Starting a Company in Latvia with 60,000 Euros and Golden Visa

Is it Possible to Obtain Residency (Golden Visa) by Starting a Company in Latvia with 60,000 Euros?

If you want to own a company within the European Union and provide residency rights for yourself and your family with a budget of 60,000 Euros, Latvia still stands out as one of the most accessible options today.
Especially the 50,000 Euro capital + 10,000 Euro state fee model operating under the Latvian investment residency (Golden Visa / Residence by Investment) program offers one of the lowest thresholds within the EU.

In this article, we detail the steps to establish a company in Latvia with a budget of 60,000 Euros, the requirements for Golden Visa, tax and financial obligations, risks, and tips for managing the process professionally from Corpenza’s expert perspective.

The Basic Logic of the Latvian Golden Visa Program

In summary, Latvia’s investment residency program states:
“Invest in a company that conducts real economic activity, pay taxes, and gain residency in the EU in return.”

The backbone of the 60,000 Euro model consists of these two components:

• Company capital (minimum investment): At least 50,000 Euros
• One-time fee paid to the government: 10,000 Euros (after application approval)

This structure makes Latvia a Golden Visa destination with a significantly lower entry threshold compared to other EU countries like Portugal, Greece, or Spain. However, a low threshold does not mean the possibility of obtaining passive residency by establishing a “paper company”; Latvian authorities closely examine whether the company is genuinely active.

Components of the 60,000 Euro Model

Minimum Investment and State Fee

The core of the program is as follows:

• Minimum investment amount: At least 50,000 Euros, which is placed as capital in a Latvian company.
• State fee / program fee: You will pay a one-time fee of 10,000 Euros after your residency permit application is approved.
• Total core budget: 60,000 Euros.

This 60,000 Euros is legally divided into two:
50,000 Euros is company capital, and 10,000 Euros is a non-refundable government payment. Additionally, for expenses such as legal, translation, banking, insurance, and accounting, an extra budget of typically 3,000–8,000 Euros is usually required.

What Type of Company is Eligible? (SIA – Limited Company Model)

To have your investment accepted under the program, it is not enough to just establish “any” company. Your company must meet the eligible company criteria defined in Latvian legislation.

Company Structure and Scale

• Most common structure: SIA (Sabiedrība ar ierobežotu atbildību) – equivalent to a limited company in Turkish law.
• Number of employees: Less than 50.
• Annual turnover: Below 10 million Euros.

These parameters indicate that the program targets real operating businesses at the SME scale. In other words, it is designed for real commercial or service enterprises rather than “massive structures in the appearance of investment funds.”

Mandatory Tax Contribution: Annual 40,000 Euros

The most critical and often overlooked requirement of the Golden Visa is the necessity for the company to pay at least 40,000 Euros in taxes each year. This amount can consist of the following items:

• Income/corporate tax
• VAT
• Social security contributions (for employees)
• Other employer taxes

This requirement clarifies the message from Latvian authorities:
“This program does not just sell residency; it wants you to genuinely conduct business in the country.”

Step by Step Process of Establishing a Company in Latvia and Obtaining a Golden Visa

1. Business Model and Structuring

First, you need to decide what kind of activity you will conduct in Latvia:

• IT, software, SaaS, online services
• Consulting, international trade, logistics
• E-commerce, marketing agency, digital products

At this stage, it is necessary to create a realistic business plan considering the future obligation to pay 40,000 Euros in taxes annually. Simply “investing and stepping back” is not sustainable for this model.

2. Establishing an SIA

The establishment of an SIA in Latvia is typically completed within 5–10 business days if all documents are ready. The basic steps are:

• Determining and registering the company name
• Defining the partnership structure and share ratios
• Preparing the business subject and articles of association
• Obtaining a registered office address in Latvia (initially a virtual office is accepted)

3. Capital Transfer – 50,000 Euros

In the investment residency model you applied for, you need to invest at least 50,000 Euros in your company’s paid-up capital. In the bank transfer:

• The bank account and country from which the money comes must be clearly visible.
• Documents and declarations showing that the source of funds is legal (salary, company profit, sales revenue, etc.) must be prepared.

Latvian banks and the immigration office pay special attention to the source of funds in the context of combating money laundering. Therefore, it is critical to conduct the process with documentation from the very beginning.

4. Preparation of Documents and Compliance (Due Diligence)

For the Golden Visa application, you typically prepare the following documents:

• Valid passport
• Clean criminal record (apostille is often required)
• If married, apostilled marriage certificate, birth certificates for children
• Proof of the legal source of the investment amount
• Company establishment documents, capital receipts
• Business plan and projected employment/tax contributions
• Health insurance compliant with Latvian or EU standards

At this stage, a comprehensive compliance check is required from both immigration law and corporate law perspectives. Missing or contradictory documents can lead to delays or rejection of the process.

5. Payment of the 10,000 Euro State Fee

After your residency permit receives preliminary approval, you are expected to pay the one-time state fee of 10,000 Euros as stipulated by Latvian authorities. This payment:

• Is independent of your investment; it is non-refundable.
• Is specific to the applicant; additional fees may apply for family members.

6. Application, Biometrics, and Residence Card

After meeting all conditions, your file is submitted to the Latvian Office of Citizenship and Migration Affairs (OCMA). The process:

• Submission of the application in Latvia or at a foreign representation
• Interview and biometric data (fingerprints, photo) collection if necessary
• Evaluation within approximately 1–3 months
• Issuance of the residence card after approval

The duration of the granted residence permit varies based on the company’s activity level and the current legislation of the program, but it is generally issued for periods that can extend to several years and is renewable.

Operational Obligations and Tax Dimension

Requirement for Real Economic Activity

Latvian authorities are quite sensitive to investors entering the program through “only paper” companies. Therefore:

• Real contracts, invoices, and project files
• Employee employment and payrolls
• Office address, business equipment, corporate website, and communication infrastructure

are important indicators that prove the business is genuinely active. Although a virtual office is accepted in the initial phase, a more concrete presence is expected in the medium term.

Annual 40,000 Euro Tax Payment Target

To extend your residency, your company must provide an annual tax contribution of at least 40,000 Euros to the Latvian treasury. To achieve this target:

• You should accurately plan the number of employees and salary levels.
• You should make turnover and profitability projections suitable for your area of activity.
• You should establish a legal and transparent structure that is tax-optimizing.

As Corpenza, we assist you in strategically planning compliance with this 40,000 Euro threshold and other tax obligations by providing consultancy in international accounting, payroll (payroll/EOR), and tax optimization in Latvia.

Physical Stay Requirement and Renewal

One of the significant advantages of Latvia is that it does not impose a strict physical residency requirement. Typically:

• You are expected to visit Latvia at least once a year.
• Besides this, you can spend most of the year in other countries.

Of course, if you aim for permanent residency or citizenship in the long term, additional criteria such as language and integration come into play.

Possibility of Including Family Members

Another advantage of the Latvian Golden Visa is that it allows for inclusion of family members. When you present the appropriate documents:

• Your spouse
• Your minor children

can also benefit from the residency permit. In this case, for each family member:

• Apostilled birth/marriage certificates
• Separate criminal records
• Health insurance

The consistent preparation of the file on a family basis directly affects the review time and the likelihood of approval.

Timing and Budget Planning

Typical Timeline

• Company establishment: 5–10 business days (if documents are complete)
• Capital transfer and banking processes: 1–2 weeks
• Preparation of documents and submission for approval: 2–4 weeks
• Evaluation of residency application: Approximately 1–3 months

In general, when the entire process is well planned, it is possible to obtain a Latvian residence card within 3–6 months.

Sample Budget Distribution (60–65 Thousand Euros)

• Company capital (investment): 50,000 Euros
• State fee: 10,000 Euros
• Legal consultancy, translation, and notarization: 3,000–5,000 Euros
• Bank and setup expenses: 500–1,000 Euros
• Insurance and other expenses: 500–1,500 Euros

When you look at this table, you should expect a few thousand Euros of operational costs to be added on top of the core 60,000 Euro investment, which can vary based on your personal situation.

Strategic Advantages of the Latvian Golden Visa

The model that provides residency with a company investment of 60,000 Euros in Latvia is particularly noteworthy in the following aspects:

• Opportunity for residency with one of the lowest investment thresholds in the EU
• Flexible residency conditions: A visit once a year is sufficient; no permanent residency requirement
• Possibility to include family members
• Schengen free movement: Travel to other Schengen countries for up to 90 days within 180 days
• Creating a clear path towards permanent residency and citizenship in the future (subject to language and integration requirements)

Why is Professional Support Critical in This Process?

While a significant portion of the 60,000 Euros is tied up non-refundable, risks can arise due to a small mistake:

• Rejection of the application
• Failure of the company to meet the tax target
• Issues in opening a bank account or proving the source of funds

It is common for structures that cannot meet the annual 40,000 Euro tax obligation in the medium to long term to face difficulties during residency extension periods.

As Corpenza:

• We provide company establishment services in Latvia (SIA),
• We design the residency/Golden Visa application file from start to finish,
• We manage international accounting, payroll, and payroll (EOR),
• We offer tax optimization with personnel leasing and posted worker models when necessary,

We provide an end-to-end service chain in these areas. Our goal is not just to “make the application” but to sustainably position your business model according to Latvian law and tax system.

Conclusion: Opening the EU Door with 60,000 Euros in Latvia

In summary:

• You can enter the Golden Visa program by establishing an SIA in Latvia with a budget of 60,000 Euros.
• Of this budget, 50,000 Euros is capital, and 10,000 Euros is the state fee; you should plan for a few thousand Euros more for extra expenses.
• The company must conduct real economic activity and pay at least 40,000 Euros in taxes annually, which is a key condition for the continuation of residency.
• The program stands out with family inclusion, Schengen access, and a low investment threshold; however, it carries risks if not structured professionally.

If your goal is to have an EU company where you can conduct global trade and also create a strategic “Plan B” residency right for yourself and your family, the Latvian model with a 60,000 Euro company investment can be a highly effective tool when properly structured.

Important Warning (Disclaimer)

This text is prepared for general informational purposes and does not substitute for legal, financial, or tax advice. Investments, company formation, and residency programs in Latvia may vary over time due to changes in laws, administrative practices, and international regulations.
Before making a decision, always check the current legislation from official sources and seek professional support from a qualified lawyer, financial advisor, or immigration expert. Corpenza cannot be held responsible for changes in the information provided here over time.