Creation and development of an innovative product
A start-up investor is eligible for a temporary residence permit in Latvia, including residence permits for their official spouse, children and dependents. According to this procedure, an RP in Latvia is available for up to 3 years. Within 3 months after the RP decision is granted, the foreign national should be registered as the member of the board of a commercial entity.
Creation and development of an innovative product (new start-up in Latvia)
In the interpretation of the Immigration Law of the Republic of Latvia, an innovative product (start-up) is a new, or substantially improved service. The law does not clearly define requirements for the application of such a service.
There are several mandatory conditions for satisfying a temporary residence permit based on the creation or development of an innovative produc
- the start-up company has been registered no more than 1 year ago
- investments in the statutory capital is cashless
- investments in a start-up are not required – a progress report on annual performance is sufficient for an RP extension
- the owner of the start-up must become a member of the board of the relevant company
- the duration of such a residence permit is up to 3 years
There is no need for initial financial contributions. An investor intending to contribute towards the creation or development of an innovative product must have access to guaranteed cost of living as specified in Latvia during the relevant year.
The cost of living is calculated based on the minimum labour remuneration (gross) in Latvia during a given year.