On 1 July 2010, the amendments to the Immigration Law of the Republic of Latvia came into force expanding the possibilities to obtain a residence permit in Latvia for foreigners who want to stay and move freely within the Schengen area.

The uniqueness of these amendments lies in the fact that a new method for obtaining a residence permit was introduced - investing in real estate. It has attracted a large number of investors, because a foreigner investing in real estate (that can be used for profit) has the possibility to move freely within the Schengen area under the condition that he or she has a passport and sufficient financial means. Citizens of the Russian Federation are especially interested in using this possibility, as Latvia is located in the vicinity and is a tourist destination due to its unique cultural monuments, well-known resorts and international festivals.

A residence permit is a document that gives a foreign citizen the right to temporarily (a temporary residence permit) or permanently (a permanent residence permit) stay in the Republic of Latvia.
A residence permit is needed if you want to stay in the Republic of Latvia or in Schengen area for more than 90 days in a six-month period. Temporary residence permit is issued in form of a separate document similar to national ID card.

A temporary residence permit gives a foreigner the right:
to stay in the Republic of Latvia for a period of time not exceeding five years;
to freely cross borders of EU Member States and non-EU countries;
to move and stay up to 90 days within the territory of other EU countries except for the United Kingdom, Ireland, Cyprus, Bulgaria and Romania;
to obtain a Latvian or EU permanent residence permit after five years;
to obtain temporary residence permits for the spouse and children.
A temporary residence permit may be obtained by:
investing in real estate after 1 July 2014;
investing in Latvian credit institutions;
investing in the equity capital of an enterprise.
Conditions on investing in real estate:
the total amount of transaction (involving one or several real estates) must be at least EUR 250,000 in large cities or at least EUR 125,000 in other places (in which case at least two properties must be bought);
only non-cash funds may be used for purchasing real estate;
a foreigner does not have and has never had any debts of payments of real estate tax in Latvia;
the transaction is concluded after 1 July 2014;
a residence permit is issued after registering the ownership in the Land Register.
Conditions on investing in Latvian credit institutions:
the amount of financial investments must be at least EUR 286,000;
the term of transaction must be at least five years without the right to terminate it prior to the term of repayment of the deposit.
Conditions on investing in the equity capital of an enterprise:
the amount of investment must be at least EUR 36,000;
the amount of taxes payable for the next year must be at least EUR 28,600.

Duration of process
The time for obtaining a residence permit in Latvia includes the period necessary to review the submitted documents which is 5 to 30 days depending on the amount of fee paid. Additional time may be needed for sending documents by mail. If an additional verification by the foreigner is necessary or if a foreigner applies for residence permits for his or her spouse and minor children, the term can be extended for up to 90 days. A foreigner has to come to Latvia to obtain a residence permit no later than three months after being granted the permit.

Statistics
According to the Office of Citizenship and Migration Affairs (PMLP), 2495 temporary residence permits were issued in 2010 indicating a high demand for this service. It is also worth mentioning that the amendments to the Immigration Law of 20 January 2011 simplified the bureaucratic component of services making them even more accessible.

In Latvia, registration of Value Added Tax (VAT) payers by the State Revenue Service (SRS) in the Register of VAT Taxable Persons is governed by the following provisions:

Article 3 and paragraphs 1 and 9 of the Article 26 of the Law 'On Value Added Tax'.
Cabinet Regulations No. 933 'Procedures for the Application of Provisions of the Law On Value Added Tax adopted on 14 November 2006.
Due to the accession to the EU some provisions have been added stipulating that non-taxable persons pursuing economic activities and purchasing goods in the EU area the value of which reaches or exceeds EUR 50 000 (tax not included) in the current calendar year must be registered by the State Revenue Service in the Register of VAT Taxable Persons within 30 days after reaching or exceeding the said amount. After registration this person can voluntarily request removal from the register 2 years after the day of registration at the earliest.

Registration applies to the following persons and entities:

natural persons - registered according to their declared places of residence;
legal persons - registered according to their registered addresses;
partnerships - registered according to their registered addresses entered in the Commercial Register;
if a group of persons conducts joint economic activity on the basis of a contract, the natural person authorised to represent this group must be registered according to the declared place of residence;
if a person of another Member State or a person not registered in the EU territory conducts one or more taxable inland transactions.
Only undertakings, for example, general partnerships, limited partnerships, individual undertakings, limited liability companies (SIA) and joint stock companies (AS) are obliged to submit VAT applications to the Register of Enterprises of the Republic of Latvia.

Registration as a VAT payer is compulsory if the total value of taxable transactions conducted by a natural or legal person, whose declared place of residence or registered address is situated in the Republic of Latvia, has reached or exceeded LVL 10,000 during the last 12 months. 12 months are not to be regarded as a calendar year, but they can concern any period of 12 months. Registration must take place within 30 days after reaching or exceeding the said amount.

The SRS reviews the registration application and decides on registration of a person in the Register of VAT Taxable Persons within 15 working days after receipt of the application.

If the SRS has decided to refuse the registration, it will send this decision to the respective person by post within five working days stating the reason for refusal. A person who has received a decision on refusal of registration is entitled to adjust the registration application and submit it to the SRS again.

A person is considered registered in the SRS Register of VAT Taxable Persons as of the day when the registration certificate of a VAT taxable person is issued to this person.

Lithuania presents opportunities for businesses exporting abroad. Sectors include information technology, client support centres, and renewable energy as well as transportation, logistics and bio-plastics production.

Benefits
Located between the Northern and Eastern Europe, Lithuania is the largest of the 3 Baltic States.

Lithuania has benefited from the EU assistance and development funds, amounting to 180 million EUR per annum, since joining the EU. This has helped modernise the economy. Lithuania is a member of the Schengen Area as well.

Lithuania is ranked 24th in the World Bank Ease of Doing Business report. Lithuania joined the Eurozone in 2015.

Benefits for businesses exporting to Lithuania include:

English as business language
political and economic stability
Strengths of the Lithuanian market include:

strategic location
funding and support for businesses
transport infrastructure
multilingual, educated population
information Communications Technology infrastructure
Popular industries
There is a number of popular industries in Lithuania that have the advantage of being more developed, sponsored and invested in. Because of that, they are the most likely choice for businessmen, who wish to incorporate a business in Lithuania.

Information and communication
Information and communication technologies industry is the largest in the Baltics. There are 25,000 employees working in this sector. Modern technologies are available, such as EDGE technology, 3G mobile communications infrastructure with data speeds of 3.6 Mbps and mobile WiMAX 4G Internet, the fastest Internet upload in Europe and the greatest GSM penetration in the EU. These factors make Lithuania attractive for offshore services. Engineering industry has been constantly growing by approximately 18% every year. This industry is competitive in terms of cost and quality and it is well-integrated into the global supply chains. Products by the Lithuanian engineers are adapted by such companies and organisations as NASA, Boeing, U.S. Army, BMW, Volkswagen, Hitachi, Siemens and Mitsubishi.

Biotechnology
Biotechnologies industry has been recognised as one of the most developed in the Central and Eastern Europe. Biotechnology research takes place in Lithuania, and the developed techniques and products are applied in the fields of medicine, pharmacy, chemistry, agriculture, environment, etc. Biotechnology products are recognised as 70% of them are exported to over 70 countries. Different incentives are offered to the development of biotechnology sector in Lithuania.

Laser technologies
Another industry that is highyl developed in Lithuania is laser technologies. Every tenth laser sold worldwide is made in Lithuania. World class quality of laser production has been recognised by nearly 100 countries. Companies and organisations as NATO, Pentagon, Nuclear Research Centre in Israel, Rezerford Laboratories in England, Berkley University, Livermore National Laboratory are the clients of the Lithuanian companies producing lasers.

Renewable energy
Renewable energy development is becoming important for the Lithuanian export. Potential of clean technology industry is supported by business valleys, the pool of 18,000 local scientists and researchers, world class achievements in electronics, and interest of businesses in the development of this industry.

Free economic zones
A free economic zone is a territory designated for the economic, commercial and financial activities where companies enjoy great economic and legal conditions for their operation. Each FEZ is established by the government and defined in a corresponding law. In 1996, two FEZs were established in Lithuania: in Kaunas and in Klaipėda. They already have been in use for 49 years. As of 1 January 2012, five more FEZs were established in Akmenė, Kėdainiai, Marijampolė, Panevėžys and Šiauliai.

Business migration in Latvia and Lithuania
What are the possibilities to obtain a residency permit in Latvia or Lithuania (both are in European Union)?

IMMIGRATION IN LITHUANIA (UP TO 1 YEAR):
Lithuanian Immigration Law provides ability to apply for residence permit up to 1 year through investments in business. In order to obtain temporary residence permit in Lithuania, the investment must fulfil following conditions:

a company has at least EUR 28,000 share capital;
a company has genuine economical activities and pays minimum taxes;
the presence of investor is necessary for business activities of a company.
IMMIGRATION IN LATVIA (UP TO 5 YEARS):
Latvian Immigration Law provides ability to obtain residence permit if the foreigner`s activities are related to business. Residence permit might be granted for:

Official of the company: Manager Director, Chief Executive, Board Member, Proxy, Representative of Branch, Representative of foreign merchant
Shareholder of existing or newly established company: Residence permit through investment in share capital in the status of shareholder, for example, company formation and registration or acceding to existing company with significant investment
Residence permit through investments in subordinated capital of credit institution
Conditions for officials in the company
Foreigner is entitled to residence permit if he holds a position of:

Board member (Manager Director, Chief Executive), Proxy, Representative of Branch, Representative of foreign merchant
Please note! Although the residence permit is issued for 5 years, it must be registered each year. At the moment of registration, the following should be established:

Company must run actual business and generate taxes at least EUR 21,350 / year (this provision is not applicable to a new company)
Conditions on investing in the equity capital of an enterprise
According to Latvian Immigration Law there are two options:

The amount of investment must be at least EUR 35,000
Temporary residence permit is issued for up to 5 years though the foreigner is obliged to register the residence permit each year. Failure to do this might be basis for annulment of residence permit. For the second and following years, the foreigner shall approve his contribution to Latvian economy:

Company must run actual business and generate taxes at least EUR 40,000 / year
Conditions for investing in Latvian credit institutions:
the amount of financial investments must be at least EUR 280,000;
the term of transaction must be at least five years without the right to terminate it prior to the term of repayment of the deposit. Conditions on investing in the equity capital of an enterprise.

Getting a job and working in Finland is one of the reasons why one might want to acquire a residence permit in Europe (an example of this would be a residence permit in Latvia). Working in Finland also allows you to enjoy all the benefits of residing in the EU, such as freedom of moving in the Schengen area, the chance to be employed and do business in the member-states with fewer requirement, as well as travel to European destinations without the need for a visa (with some exceptions).

Vacancies
As of now, there are approximately 49 497 vacancies available in Finland. That is 2.1% of all the job positions, both occupied and vacant, in the country.

Wages and expenses
In Finland the average salary is EUR 3371.

A single person in Finland spends an average of EUR 787 per month, not including rent.

Workweek
The standard workweek in Finland is 8 hours a day or 40 hours a week.

Useful resources
If you are planning to work in Finland, it is useful to know the following information and contacts of organizations.

Official Name: Grand Duchy of Luxembourg
Capital: Luxembourg
Total area: 2 586 km2
GDP per capita: $107,206
Native Language: French, German, Luxembourgish
Government: Unitary parliamentary constitutional monarchy
Population: 537,853
Major Religion: Roman Catholicism
Monetary Unit: Euro (EUR)

A small country surrounded by Belgium, France and Germany, the Grand Duchy of Luxembourg has a history that is inseparable from that of its larger neighbours. It mainly consists of hills and forests.

Luxembourg has been under the control of many states and dynasties throughout its long history, but since the 10th century it has been a separate, if not always autonomous, political entity. Today, Luxembourg is a hereditary grand duchy with a unicameral parliamentary system.

Luxembourgish, the national language, is related to German. German is the first foreign language for most Luxembourgers and is used in the media. French is the administrative language.

The economic structure of Luxembourg is mainly based on banks, insurance companies and the steel industry. Agriculture and viticulture are also important.

Many Luxembourgish specialties are of the kind you would expect to find in a woodland. These include roasted rabbit and Ardennes ham. Trout and pike, freshly caught from the country's rivers, are also regularly on the menu here.

Luxembourg shares the Moselle valley with Germany and local white wines are well known and popular. Like other Nordic countries, Luxembourg also produces popular beer brands.

Health and well-being
A comprehensive program of benefits for all citizens, including free medicines, free prescriptions, provider choice, and other benefits.

Economy and work
banks, industry and tourism.

Main attraction
Luxembourg, Ardennes, Moselle Valley.

Business
Luxembourg's stable and profitable market economy is characterized by moderate growth, low inflation and a high degree of innovation. The unemployment rate is traditionally low, although it had risen to 6.1% by May 2012, mainly due to the impact of the 2008 global financial crisis. Consequently, the Luxembourg economy is expected to grow slightly in 2012. According to the IMF, Luxembourg was the second richest country in the world in 2011 with a per capita GDP in Purchasing Power Parity (PPP) of USD 80,119. Luxembourg ranks 13th in the Heritage Foundation's Index of Economic Freedom, 24th in the United Nations Human Development Index and 4th in the Economist Intelligence Unit's Quality of Life Index.

Escrow – is a contractual arrangement between transaction parties whereby an independent trusted third party (usually a bank) receives and disburses money or documents on behalf of the transaction parties, with the timing of this disbursement by the third party depending on the fulfillment of the contractually agreed terms of the contracting parties. It is widely used to support sale/purchase transactions such as buying a property, minimizing risk between parties and providing a mechanism that ensures trust and trust.

The buyer, seller, and bank sign an agreement in which they agree on the necessary documents, terms, and other terms needed to close the deal, as well as all the key milestones along the way. A trustee – the bank – acts as an impartial custodian of the money or documents, keeping the risk of fraud, for example, to a minimum for both parties.

Although escrow accounts are generally used during a real estate transaction, in practice they can be used in any transaction where there is a desire to reduce the risks for all parties, for example:

Buying a used car where the money can be released at the end of a warranty period.
Deposit for renting an apartment where the money is released after the tenant moves out according to the condition of the apartment.
Provision of construction services where all or part of the money can be released when the construction work is completed to a defined standard or when defined phases (milestones) of the work are completed.

Ready-made Company, also known as Shell Company, previously formed company, seasoned company or aged company, describes a limited liability company (LLC) or partnership that had no activity, metaphorically put on the shelf to age or how to be an empty shell. As a rule, a complete company is subject to VAT.

Advantages of the shelf company
process of business purchase
Change of company name and/or address
Recent practice

Advantages of the shelf company are:
time saving. The incorporation process takes time, faster registration costs more money due to higher government fees. It's faster to change ownership of an existing business.
longevity in the company. Some partners or credit institutions may check the registration date before proceeding with the cooperation. Potential customers will trust older companies that could be used for advertising.
history of your company. Boosts the company's image with age and increases credibility.
Need a bank loan. It may be easier if you have proof of your inclusion history.
Baltic Legal provides legal support in the purchase of ready-made companies and offers first-class services and useful advice in related matters.

Process of business purchase
The business purchase takes only a few days. Due to the reliability and cooperation with our partners, we are able to arrange a turnkey company for you in one day! Registration with the commercial register takes 4 working days (can be shortened to up to 2 days).