Latvia's Startup Visa program offers entrepreneurs outside the EU a streamlined path to residency while building innovative businesses in the heart of the Baltics. With processing times as fast as 30 days, competitive costs, and access to the entire EU market, Latvia has become one of Europe's most attractive destinations for tech founders. The program requires demonstrating an innovative business concept, securing initial funding, and meeting basic financial requirements. This comprehensive guide covers everything from eligibility criteria to step-by-step application process, helping you navigate your path to Baltic entrepreneurship.
Requirements
Eligibility Criteria
- ✓Non-EU/EEA citizen or stateless person
- ✓Innovative business idea with growth potential
- ✓Clear business plan demonstrating market opportunity
- ✓Proof of sufficient funds (minimum €5,000)
- ✓Clean criminal record
- ✓Valid health insurance
- ✓No previous visa violations in Schengen area
Required Documents
- 📄Valid passport (6+ months validity)
- 📄Completed visa application form
- 📄Business plan (detailed, in English)
- 📄Proof of innovative concept (patents, prototypes, or similar)
- 📄Bank statements showing minimum €5,000
- 📄Health insurance policy valid in Latvia
- 📄Criminal record certificate from home country
- 📄CV/resume highlighting relevant experience
- 📄Educational certificates
- 📄Passport-size photos (2)
- 📄Evaluation letter from LIAA (Latvian Investment and Development Agency)
Financial Requirements
- 0
- Proof of funds: €5,000
Application Process
Business Concept Development
Prepare a detailed business plan highlighting innovation, market opportunity, and growth potential. Focus on technology, scalability, and job creation potential.
2-4 weeksLIAA Evaluation
Submit your business plan to the Latvian Investment and Development Agency (LIAA) for evaluation. They assess innovation level and economic potential.
30 daysPositive Evaluation Receipt
Receive the official evaluation letter from LIAA. This is a crucial document required for your visa application.
1-2 weeksVisa Application Submission
Submit your complete application package to the Latvian embassy or consulate in your country, or apply through the Office of Citizenship and Migration Affairs (OCMA) if already in Latvia.
1 dayApplication Processing
OCMA reviews your application. You may be called for an interview. Ensure all documents are complete to avoid delays.
30-60 daysVisa Approval & Collection
Upon approval, collect your temporary residence permit. This allows you to live and work in Latvia, with Schengen travel rights.
1-2 weeksCosts Breakdown
Pros & Cons
latvia - Pros & Cons
Pros
- +Fast processing time (30-60 days)
- +Low application costs compared to other EU countries
- +Full Schengen area access
- +0% corporate tax on reinvested profits
- +English-friendly business environment
- +Strong tech talent pool
- +Access to EU market of 450M+ consumers
- +Pathway to permanent residency and citizenship
- +Government-backed startup support programs
- +Affordable cost of living in Riga
Cons
- -Cold winters (average -5°C in January)
- -Smaller local market (1.9M population)
- -Limited venture capital compared to Western Europe
- -Latvian language may be needed for some services
- -Less developed startup ecosystem than Berlin or London
- -Banking can be complex for non-residents initially
Program Overview
Latvia's Startup Visa was introduced in 2017 as part of the country's strategy to attract innovative businesses and diversify its economy. The program allows non-EU entrepreneurs to obtain a temporary residence permit for up to 3 years, with the possibility of extension and eventual permanent residency. Latvia offers a unique combination of EU membership, competitive costs, high-quality tech talent, and a supportive startup ecosystem centered in Riga.
Key Benefits
The Latvia Startup Visa provides several compelling advantages: Full EU Schengen access for travel across 26 countries, competitive startup costs with lower operational expenses than Western Europe, access to the €50,000 Startup Visa Support Fund, English-friendly business environment, excellent digital infrastructure, pathway to EU permanent residency, and favorable tax regime for startups including a 0% corporate tax on reinvested profits.
Riga Startup Ecosystem
Riga has emerged as a dynamic startup hub with over 500 active startups, multiple accelerators including TechHub Riga and Buildit, and strong government support. Notable success stories include Printful (valued at $1B+) and CastPrint. The ecosystem benefits from a highly educated workforce, with 40% of working-age population holding degrees, and strong technical talent from Riga Technical University and the University of Latvia.