Retire in Latvia: The Retirement Residence Permit
Latvia offers a Temporary Residence Permit for retirees with a relatively low financial threshold and an affordable cost of living compared to most of the EU, plus full Schengen travel.
At a glance
- Visa type
- Temporary Residence Permit for Retirees
- Financial means
- ~€1,231/month (~€14,772/year) — 2× the average old-age pension, 2026
- Initial permit
- 1 year — renewable annually or for longer periods
- Path to permanent residency
- After 5 years — of continuous legal residence
Eligibility
- Proof of sufficient financial means, approximately €1,231/month (~€14,772/year), set at 2× Latvia's average old-age pension and revised periodically Required
- Private health insurance covering Latvia and the Schengen Area Required
- Proof of accommodation in Latvia — property ownership or rental agreement Required
- Pension statement or proof of passive income Required
How it works
Prepare financial proof
Pension statement or proof of passive income showing around €1,231/month.
Arrange health insurance
Covering both Latvia and the Schengen Area.
Secure accommodation
Property ownership or a rental agreement in Latvia.
Submit your application
At a Latvian embassy or consulate, or the Office of Citizenship and Migration Affairs (OCMA) in Latvia.
Renew your permit
Initially 1 year, renewable annually or for longer periods, with a path to permanent residency after 5 years.
What it costs
Government fees
- Application fee
- Ask us for the current figure for your case.
BIZ TRP fees
- Route confirmation & application support
- Ask us for a quote — from €120/hour
Why work with BIZ TRP
Latvia's income threshold is comparatively low, which makes the accommodation and insurance proof the parts most worth getting right the first time.
- Financial documentation review. We structure your pension or passive-income proof to meet Latvia's current threshold, which we confirm before every application since it's revised periodically.
- Health insurance & accommodation coordination. We help arrange compliant Latvia-and-Schengen health insurance and accommodation proof.
- Application submission. We manage submission through OCMA or your nearest embassy, whichever is faster for your situation.
Common questions
Why is Latvia a lower-cost retirement option?
Latvia has a relatively affordable cost of living compared to most other EU countries, while still offering full EU and Schengen membership.
Can I travel within the Schengen Area?
Yes — Latvia is part of the Schengen Area, allowing visa-free travel across it.
How is the income threshold set?
It's set at twice Latvia's average old-age pension from the prior year, so it's revised periodically — we confirm the current figure before you apply.
Considering Latvia for retirement?
BIZ TRP prepares your retirement residence permit file — financial proof, insurance, and accommodation — as one consistent application.
Talk to us about retiring in Latvia Email us