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In Latvia, dual citizenship is permitted only with the EU and NATO member states. Dual citizenship with other countries is allowed only to descendants of exiles/deported, descendants of Latvians (again, not for all) and persons, who have obtained Latvian citizenship for special merits. In all other cases, dual citizenship with "unauthorized" country is prohibited and entail deprivation of citizenship of Latvia. A person deprived of citizenship, if it was not able to appeal the decision in court, further can restore the citizenship of Latvia only through naturalization.
Happy Latvian national festival Ligo! We wish you good luck, health and love!
Love is to the heart what the summer is to the farmer’s year – it brings to harvest all the loveliest flowers of the soul.
Summer is a perfect time for travelling, and many parents are eager to please their children with a trip abroad. Accordingly, parents are wondering what documents are necessary for the child when travelling abroad. Of course, we all know that a passport is necessary as it is the most important document, however, there rises another question – is a power of attorney needed and what kind exactly – this causes a lot of doubts among parents.
Taking into account the continued relevance of the topic and a number of changes in the legislation we would like once again to discuss the responsibility of members of the board.
The responsibility of members of the board before the company begins from the moment of their election to the position, i.e. after the relevant decision of the shareholders has been made and a written consent of the member of the board to accept the position has been given. Accordingly, the liability ends the moment when the member of the board is removed from the position by the decision of the participants or their resignation from the position.
The Law of the Republic of Latvia on Commercial Pledge was adopted in 1998. The commercial pledge provides an opportunity to pledge the movable property – capital shares, vehicles, trademarks, equipment and other registered property – without transferring it into the possession of the pledge holder, but registering a lien in the appropriate register. Business owners use commercial pledge to receive loans for the development of their companies.
In the end of December 2014 State Revenue Service (SRS) of Latvia has published an information for foreigners with valid residence permits in Latvia asking to report the property in their possession and to state the amount of cash on hand as of midnight on 31 December 2014, as well as to check their suitability with criteria mentioned in “The Law on Declaring Assets and Unreported Income of Natural Persons” Section 3.
There are goals in life which seem unattainable since most of the people would not even try to do anything because of the complexity of the requirements. One of such challenges is obtaining of the license for the electronic money institution in Latvia. Those willing to obtain the said license must meet very strict requirements set by the legislation of Latvia and regulations of the European Union, as well as by the responsible authority, and namely – the Financial and Capital Market Commission. One must put a lot of effort and hard work in order to meet all these requirements. And yet, this November, owing to the joint efforts of our staff and having performed a considerable number of specific requirements set by the Latvian legislation the Financial and Capital Market Commission has decided to grant our client a license for the electronic money institution.
After more than 10 years of discussions the Saeima has adopted the law popularly known as nil return. The much-anticipated regulatory enactment adopted December 1, 2011 by the Saeima is the law “On the declaration of property status of individuals and undeclared income”. Upon careful review of the said document we decided to seek advice on the main provisions of the new law from Aleksandrs Lenkovskis, lawyer of INLAT PLUS, and tax consultant Dmitrijs Serebrjakovs.
On Sunday, July 3 Law office INLAT PLUS took part in the celebration of the U.S. Independence Day.
of May 2011 law office INLAT PLUS took part in the conference organized by Latvian-British Chamber of Commerce.