Immigration and tourism in Latvia
Latvia is becoming increasingly attractive to foreign citizens – both, from other European Union countries or countries outside of EU – either for tourism or business purposes. Growing part of young immigrants choose Latvia as their destination for studying. 6,797 thousand non-resident travellers visited Latvia in 2016 and the number has been growing, except for 2015, when the number of travellers was the largest: 6,841.7 thousands.
Business immigration is also becoming increasing popular due to favourable business, legal and infrastructure environment. 683.6 thousands of travellers with business-related purposes travelled to Latvia in 2016. Another part of foreign businessmen live in Latvia by obtaining residence permits. It is possible to acquire a residence permit through a company registration or a real estate purchase.
The minimal cash investment to the company’s capital needs to be at least 36 thousand euros and the company needs to pay at least 40 thousand euros in state tax on a yearly basis. It is also possible to buy an existing business or real estate as well as make a bank deposit of at least 300 thousand euros for a period of at least 5 years.
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