Besides legal services that are shown in section "Areas of law" and "For legal persons", specially for natural persons we provide these legas services:

Insolvency Proceedings of a Natural Person

As the result of economic crisis, now there is a large number of legal entities and individuals in insolvency or bankrupt situation. We are ready to take responsibility and try and find solution in each individual case in close cooperation with the client who has got into difficulties.

The objective of individuals’ insolvency process is to meet creditors’ claims from debtor’s property to the extent possible and to enable the debtor whose property and incomes are insufficient to cover all liabilities to get free from unfulfilled obligations and to renew his solvency. 

The subject of individual’s insolvency process can be any individual facing financial problems that has been a tax payer of the Republic of Latvia for the last six months. Individual’s insolvency process is not applicable to individual merchants.

Individual’s insolvency process consequently consists from bankrupt procedure and extinguishment of obligations. In scope of bankrupt procedure all debtor’s property is sold and all proceeds are used for the fulfillment of obligations to creditors, except property determined in Civil Process law that cannot be subject of debt collection. In scope of obligations extinguishment procedure certain part of debtor’s incomes are redirected to the fulfillment of obligations to creditors and upon expiration of the term of obligations extinguishment procedure all unfulfilled obligations are extinguished. 

To get free from unfulfilled obligations, the debtor is obliged to pass al procedures: both bankrupt procedure and obligations extinguishment procedure.

INVEX FONDI offers assistance to residence and work permits if the foreigner:

• is owner of a real estate;
• registered Individual Merchant;
• person who has been registered as member of a partnership, who has the right to represent partnership, who is a member of the Board, councilor, head clerk, administrator of insolvency proceedings, liquidator or a person who has the right to represent merchant`s (foreign merchant) affiliate;
• self-employed person;
• service provider;
• is a person, who has an Employment Contract or a Contract for Work-performance;
• involving international agreement or project (to help Latvia) in which Latvia is participating as a member;
• has invested in the equity capital of the capital company;
• has made financial investments in the credit institution of the Republic of Latvia;
• is in relation to scientific research or participation in the implementation of an educational programme;
• is in the contract regarding treatment in an inpatient medical treatment institution;
• wants to create family in Latvia;
• in other cases, that are allowed by Immigration Law in Latvia.

INVEX FONDI provides:

• Advice and assistance in the preparation of the necessary documents and the presentation of a visa, residence permit and work permit.
• Assistance for requesting visas, residence permits and work permits starting from filing the forms until visas, residence permits became available, and later re-registration of the residence permit or re receiving.
• Legal assistance in challenging the administrative decision.

Temporary residence permit for a foreigner is entitled to demand the execution of the various statutory provisions. The most frequently used tools for residence permits for a period not exceeding five years:

• The need to invest in the equity capital, increasing, or establishing a new capital company that is at least:

1. 35 000 euro and it made a capital company, which employs no more than 50 employees whose annual turnover or annual balance sheet total not exceeding EUR 10 million and which during the financial year together state and local government budgets as taxes paid not less than 40 000 euros. Through investment in the equity capital of one, a temporary residence permit may require no more than three foreigners;
2. 150 000 euro and it made a capital company, which employs more than 50 employees and an annual turnover or annual balance sheet of more than EUR 10 million.

• The foreigner has acquired and owning one functionally related built up real estate in the Latvian Republic, of which the value is not less than 250 000 euros, while if the following conditions exist:

1. The foreigner is not and never has been the real estate tax debts,
2. The total value of real estate paid by cashless way
3. The property was acquired from Latvian Republic or in a Member State of the European Union, the European Economic Area or the Swiss Confederation established a legal person who is a taxpayer in the Republic of Latvian tax areas within the meaning of regulatory legislation, or from a natural person who is a Latvian citizen, Latvian a non-EU citizen or a foreigner who resides in the Republic of Latvian Republic with a valid residence permit issued,
4. The real estate cadastral value of the acquisition date shall not be less than EUR 80 000. If the cadastral value is less than specified in this subparagraph, the real value of the property in accordance with the certified real estate appraiser down real estate market value should not be less than 250 000 euros
5. Foreigner requiring first-time residence permit shall be paid to the state budget five percent of the value of real estate,
6. Real estate including non-agricultural land or forest land.

• Foreigner has subordinated liabilities with Latvian credit institutions of not less than 280 000 euros and this credit transaction closed term of not less than five years and requiring first-time residence permit, he shall pay to the state budget 25 000 euro.

The residence permit can be obtained from both investors and their family members - spouses and minor children who are dependent on the investor. After the residence permit expires investor and his or her family members will be able to submit documents for the extension.

INVEX FONDI professional team is ready to provide their customers with advice and other support for a residence permit, as well as help other immigration issues.

Similarly, we can help you buy a property, make investments in the equity capital or subordinated capital of credit institutions, as well as the registration of limited liability companies.