If you are extending your residence permit, or applying for a residence permit for the first time, you must provide a bank statement.
The statement confirms that you have sufficient funds to cover all expenses while you are in Latvia.
If family members are also applying for a residence permit together with you, the amount must be higher.
The amount of subsistence funds is always "tied" to the "minimum wage in Latvia".
For example, in 2019 the minimum wage is 430 euros.
For a property owner, "subsistence funds for a residence permit" are:
430 euros * 3 (coefficient) * 12 (months in a year) = 15,480 euros.
The minimum wage sometimes changes. In 2017 it was 380 euros, in 2018 and 2019 it is 430 euros.
What awaits us in 2020?
In 2020 the minimum wage DOES NOT CHANGE and remains 430 euros. Consequently, when "initially" applying for a residence permit, as well as when "extending a residence permit", the amounts of "subsistence funds" do not change.
For a property owner 15,480 euros, for a spouse 5,160 euros, for each minor child 3,096 euros.
If you also wish to purchase a quality property, if you value a personalized approach, if you want to communicate with a realtor and lawyer in your native language, then contact our company KOM-INVEST! We will be happy to select a suitable property, answer all your questions, draw your attention to important details, arrange the transaction, obtain your residence permit and manage your property.
For more detailed information on obtaining a residence permit in Latvia, see here in different sections.
Have questions? We are waiting for your email or call!
Phone number: +371 29774775
Email: info@kominvest.com
Skype: KOM-INVEST