Latvia Country Profile

Passport Ranking
36/198
Passport Score
173.6
Visa-free Countries
154
Show More
Region
Europe
Capital City
Riga

Largest City
Riga
Currency
Euro

Languages
Latvian, Russian
Population
1.9 million

Life Expectancy
75.9 years
GDP (nominal)
$40.6 billion

GDP/Capita
$21,437
Cost of Living
Climate
Safety
Pollution
English Proficiency
Inexpensive (3/7)
Average (3/5)
Very Safe (2/7)
Very clean (1/5)
Moderate (3/5)

Taxation Type: Residence-based

Sovereign Research's take:

Latvia is part of the European Economic Area (EEA), allowing its citizens to live and work in any other EEA country, plus Switzerland. (The EEA consists of 27 European Union countries plus Iceland, Norway and Liechtenstein.)
Latvia is one of the three Baltic States. All three of these countries – Latvia, Lithuania and Estonia – have fared quite well since discarding most of their Soviet legacies.

Among the three, Latvia, and particularly its capital Riga, feels the most cosmopolitan. Riga is by far the largest city in the Baltics. Everything seems to be on a bigger scale there (by Baltic standards, at least).

Latvia is also home to a Citizenship By Ancestry program. Definitely explore it if you have any Latvian blood running in your veins. (Citizenship By Ancestry is usually the easiest way to obtain a second passport.)

Another important reason to mention Latvia is its Golden Visa – the cheapest one in Europe. In fact, Latvia was the country that implemented Europe’s first Golden Visa program right after the 2008/2009 crisis.

Today, it’s possible to become a European resident after investing as little as €80,000 in a Latvian company (after the processing fees).

As a golden visa holder, you’d have to visit Latvia only once per year, and your residency permit is good for five years. 

However, although the Golden Visa route may seem quite attractive, Latvia does make it very difficult to qualify for naturalization. .

Service Providers available in Latvia in Sovereign Research's Rolodex:

  • Citizenship by Ancestry
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