This European country offers the cheapest permanent residency
If you see, most of the blogs in this website are about South America — about Residency by Investment, Citizenship by Investment, Citizenship by Birth, etc.
But there are also many options in Europe. From time to time, I will also talk with you about Europe and share information about European countries as well.
However, in South America, actually, there are more opportunities, that’s why I am discussing South American countries first.
But one big issue in the South American countries is that it is a bit difficult to get a visa initially — I’m talking about the visit visa or even if you apply for a permanent visa or residency, that also becomes difficult because their consulates are not available everywhere. So, this becomes a small issue.
Otherwise, moving there without a South American visa is not a very big problem.
But if we look at the European side, the residency by investment or business immigration programs are becoming more difficult day by day — that is a big issue.
And the Golden Visa real estate option is also ending in many countries.
Many people contact me regarding real estate, saying, “We have funds and we want to buy property through which we can get residency or permanent residency.”
So, these things inside the European Union, especially in the Schengen Area, are becoming very tough.
Portugal has ended the real estate Golden Visa option, Greece has increased prices a lot, Spain has also ended it, and Hungary recently launched a new program, but after launching, they also removed the real estate option.
Now in Spain, you will have to invest in other areas — like startups, innovation, technology, or science. Portugal will also require this, and Greece is also changing its options in this regard.
So, it is becoming very difficult now.
However, there are some countries that are outside the European Union — not part of it — like Albania, Montenegro, Serbia, and Bosnia, etc. In these countries, you can still purchase property and get a residence permit, and you don’t need to invest very large amounts.
But the issue with these countries is that they are outside the European Union, so there isn’t much difference between them and Turkey basically, right?
But inside the European Union, if we talk about Residency by Investment or Permanent Residency, the cheapest option right now is Latvia.
Latvia is a country in the Baltic region. It is part of the Schengen Area and also part of the European Union. It has an old program where they still provide Permanent Residency.
There is also a real estate option, but that requires 250,000 euros, which is a large amount.
However, in 50,000 euros, you can invest in a company. The investment part is €50,000, and you must donate €10,000 to the government — like a fee, non-refundable.
So, in total, it becomes €60,000.
With €60,000, you can get a 5-year PR (Permanent Residency), which you have to renew every year, but it’s still a permanent residency inside Latvia, which is a European country, EU, and Schengen member.
You can travel freely within the Schengen Area.
However, this does not include citizenship.
You can also move your family there — your wife, children, and parents — with you in this €60,000 program.
Out of this, €10,000 goes to the government, and the rest €50,000 remains invested in the company for 5 years. If the company profits, you gain; if it loses, you lose — it’s an investment.
So, with this, you can include your family — wife, children, parents — and take them along to Latvia.
There, regarding education, if you want your children to study, they can.
You also get free access to health facilities, education, and other public services.
But, this country is not English-speaking — they have their own Latvian language, which is similar to Russian.
So, keep in mind that in local schools, the medium will mostly be in Latvian. Public schools will be in that language, but international schools will obviously be in English, though you’ll have to pay fees for those.
And when you go anywhere, the education of your children becomes the biggest priority — you check the schooling system, cost, etc.
If you have 2-3 children, it becomes difficult to decide. Education is always a priority.
So, regarding that — even after spending €60,000, if you enroll your children in public schools, the language will be Latvian, so for one or two years, they will face a bit of a tough time, but once they learn the language, things will become easy.
Otherwise, in international schools, they can also study — but as you know, international schools are expensive in Europe.
For example, in Turkey, the minimum cost of an international school is about $200 per month per child, which is around 50,000–55,000 Pakistani rupees, and that’s the minimum.
There are much more expensive schools too — $500–$1000 per month or even more.
Similarly, in Europe, private schools normally charge €1000–€1500 per month, which is common.
So, this becomes very costly if your budget is limited or moderate.
Anyway, the point about Latvia is that you can get PR for €60,000 — €50,000 as investment, €10,000 to the government — and there will also be consultant fees for the person preparing your case.
So, in total, expect around €70,000.
Now, as far as citizenship is concerned — Latvia does not give citizenship easily. It gives citizenship after 10 years.
You have to live there for 10 years, learn the language, understand their culture, study their history, and complete all formalities.
After that, you become eligible to apply for citizenship.
Even then, it can take 1.5 to 2 years — they will evaluate, process, and check if you are eligible or not.
Once you are approved, you get citizenship, and if you get it, you also get a European passport, which brings many benefits — you can travel visa-free across Europe, and to many parts of the world including Australia, America, etc.
Because the European Union passport is one of the strongest.
But yes, that’s a long journey — 10 years.
The purpose of sharing this option with you is that some people just want to live in the European Union, settle there, get PR, move their family, manage banking, and build a setup there — for them, this is a good option.
And Latvia is already a Schengen member, and to maintain residency, you don’t even have to live there full time — just visit once a year, even one day per year, and your residency will remain valid.
There are also other visa types — Passive Income Visa, Retirement Visa, available in Portugal, Spain, and Italy is also introducing it.
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