A residence permit is a document that gives a foreigner the right to reside in the Republic of Latvia for a certain or indefinite period of time. A residence permit will make your life much easier if you want to live, work or study in Latvia or other Schengen countries.
Today, if you do not have relatives or other persons in Latvia who could help you obtain a residence permit based on something else, there are two options that allow you to apply for a residence permit:
Obtaining a residence permit based on the purchase of real estate in Latvia.
Obtaining a residence permit based on investing
in a local business (investing in the authorized capital of an enterprise)
in a local bank (arranging a subordinated loan in one of the local banks)
Residence permit in Latvia
Undoubtedly, the biggest advantage of a residence permit in Latvia is the fact that you can freely move around other Schengen countries without obtaining a visa or any other registration. This can be of great help when doing business, studying or travelling around Europe.
However, a residence permit in Latvia also has other advantages:
The ability to invite relatives up to the second degree of kinship.
Simplified procedure for obtaining a visa to a number of countries. (USA, Canada, New Zealand, etc.)
Automatic granting of a residence permit for a spouse and minor child.
The ability to receive free education in the countries of the European Union.
New business opportunities in the open market of the European Union.
The holder of a residence permit in Latvia also has a number of social security benefits, in particular – medical care, maternity benefits, unemployment benefits, etc.
The holder of a residence permit in Latvia has almost all the same rights as citizens of Latvia, with the exception of the right to vote and participate in elections, as well as the right to hold a position in government institutions.
https://www.euroimmigration.info/ru/