Latvia provides an active program for granting a residence permit in Europe (EU). You can get a Latvian Residence by purchasing real estate easily and fast. This makes Latvia particularly attractive to investors. Latvia has a relatively low chance of obtaining a temporary residence permit, given the acquired rights and opportunities in comparison with other European states.
The conditions of the program
Latvia is one of the few European countries that has a whole set of unique factors that distinguish it from several other European countries. You can obtain a residence permit in Latvia by purchasing one property with a sales value of at least 250,000 euros (or at least 80,000 euros at the cadastral value).
In this case, it is necessary to take into account that if the cadastral value of the acquired object is below 80,000 euros. A certified expert assessment of the acquired property is required, which will confirm its actual market value from 250,000 euros.
The condition for the purchase of one property worth over 250,000 euros applies to real estate with a territorial location in the Riga region and its territorial development plan (Riga, Jurmala, Babite, Marupe, Baltezers, Adazi, Saulkrasti, other districts, and cities).
Moreover, you can purchase two real estate objects for a total amount of at least 250,000 euros, with the value of each object at least 125,000 euros (or at least 40,000 euros of cadastral value), which are located outside the Riga district and its development plan.
At the same time, the rule of the possibility of acquiring two real estate objects does not apply to undeveloped land plots.
Invest in real estate
- The period for getting a Latvian Residentship by purchasing real estate is 5 (five years) with the need for annual confirmation of the issued permit.
- The purchase of a property should be made only by bank transfer.
- The investor should not have debts to the state for the payment of real estate tax.
- Real estate must be purchased from a natural or legal person directly related to the Republic of Latvia, the European Union, the European Economic Area, or the Swiss Confederation, or from a foreigner holding a valid residence permit in Latvia.
- The real estate must not include agricultural land or forest land.
Read also: How to get a residence permit for real estate in Europe: Useful tips for buyers
When choosing this option for investing money – buying real estate in Latvia for a residence permit – it is necessary to take into account the size of the state fee, which must be paid to the state treasury for obtaining a residence permit in the amount of 5% (five percent) of the value of the acquired property.
It is possible to submit documents for a residence permit both through the Latvian embassy in the country at the place of residence of the investor and directly in Riga.
Advantages of Residence of Latvia
Since Latvia is a member of the European Union and is a member of the Schengen Agreement, property owners, investors doing business in Latvia, businessmen, and their employees, as well as their family members, have the opportunity to obtain a long-term Schengen visa for up to 5 years. For foreign investors get a Latvian Residentship by purchasing real estate is a lucrative solution.
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