What It Means To Be Wealthy In Latvia

Riga, Latvia.

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With the lowest-priced golden visa in the European Union, Latvia is one of the most accessible gateways to Europe. For just $54,000, investors can obtain a five-year residence permit, with visa-free Schengen travel and no minimum stay requirement. It also has an accessible digital nomad visa for two years for anyone earning a minimum monthly income of $3,092 (€2,857). Here’s what it means to be wealthy in this country of Baltic coastlines and medieval history and how far your money might travel.

Lonely Planet describes Latvia as a “tapestry of sea, lakes, and woods… a vast, unspoilt parkland with just one real city—its cosmopolitan capital, Rīga”. It has 500km (311 miles) of beaches and dunes from the Gulf of Rīga to the Baltic Sea. It’s a paradise for cyclists and hikers, and the national park north of Rīga is the forest-bathing capital of Europe, according to The Telegraph.

Latvia gained independence from Russia in 1991, and Rīga’s medieval history now means plenty of cobbled streets, narrow alleyways, and hidden courtyards for tourists to peruse. It joined the euro in 2014.

Being Wealthy In Latvia–Latvia’s Average Annual Salary

The average annual salary in Latvia is lower than European averages. According to Euronews, Latvian’s average yearly salary is $14,630 (€13,522), with only Slovakia, Hungary, Croatia, Romania, Bulgaria and Turkey lower. This is against an EU average of $30,529 (€28,217).

The OECD Better Life Index holds the average household net-adjusted disposable income per capita at $19,783 a year, less than the OECD average of $30,490 a year.

The tourist resort of Jurmala on the Baltic Sea has 26km of sandy coastline.

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Being Wealthy In Latvia–Latvia’s Cost Of Living

When taken globally, the cost of living in Latvia is lower than it is in many other countries such as the U.S., the U.K., and France:

Switzerland: $1,659 per month for a single person, not including rent.
France: $1,200 per month for a single person, not including rent.
U.S.: $1,166 per month for a single person, not including rent.
Canada: $1023 per month for a single person, not including rent.
Italy: $905 per month for a single person, not including rent.
Latvia: $874 per month for a single person, not including rent.
Greece: $832 per month for a single person, not including rent.
Malta: $801 per month for a single person, not including rent.
Spain: $731 per month for a single person, not including rent.
Thailand: $650 per month for a single person, not including rent.
Portugal: $592 per month for a single person, not including rent.

The cost of living in Latvia is almost 25% less than in France, and when you factor in rent, it becomes clear that Latvia offers more again for your dollar per square meter. The rent is almost 50% cheaper in Latvia than in France and 77% cheaper in the U.S., when taken as an average. When buying groceries, prices are likely to be almost 70% higher in the U.S. than in Latvia.

Being Wealthy In Latvia–Average Net Worth

The OECD Better Life Index estimates that the average household net financial wealth is $79,245. This is well below the OECD average of $323,960 and includes money or shares held in bank accounts, someone’s primary residence, other real estate, vehicles, valuables, and other non-financial assets. This is the lowest figure of any OECD country.

Being Wealthy In Latvia—Getting A Golden Visa Or A Digital Nomad Visa

Introduced in 2022, Latvia offers a digital nomad visa for freelancers working for an overseas company, for up to two years, earning a minimum monthly income of $3,092 (€2,857).

Applicants must come from an OECD country, meaning one of these 37 countries—some countries in the EU whose citizens wouldn’t need a visa to live and work in Latvia, plus Australia, Canada, Chile, Colombia, Costa Rica, Israel, Japan, Mexico, New Zealand, Norway, South Korea, Turkey, the U.K. and the U.S.

As per Henley & Partners, Latvia’s golden visa program was in the top ten of the most sought-after during 2024, after Greece and Italy and ahead of Malta, Panama, Portugal, Spain, Switzerland, Thailand, and the UAE.

The Latvia Residence by Investment Program is one of the least expensive plans (requiring $54,000 in investment), which grants a five-year residence permit, visa-free Schengen travel, and access to Russia, with no minimum stay required for renewal.

It’s clear then that Latvia is an attractive proposition for people looking to relocate, and what it means to be wealthy in Latvia is also significantly lower than in other European countries and compared to the U.S.

Far more than a budget-friendly visa, Latvia offers a compelling mix of low costs, high quality of life, and scenic tranquillity—proving that wealth isn’t always measured in numbers.

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