Another benefit of registering your company in Latvia#residence" target="_blank"> is the possibility to receive a residence permit in Latvia. By receiving a residence permit in Latvia, you obtain a possibility to travel freely within the Schengen area for up to 90 days within a period of six months. Persons with obtained Latvian residence permits, as well as their family members, have the right to work, study and use medical services in Latvia. Other benefits include facilitated procedure for receiving a visa to the United States and other countries.

Residence permit issuance framework foresees various options for receiving residence permit through business in Latvia:

1. Investment in the share capital of Latvian company – a foreign citizen can apply for a residence permit if he has contributed to the share capital of the Latvian company. The invested capital should be not less than 50 000 EUR (if the company’s annual turnover does not exceed 10 000 000 EUR and it has no more than 50 employees), or 100 000 EUR (if the company’s annual turnover exceeds 10 000 000 EUR and it has more than 50 employees together with its subsidiaries).
2. Becoming a board member, an administrator, a council member, a partnership’s representative, a proctor, a liquidator or a representative of a foreign merchant in various activities related to the branch of a foreign company or a Latvian company.
3. Becoming an employee in a Latvian company with a minimum wage of 860 EUR per month. This residence permit is issued for a 5 year period but needs to be extended annually.

Alternatively, there is a possibility to apply for a C type visa. C type visa is a short-term visa in Schengen area. It can be a multiple-entry, double or single-entry visa.

C-type visa variations

1. C-type visa valid in all Schengen member states – a unified visa, which entitles its holders to stay in any of the Schengen member states;
2. C-type visa valid only in Latvia, or with exclusion of a specified Schengen member state.

Citizens of the European Union are also eligible for receiving a residence permit in Latvia if the person has resided in Latvia for five or more years. In some specific cases, the five-year rule is disregarded.