Member of the board or CEO of a company (SIA/AS) in the Republic of Latvia

According to Republic of Latvia immigration law, members of the executive bodies of limited liability companies and joint-stock companies, including members of the board and council, proxies, administrators, receivers, and their family members, are eligible for temporary residence permits in Latvia given several criteria are met. Sometimes referred to as board member visa, this is a temporary residence permit. The aforementioned categories of foreign nationals are also eligible for annual extension of their Latvian (Schengen) residence permits.

Eligibility for a Latvian Residence Permit for Board Members

The residence permit for board members in Latvia comes with the following eligibility criteria. To qualify:

1. Company Criteria:
   • The company has to be registered in Latvia for at least one year before the application for the board member residence permit.
   • The minimum authorized capital for a Limited Liability Company (SIA) is EUR 2,800.
2. Financial Obligations:
   • The board member must receive a minimum remuneration of EUR 3,074 per month.
   • The company must make tax payments of no less than EUR 21,350 annually.

Benefits of the Board Member Residence Permit (Visa) in Latvia

The Latvian residence permit for directors has various advantages, which makes it a very attractive option for entrepreneurs and leadership. For example:

• Access to the Schengen Area: Holders of the residence permit in Latvia travel freely within the Schengen Zone.
• Applies to the family: Family members of the residence permit holder can also apply for residence permits. This makes relocating the family a lot easier.
• Business Opportunities: The visa helps manage the company in person, which is a lot more efficient than remote operations.

The board member TRP (visa) benefits in Latvia go beyond just residence rights, offering an ideal solution for those looking to start or grow a business in the European Union.