LLC) or a joint stock company (JSC). In this case the TRP can be requested once your investment is acknowledges in the commercial scroll If investments are made in establishing a new concern i.e. a registered company in Latvia, then the initial funding The TRP application can be filed and approved with minimum equity contribution of LVL 25,000 (Euro 36 000 or INR 25 lakhs). The TRP is issued for 5 years with extension required at the end of one year. IF you increase the investment in equity is increased to LVL 100,000 (Euro 143,000 or Rupees 1 crore) before the expiry of one year, then extension will be provided without any additional conditions. If by the end of one year, the initial funds are LVL 25000 and less than LVL 100000, then an annual report depicting employment of over 50 employees or annual turnover or companys balance over LVL 7 million must be furnished If unable to meet the employment or turnover requirements as mentioned in (4) above, then the applicant can get an extention by paying and submitting an evidence of annual tax payment of atleast LVL 20000 (Around INR 20 lakh) Those investing LVL 100,000 at the intial stage do not need to pay any tax (mentioned in 5 above) or show any employement or turnover requirements ( mentioned in 4 above) for the purpose of extention of visa at the end of every each of the 5 years for which TRP is valid. They just need to make a brief visit, around 6 weeks prior to expiry and file for validation of status. TRP obtained through this passage enables an individual to be in Latvia for 5 years along with his family. It is mandatory for investor to maintain level of his investment for the requisite period. For the purpose of clarity the cut-off date of investment has been presumed at later than July 1, 2010. The effects must be transferred directly to the companys account from investors account through wired clearing. Upon clearance of TRP you are indicated of the time period and the date of supplying information on correpsonding tax payments in amount of atleast LVL 20000. For quick reference 1 LVL = App 2 USD

Latvia Immigration Latvia (TRP) by investing in Real Estate

If you have obtained One or more immovable properties in Riga, Riga planning region or any other republic city amounting to at east LVL 100000 (Euro 143000 or around INR 1 crore) or One or more than one immovable properties in regions other than Riga, Riga planning area or other republic cities for an amount of at least LVL 50000 (Euro 72000 or around INR 50 lakhs), you can file for TRP once the effects have been transferred in the deal and the ownership rights have been entered in the Land Cadastre. The property deal to be effected must be post July 1 2010.The funds must be transferred from your bank account to the sellers account or through an escrow account. There should not be any tax debt on property in Latvia. It is advisable not to mortgage the property in order to enter a real estate deal. You must furnish proofs of real estate tax payments It takes around 10 days to prepare necessary documentation for executing the purchase and registration deal and endorsement into the land cadastre. State authorities charge a fee of 2 % on the value of registration. Our Latvian associates can assist you in locating suitable properties, finding tenants, managing property, provide legal support and take care of the property proceeds when you are out of Latvia. For quick reference 1 LVL = App 2 USD

Latvia Immigration
Latvia (TRP) through investments in Subordinate Capital
This is the shortest and the quickest way of obtaining Latvian TRP. You just need to make a financial investment in tune of LVL 200000 (Euro 286000 or around INR 2 crore) in subordinated capital of a credit institution (debt or debentures) or a term deposit. The deposit term is irrevocable 5 years Investment carries an annual rate of interest at 5 % Interest on the investment is transferred half yearly The agreement signed is irrevocable and you do not have privilege of terminating or carry out premature withdrawal of this deposit Bank account can be opened with help of valid passport or the national Identity document. Migrants from countries with reciprocal visa agreements must have a passport with entry permission stamping. The institution also requires evidencing the source of funds and record of the nature of transactions. This is an accelerated mode of attaining Temporary residence permit of republic of Latvia as the whole formality is completed within a couple of days and as the institution issues statement confirming of opening of deposit and completing other necessary formalities, you can immediately apply for TRP for yourself and tour kin. For quick reference 1 LVL = App 2 USD

Abhinav Immigration And Visa Services

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