LATVIA STARTUP VISA

This Latvia Startup Visa is a great opportunity for entrepreneurs from outside the EU to establish and grow their business in Latvia. It is a visa designed to attract innovative startups and to contribute to the dynamic Latvian economy by attracting them.

ELIGIBILITY REQUIREMENTS

A Latvia Startup Visa is available to applicants who meet the following criteria:

• Non-EU, non-EEA, non-Swiss citizens are eligible to apply.
• In order to create jobs in Latvia, you must have a viable and innovative idea for a business that demonstrates potential for economic growth and job creation.
• A comprehensive business plan should outline the concept of the business, market analysis, financial projections, and the impact of the business on society, economy, and culture.
• You must be able to show that you have sufficient financial resources to support yourself and your business. There should also be a bank statement showing at least €5,160 in personal living expenses, as well as a written statement that confirms the employee will earn at least €859 per month after working at the startup after being hired.

APPLICATION PROCESS

1. Prepare a Business Plan: It is essential to develop a detailed business plan that depicts your innovative business idea, market analysis, financial projections, as well as the potential impact this business idea may have on the Latvian economy.
2. Gather Financial Proof: Gather evidence that you have the means to repay your loan, such as bank statements or letters from a lender approving the loan.
3. Submit Application: You can apply for a Latvia Startup Visa at the Office of Citizenship and Migration Affairs (OCMA) in Latvia or at the Latvian embassy in your country of residence. Be sure to include your business plan, financial proof, and any other documents that are required.
4. Obtain Residence Permit: Once your visa has been approved, you will need to travel to Latvia and apply for a temporary residence permit (TRP). If your business activities are continued, the initial permit is valid for three years and can be renewed based on the continuity of your business activities.

BENEFITS OF THE LATVIA STARTUP VISA

• Visa-Free Travel: Travelling within the Schengen Area is visa-free, enabling you to conduct business across Europe and explore new markets.
• Pathway to Residency and Citizenship: As soon as you have lived in Latvia for five years, you may apply for permanent residence or citizenship.
• Family Reunification: It is possible for your family members to join you in Latvia and enjoy the same residency rights as you.
• Supportive Business Environment: Take advantage of Latvia’s supportive business environment, including government incentives, tax reductions, and access to funding opportunities, in order to maximize your business’ potential.
• High Quality of Life: Latvia is home to a rich culture, beautiful landscapes, and vibrant entrepreneurial community that makes it a great place to live and work.

WHY CHOOSE LATVIA?

Latvia offers an environment that is welcoming to entrepreneurs, with a business ecosystem that is supportive, access to the European market, and a high quality of life that is conducive to entrepreneurship. Latvia has a dynamic economy, a favorable tax policy, and one of the most vibrant lifestyles in Europe, so you will be able to enjoy a vibrant lifestyle in one of Europe’s most beautiful countries.