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A residence permit in Latvia (Uzturēšanās atļauja in Latvian) is a document (ultimately a physical residence card) that gives a foreigner the right to reside (to live, work, study or conduct business) in the Republic of Latvia for a specified period of time ). indefinite, depending on the type of authorization granted.

A residence permit will make your life a lot easier if you plan to stay in Latvia for more than 90 days, as well as your travel to other Schengen countries (Schengen area members), as it applies to all people holding a residence permit in a Schengen country do not need any additional visas or documents to visit another Schengen country for business or tourism purposes.

Currently there are two main types of residence permits issued by the Republic of Latvia: permanent and temporary.

If you currently have no personal connection to Latvia or anyone there that would entitle you to a residence permit (e.g. two main ways to obtain a residence permit:

Residence permit based on the purchase/acquisition of real estate.
If you are willing and able to purchase suitable property or real estate in Latvia, you may have an opportunity to obtain a 5 year residence permit based on real estate purchase
The purchased property can be used for any purpose: you can live in it, rent it out, sell it or do anything else
Residence permit based on investment.
If you have funds to invest in a new or existing business in Latvia, a Business Investment Based Residence Permit may be an option for you.
If you have funds to invest but prefer more security than a corporate investment can offer, then a residency permit based on a financial investment with a Latvian bank could be the option for you.