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Residence permit can be also obtained by foreigners who own real estate in Riga and its surroundings or republican cities to the total amount of no less than 100 hundred lats or no less than 50 thousand lats if the property is located in other region.

A residence permit allows a foreigner to conduct business, study, and work as an employee or a self-employed person, to use medical and other public services. It also entitles a person to travel freely in the territory of the Schengen Agreement member states for a time period not exceeding three months in any half year.
Temporary residence permit is primarily applied for at consular representations of Latvia abroad. It is issued for a period of time from 1 to 5 years (depending on the reason of application) and can be prolonged after expiry. After 5 years you can apply for a permanent residence permit.

A residence permit is a document that allows a foreign national to stay in the Republic of Latvia for a specified period of time. Two types of residence permit exist, a temporary residence permit and a permanent residence permit. 

A residence permit is required if a foreign national or a stateless person wishes to reside in the Republic of Latvia for more than 90 days within a 6-month period.

The actual number of granted residence permits has decreased relative to the projected number. The projections took into consideration the anticipated introduction of identification cards. With the introduction of identification cards all foreign nationals residing in the Republic of Latvia would have received such a card. Since the identification cards were never introduced the actual number of granted residence permits is significantly lower than the projected number. Requirements