Latvia offering residence permits inexchange for investments

[fatguyslim]

Hey everyone, I am an Indian National currently living in the UK under Tier 1 Entrepreneur Visa. For the last few months I have been looking at long term/permanent means to travel and work in Europe, in hopes to expand my business.

Last week I stumbled upon Latvia's immigration strategy to lore investors to invest in a number of ways into the economy to in exchange for residence permit valid for 5 years (renewable).

The three ways are as follows:

1. Placement of term deposit/acquisition of bonds
Investment amount of no less than 200k LVL (~ £243k) in banks as term deposits or bonds for no less than 5 years.

2. Investment in real estate
Investment amount of no less than 100k LVL (~ £121k) in properties situated in major cities like Riga and 50k LVL (~ £61k) in properties situated in rural areas.

3. Investment in business
Something which I am not interested in doing in Latvia so I am not gonna write about it

Now my option is to hopefully invest in a property in Riga but my concerns lie as to what the residence permit actually offers in terms of freedom to travel and work in Schengan area. Now after speaking to an immigration officer few days back she told me that one is eligible to travel and work in Schengan area with this permit. I adamant on getting accurate information and she confirmed yes on every account when I said "Am I allowed to work in Schengan area with this permit".

While reading some old information on this type of residence permit some say that one can only travel in Schengan area but can't work outside Latvia. I am writing on this forum to gather information whether one is allowed to work in Schengan area on this forum. Will look forward to your reply. Thanks

[askmeplz83]

Hey everyone, I am an Indian National currently living in the UK under Tier 1 Entrepreneur Visa. For the last few months I have been looking at long term/permanent means to travel and work in Europe, in hopes to expand my business.

Last week I stumbled upon Latvia's immigration strategy to lore investors to invest in a number of ways into the economy to in exchange for residence permit valid for 5 years (renewable).

The three ways are as follows:

1. Placement of term deposit/acquisition of bonds
Investment amount of no less than 200k LVL (~ £243k) in banks as term deposits or bonds for no less than 5 years.

2. Investment in real estate
Investment amount of no less than 100k LVL (~ £121k) in properties situated in major cities like Riga and 50k LVL (~ £61k) in properties situated in rural areas.

3. Investment in business
Something which I am not interested in doing in Latvia so I am not gonna write about it

Now my option is to hopefully invest in a property in Riga but my concerns lie as to what the residence permit actually offers in terms of freedom to travel and work in Schengan area. Now after speaking to an immigration officer few days back she told me that one is eligible to travel and work in Schengan area with this permit. I adamant on getting accurate information and she confirmed yes on every account when I said "Am I allowed to work in Schengan area with this permit".

While reading some old information on this type of residence permit some say that one can only travel in Schengan area but can't work outside Latvia. I am writing on this forum to gather information whether one is allowed to work in Schengan area on this forum. Will look forward to your reply. Thanks

not just latvia also Romania

[fatguyslim]

Can't seem to find any information on Romania doing the same. Can someone please tell me if these permits worth anything if you can't work in Europe? Cheers

[sheraz7]

Such sort of visas a lot of countries have been offering but most importantly need to know that one can only work for his own business and strictly prohibit to undertake any paid job.

[mastermind]

To be sure you need to check the relevant legislation, links to which can be found on this page: http://europa.eu/legislation_summaries/ ... 514_en.htm

As far as I remember a residence permit of one of Schengen-participating countries is only good for short term (90 days during any 180-day period) travel to other countries of the Schengen area, no work permission except probably "temporary postings" (i.e. your Latvian employer sends you to work to another country for a few weeks).

By the way, Romania (and a number of other EU countries) is not part of the Schengen area yet.

[Nimitta]

Mastermind was absolutely right.

First of all, it is NOT a visa. It is a residence permit.

Second of all, although it is valid for 5 years, you have to come to the immigration authority every year and show that you are still eligible. Failing to do so would invalidate the residence permit.

Third of all, it does not allow you to work in Schengen countries. It does allow you to travel freely within Schengen (there are no borders within Schengen area) spending no longer than 3 month in any country. Technically, you can stay longer because it is virtually impossible to find out how long you stayed (no passport control), but what of it? You cannot work.

The general rule is that a residence permit (and that include permanent residence permit) issued by any Schengen country allows you to live and work without restriction ONLY in that country.

[fatguyslim]

Thanks for this fantastic info Nimitta. Can you please let me know if one can start his/her business in any other Schengen country other than country f residence? Cheers