Documents for submission
These are the necessary documents to submit to acquire residence permit:

Filled application form
Passport size picture
Document issued by competent authority from the home country indicating that the foreigner has no criminal record
Prove of sufficient financial means
Document indicating place of residence in the Republic of Latvia
Prove that payment for the real estate was in non-cash form (bank transfer)
Document that indicates that person has paid real estate tax if the real estate in owned for more than a year
Document that indicates that State fees for residence permit request are paid
Additionally upon arrival
Valid health insurance
Reference from Latvian medical institution proving that the foreigner does not suffer from tuberculosis in active phase
Documents and application can be submitted

At Immigration office in Republic of Latvia
At Latvian embassy or consular missions outside the Schengen area
Residence permit for the family
Along with the main investor his/her family members can apply for a temporary residence permit.
Qualified family members are the spouse and children under18 years of age.

Financial means to support living expenses
Minimum required financial means for investor – 960 Eur per month
Minimum required financial means for spouse - 320 Eur per month
Minimum required financial means for child - 192 Eur per month
In order to prove possession of sufficient financial means the foreign national should provide a bank statement that indicates amount for one year 12 x 960 = 11520 Eur.

Additionally expected expenses related with buying the real estate
State fee for registration the new owner in the Land Register – 2% from the value of the property
State fee that must be paid to the government when you recive the permit – 5% of the proparty value
Stamp duties, notary fees & other; approximately 80 – 130 EUR
Duration of the 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.

If an additional verification by the foreign national is necessary, the term can be extended for up to 90 days.

A foreigner has to visit Latvia to obtain a residence permit no later than three months after being granted the permit.

State fee 143 Eur – decision by Immigration office is issued in 30 days;
State fee 285 Eur – decision by Immigration office is issued in 10 days
State fee 427 Eur – decision by Immigration office is issued in 5 days