Decoding Latvia Temporary Resident Permit LTRP

Latvia is best described as placid Baltic region situated at the northern part of Europe. The place mainly comprises of hills and lowland plains. The Baltic region is surrounded by rows of pine forests and sand beaches which is a pure specimen of heart-capturing beauty.

Latvia Temporary Resident Permit LTRP is an electronic identity card and carries certain necessary details, such as the migrant’s name, surname, photo and unique personal identity number. It allows a foreigner to live in the country for a fixed period of time. The LTRP not only provides the facility of leaving and entering inside the region to a dynamic migrant but also allows him to study, work and entitles him to use some of the government services as well.

It also gives the freedom of exploring Scandinavian countries, without obtaining a visa. The same also gives the opportunity of residing in Schengen countries. A TRP holder is also entitled to obtain a temporary resident permit for his spouse and children who are under the age of 18. Though the said temporary permit is issued for 5 years, with the facility of renewing it after the completion of this specified period, this permit can lay the pathway of attaining permanent residency permit also.

The mandatory condition for an aspiring person, who wishes to reside permanently in this Baltic region, is that after meeting certain conditions, he can apply for its permanent residency. Thus, Latvia temporary resident permit can lay the foundation of gaining the prized and the much sought after PR status and converting it into the nation’s citizenship.

A migrant, who has successfully completed the tenure of residing in the country for 10 years, can easily apply for its citizenship and become a part of European Union (EU) and thus enjoy free movement into nearby countries, without getting any visa for travelling.

This resident permit is issued for 5 years which gives the freedom of residing in Latvia. It stretches from day one to 365 days in this territory along with the liberty of living in Scandinavian countries up to 90 days within the period of six months. Remarkably, staying permanently in Latvia is not necessary to sustain this residence permit.

One of the most important laws of immigration policy is its annual registration of Temporary Residence Permit with the aim of managing the execution of conditions pertaining to investment on whose behalf the fore said residence permit was issued. An aspirant can also apply for the LTRP for tenure of 5 years by contributing 35261 EUR to the capital of the company which pays taxes not less than 20000 LVL annually.

Another gateway to obtain this permit is by purchasing immovable property in the major Latvian cities, like Riga. This permit can also be achieved by taking a loan from ABLV Bank. If the migrant wishes to move to Europe, then this TRP can be considered a plus point while applying for PR in the European Union (EU) member states. Beside these shortcuts, another way to this permit is by depositing money equivalent to EUR 3000000 for five years on which he gets interest in every six months.

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