The Government of the Republic of Latvia raises minimum wage
Minimum monthly salary and the minimum hourly wage rate
According to amendments in the Regulations of the Cabinet of Ministers of the Republic of Latvia regarding the Minimum Monthly Salary and the Minimum Hourly Wage Rate, from January 1, 2015 the minimum monthly wage in Latvia has been raised from EUR 320 to EUR 360. The minimum hourly wage rate has been increased from EUR 1.933 to EUR 2.166. For teenagers and workers at particular risk with normal running time seven hours a day and 35 hours per week minimum wage rate per hour will be 2,477 euros.
Changes in requirements regarding residence permits
Following these amendments has changed requirements regarding legal provision for subsistence for receipt of the residence permit. Therefore from January 1, 2015 third country citizen who is requesting or has received the residence permit of Latvia must have following income:
- If investors purchase and own a real estate (functionally bounded with buildings) worth over 250 000 EUR income have to be EUR 1080 per month (instead of EUR 960);
- If a person (individual) invests at least 150 000 EUR or 35 000 EUR in the share capital and a company income have to be EUR 1080 per month (instead of EUR 960);
- If a person (individual) invests at least 280 000 EUR in a credit institution for (at least) 5 years term (without rights to discontinue this investment earlier) income have to be EUR 360 per month (instead of EUR 320);
- A representative of a foreign corporate entity income have to be EUR 360 per month (instead of EUR 320);
- Person spouse income per month must be 360 EUR, a child–216 EUR (instead of 320 EUR and 192 EUR).
Gunda Leite, attorney at law of the Gencs Valters Law Firm in Riga.
Practising in fields of Immigration and Residency in Latvia, Lithuania, Estonia
T: +371 67 24 00 90
F: +371 67 24 00 91