If you would like to immigrate to Europe, we recommend you think about Latvia. There are a lot of advantages of living in Latvia: a healthy environment, delicious cuisine, no traffic jams, and no migrants. As well as relatively low prices for living. Let’s take a look at all the benefits of living in Latvia.
Latvia is a member of the European Union
After received a residence permit in Latvia, you will get unlimited access to the European Union, as well as a simplified opportunity to obtain a visa to the USA, Canada, and a number of other countries.
Latvia is part of the Schengen zone – this is one of the main advantages of the country. The capital of Latvia – Riga has good air connections with other European cities (2.5 hours to Paris, Berlin, Barcelona) and a ferry to Stockholm.
Watch also: EU Blue Card: How to get it in 2021?
Doing Business in the Republic of Latvia
The flexible taxation system and the reliability of local banks attract more and more private entrepreneurs from abroad to Latvia, and several government programs to support small businesses allow citizens of the country to quickly and easily open their own businesses. It is not surprising that 65% of the GDP of this small state is provided by the forces of small businesses.
The most popular areas for developing your own business are tourism, beauty, catering, and transportation. Online stores have also been actively developing in recent years.
Watch also:
- Open a Business in Latvia: Get a Residence Permit in 2021
- Latvia: Obtain the EU residence based on work in 2021
Acquisition of real estate in the Republic of Latvia
By 2021, the Latvian economy began to gain momentum, as a result of which property prices began to rise. Therefore, for those who are interested in purchasing housing here, experts recommend looking after it now. For example, a three-room apartment in Riga can be purchased for €330,000 .
The average cost of a two-room apartment in the capital is €100,000. One-room apartments are offered at a price of about €50,000. The average cost of a private house within the city with 6-7 rooms is about €400,000. At the same time, 2-3-room apartments in urban new buildings are in the greatest demand in the housing market. The average price of such housing is €1000-2000 per 1 sq. M.
Learn about: Latvian Residence by purchasing real estate
The price level is one of the lowest in Europe
Prices in Latvia are quite reasonable. On average, the rent for a two-room apartment in the center of Riga is 400 euros (data for 2021). The cost of an apartment is calculated from the total area of the premises itself. For one square meter in the city center, you need to pay in the range of two and a half thousand euros. In residential areas, the price will be relatively lower. For one square meter in a residential area of the city, you need to pay 900 – 980 euros.
High level of education
Nevertheless, graduates of schools in Latvia still have a sufficient level of training to continue their studies in Latvian at universities. There are also several private universities operating in Latvia, where teaching is in English.
Learn more: Higher Education in Latvia: Study in Europe
The banking system of the Republic of Latvia
One of advantages of living in Latvia is liberal financial legislation and economic stability make Latvian banks attractive to a large number of European businessmen. The undoubted plus of opening accounts or issuing loans in them is the strict observance of banking secrets, for the disclosure of which criminal liability is provided. At the same time, Latvian banks provide their clients with European-level services in the widest range of services. It should be noted that in recent years, Latvian banking institutions have been very actively developing systems for remote account management.
The tax system of Latvia
The Latvian tax system is distinguished by a high degree of transparency and low rates, which is appreciated by a lot of foreign entrepreneurs who have decided to open their own businesses in this country. The corporate income tax is 15% and it is one of the lowest rates in the EU. In addition, Latvia has concluded a number of agreements to avoid double taxation. The standard VAT rate is 21%. Capital gains tax for individuals – 15%.
Resorts of Latvia
Half an hour from Riga, and you are in Jurmala – the largest advantages of living in Latvia, and most famous resort in the Baltics. Jurmala is always hospitable and affectionate. Jurmala is famous for its pleasant temperate climate – it is a resort that absolutely does not require acclimatization.
Cozy Latvian resorts are the main reason why many foreigners are interested in purchasing real estate in this Baltic country. The range of offers on the market is quite wide: these are comfortable studio apartments, cottages, and large-sized penthouses. And the quality of home furnishings and well-developed infrastructure make it possible to spend time here pleasantly at any season. Home insurance in Latvia will help to avoid unpleasant situations and unforeseen expenses.
