On 1 July 2010, the amendments to the Immigration Law of the Republic of Latvia came into force expanding the possibilities to obtain a residence permit in Latvia for foreigners who want to stay and move freely within the Schengen area.
The uniqueness of these amendments lies in the fact that a new method for obtaining a residence permit was introduced - investing in real estate. It has attracted a large number of investors, because a foreigner investing in real estate (that can be used for profit) has the possibility to move freely within the Schengen area under the condition that he or she has a passport and sufficient financial means. Citizens of the Russian Federation are especially interested in using this possibility, as Latvia is located in the vicinity and is a tourist destination due to its unique cultural monuments, well-known resorts and international festivals.
A residence permit is a document that gives a foreign citizen the right to temporarily (a temporary residence permit) or permanently (a permanent residence permit) stay in the Republic of Latvia.
A residence permit is needed if you want to stay in the Republic of Latvia or in Schengen area for more than 90 days in a six-month period. Temporary residence permit is issued in form of a separate document similar to national ID card.