Here you will find detailed information regarding the procedure of applying for a residence permit in Latvia and the related mandatory payments as well as the time required to complete the official stages of the process.

Documents to be filed with the Latvian Embassy outside the Schengen area
The foreigner shall visit the Latvian Embassy abroad and shall present a valid travel document (passport, Identity Card) and shall file the following documents:

a completed residence permit application form;
a photograph;
a confirmation of no criminal record;
Proof of subsistence/sufficient funds:
Income or funds of at least 430 EUR per month if the person does not plan to be employed in Latvia, although this can depend on your situation. As a practical matter, the person can provide a bank statement confirming existence of sufficient funds to cover the period until the next residence permit renewal.
a document confirming the planned place of residence in the Republic of Latvia and the rights to stay there (lease agreement, ownership deed etc);
a document confirming payment of the state fees.
Time to receive a decision
The time needed to obtain a residence permit in Latvia includes the period required to review the submitted documents which is 5 to 30 days depending on the amount paid in State fees:

100 EUR for the Office of Citizenship and Migration Affairs issues the decision within 30 days;
200 EUR for the Office of Citizenship and Migration Affairs issues the decision within 10 days
400 EUR for the Office of Citizenship and Migration Affairs issues the decision within 5 days.
If any additional information or verification of the foreign national is required, the process may be extended by up to 90 days.

The applicant has to visit Latvia to obtain the actual residence permit not later than three months after having his/her application approved.

Registration of the residence permit at the Office of Citizenship and Migration Affairs in Latvia
After the foreigner's application for a residence permit has been approved, he/she has to present the following documents:

A valid travel document
A medical statement based on the results of a fluorography or x-ray examination by a Latvian medical institution proving that the foreigner does not suffer from tuberculosis in the active phase (must be obtained from a Latvian medical institution);
Health insurance policy.
A document approving payment of the state fee for the residence permit card
The State fee for the residence permit card: 15 EUR

Re-registration/renewal of the residence permit for the following years
A temporary residence permit is issued for up to 5 years but after each year the person is obliged to re-register his/her residence permit. At the moment of registration the Office of Citizenship and Migration Affairs examines the grounds for residency as follows:

If the person has invested 100,000 EUR in the company`s share capital, he/she shall present:

a document that taxes have been paid in amount of at least 100,000 EUR
a document that during the first year of business activity since the issue of the residence permit, taxes have been paid in the amount of at least 8,300 EUR/month on average
a document confirming the necessary means of subsistence
a valid health insurance policy
in some cases it may be required to confirm that the company is a running business, paying taxes and employing people.
If the person has invested 50,000 EUR in a company`s share capital, he/she shall present:

a document that taxes have been paid in amount of at least 40,000 EUR
a document that during the first year of business activity since the issue of the residence permit, taxes have been paid in the amount of at least 3,300 EUR/month on average
a document confirming the necessary means of subsistence
a valid health insurance policy
Each year the person shall submit the same documents.

If the person has invested in Latvian real estate:

a document confirming non-existence of current or pending debts for real estate taxes;
a document confirming the necessary means of subsistence
a valid health insurance policy
The State fee for the registration of the residence permit:

45 EUR if the decision is made within 30 days;
90 EUR if the decision is made within 10 business days;
180 EUR if the decision is made within 5 business days.