Latvia here we come! Rich Indians' ticket to Europe
Mumbai: They don't belong to the club of the ultra-rich who pick a pricey passport of the Global North. They neither feature in the cast of serious characters snooping around for citizenship of a Caribbean or South Pacific nation, to escape the law enforcement authorities in India. They are IT professionals, exporters, physicians, and entrepreneurs - a reasonably affluent lot-looking for a free access and foothold in Europe without surrendering their Indian citizenships or shelling out big money on fancy migration programmes.
Settling Abroad
Some of them are opting for Latvia, the Baltic country which has joined the game of
golden visa
in full earnest-positioning itself as the cheapest gateway to the continent. "As of 2024, Indian nationals may account for approximately 10% of all applications to
Latvia
's 'Residence by Investment' programme. Following Latvia's 2022 exclusion of Russian and Belarusian applicants, there has been a noticeable shift in the nationalities of applicants and we have seen a rise in demand from Indian families," said Rohit Bhardwaj, country head, India at Henley & Partners which offers investment migration advisory.
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Wealthy Indians, keen on a plan-B with their children settling abroad, have changed residency with the intention of eventually becoming a citizen of countries like Portugal, Greece, Cyprus, and UAE that levies no personal income tax. The trend deepened with the pandemic, driving many to move wealth and buy jumbo life insurance plans in overseas jurisdictions.
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"I would attribute the increased interest in Latvia to two factors: first, the low cash outflow at entry-only ₹60,000 plus fees compared to ₹500,000 for most other European countries; second, faster processing time. Programmes like the Portugal Golden Visa, though superior, have done themselves no favour by changes in rules and long bureaucratic delays," said Vikas Tandon, who had successfully applied for Portuguese golden visa in 2020, and founded the company Golden Homes Portugal, using his expertise to advise others.
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Benefits Outweigh Formalities
The investment going into private companies identified by Latvian authorities is a sunk cost, with no voting rights and only half of which can be recovered if the visa is relinquished. Instead, some buy homes which would cost ₹250,000. "Latvia supports both routes, with clear legal frameworks and minimal bureaucratic hurdles. While investing in foreign companies involves additional disclosures and compliance with regulations like reporting of ODI, the strategic benefits outweigh the procedural formalities," said Moin Ladha, partner at Khaitan & Co. Under India's forex laws, Indian nationals can invest abroad, including capital and current account transactions.
According to Armand Arton, CEO of Arton Capital, a citizenship investment advisory, the majority of its clients interested in accessing the Latvia programme are Indian citizens. "We've observed a 30% year-on-year increase in Indian inquiries since 2023. Many are entrepreneurs and SME owners who desire EU access without high costs associated with Germany or the Netherlands. With several EU nations increasing minimum investment thresholds, or closing programmes, Latvia offers the freedom to live, travel, and work at an attractive price point," said Arton. A few plan to settle at Riga after retirement, said Anurag Manakikar, associate director at Henley, who advised a senior corporate honcho.
Greater Awareness
While the programme has been there for long, there has been greater awareness as people looked around for options, said Manakikar. What also stoked interest was the high rejection in Schengen visa applications and absence of minimum stay requirement in Latvia.
"However, to derive real benefit, a person has to reside or settle in Latvia or any other preferred country. If someone continues to reside in India, he would remain a resident here under the Income Tax Act and FEMA. So, benefits would be confined to non-requirement of visa in Europe," said Rajesh Shah, partner at the CA firm Jayantilal Thakkar & Company.
A property investment in Dubai for a UAE Golden visa could work better if tax is the sole consideration for anyone planning to become an NRI. Unlike Portugal's Golden Visa, which requires a minimum stay of only 15 days every 2 years to become eligible for an EU passport (after only 5 years since date of application), a Latvian passport requires becoming a physical resident for almost a decade. Nonetheless, for many, Latvia's low cost is the pull factor.
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