Business news: Estonia, Latvia and Lithuania
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Residence permits through real estates May 8th 2014 amendments in law
>> Read Latvian parliament adopted amendments to the Immigration Law in Latvia on May 8th, 2014. The amendments will come into force on September 1, 2014. Changes refer to the minimum thresholds of the property that qualifies for temporary residence permit.
United Kingdom corporate tax rate reduced
>> Read For the past couple of year’s the UK’s government has been reducing the main corporate tax rate and in 2014 the tax rate has almost reached 20%.
Latvia aims to protect Shareholders of LLC companies
>> Read The shareholder interests are protected in Latvia by introducing the mandatory notarial form of the documents regarding transfer of shares in the company.
Foreigners have purchased properties worth LVL 240 million in exchange for temporary residence permits in Latvia
>> Read The report has concluded that the largest amount of foreigners' money has been invested in real estate transactions in the city; however, the level of interest in real estate in Latvia differs between cities. Most of the foreigners' money is invested in Riga – 45 % and Jūrmala – 40 %.
Residence permits in Latvia based on making investments will continue after the accession to the Euro zone
>> Read After the introduction of the euro in Latvia, Latvian temporary residence permits will be eligible obtain also for those third-country nationals who have invested at least 35 500 euros in the share capital of the company.
Western countries invest in Baltic states, because of economic growth
>> Read German companies operating in the Baltic States are more optimistic than a year ago, shows a survey made in 2013 among the members of the German-Baltic Chamber of Commerce in Estonia, Latvia and Lithuania.
Latvia registers the largest increase in new car registrations in Europe
>> Read This January 609 new cars were registered in Latvia compared to 269 new car registrations in January 2010.
Economic Freedom of the World: Latvia, Estonia and Latvia
>> Read The Fraser Institute has collected data of 2009, and compared to the previous year Latvia has dropped five places in the survey Economic Freedom of the World.
Latvia is visited by 30% more tourists
>> Read Foreign visitors in Latvia during the first half of 2011 has reached almost 445 thousands.
Residence permit in Latvia: facts and results
>> Read The opportunity to receive a temporary residence permit in return for investments in the Latvian economy has been used by 4744 foreigners by investing a total of LVL 318.3 million within two and a half years, shows statistics summarised by the Office of Citizenship and Migration Affairs (OCMA).
Latvia is seeking for investors
>> Read Latvian national aircraft company airBaltic seeks for investor. According to Traffic minister A.Ronis, airBaltic has cut all the expenses as possible, the client trusteeship has been renewed and at the moment the company works with profit.
Latvia: Mediation Law draft is prepared and changes to the Civil Procedure Law
>> Read Mediation Law draft is prepared and changes to the Civil Procedure Law - Mediation is structured process of voluntary cooperation where parties through the mediator try to find a constructive solution to the conflict.
Registration of true beneficiaries in Latvia
>> Read Notifications on true beneficiaries must be submitted to a management structure of a company, which is also responsible for their content. The Register of Enterprises in Latvia is not a supervisor ora controller of true beneficiaries.
Creation of working places will be supported up to 12 000 LVL each
Investment and Development Agency of Latvia in cooperation with European Social Fund has announced a call for activity
Support for creation of workplaces.
Latvian Migration Office officers illegally grants residence permits
>> Read Corruption Prevention and Combating Bureau has brought a charge against two officials of the Office and Migration Affairs regarding accepting illegal remuneration from interested persons.
Latvia: National Action Plan is drafting of a new Latvian Immigration Law
>> Read However, the absolute majority of this sum has been invested in the real estate market of Riga and Jūrmala, and much less money is directed towards manufacturing businesses.
Estonia: The legislation may interfere with investments from the United States
>> Read The described situation has resulted in policy generally applied by the banks not to open securities accounts for companies registered in the US. In this context we do not mean professional investment companies, but investors who wish to do business in Estonia.
Estonia: Employment rate increases
>> Read The unemployment rate in Estonia fell to 10.9 per cent in the third quarter, marking a substantial dip from 13.3 per cent in the previous quarter. It is the latest indicator of a drastic turn for the better in the economy.
Latvia: The judgment in the citizenship case
>> Read According to the Public Relations Manager of the Office of Citizenship and Migration Affairs (OCMA), Andrejs Rjabcevs, the decision declared by the Supreme Court on Thursday denying the demandby the Naturalization Board to deprive the Habilitated Doctor of Physics, Uldis Bērziņš, of Latvian citizenship irrespective of the fact that in 2007 he obtained Swedish citizenship is an unprecedented instance.
Estonia's debt burden - the lowest in the Eurozone
>> Read The Cabinet confirmed the Port of Tallinn’s request to reduce the sum of dividends it has to pay into this year's state budget by almost 50 percent.
Latvia: Real estate market and residency permits
>> Read One of the incentives for developing construction and real estate market are residence permits, which can be acquired by foreign citizens by purchasing real estate in Latvia. When non-residents buy real estate, the demand for new building is increased, as well as the need to restore old buildings.
Estonia's debt burden - the lowest in the Eurozone
>> Read Estonia continues to be a country with the lowest state debt in the euro area. In the first quarter of 2012 Estonia's state debt has grown, just like the euro area average, but despite this fact it is still the lowest state debt comparing with other Eurozone countries.
Latvian GDP growth - the largest in the European Union
>> Read The Latvian statistics office 'Centralā statistikas pārvalde' has released the GDP growth data of the first quarter of 2012, showing that the Latvian economy is up 6.9%.
New amendments in commercial law - a company owner, shareholder and other relations in company managment
>> Read Before amendments to the Commercial Law of Latvia, there was a different understanding about the persons who are related with the board or council member or shareholder. Previously the persons, who were in marriage or in kinship with board, council member or a shareholder were considered as affiliated persons.
Perfect place to set up business is Estonia
>> Read Read about how foreign companies are discovering Estonia as a provider of share services functions. So far foreign companies have transferred to Estonia mainly for production jobs because of cheaper prices, but now also white collar jobs are moving to Estonia.
Immigration in Latvia - New amendments
>> Read According to immigration amendments, legal entities inviting officials who are registered in the Commercial Register will have to provide less information in the application for the invitation letter, but those inviters, who will employ natural persons on the basis of an employment agreement, will also have to submit documents acknowledging that such invited foreigners are tax payers.
Residence permits in Latvia
>> Read How real estate market in Latvia is related to residence permits and how to obtain one; what have to be ensured before accuiring residency permit in Latvia.
Investment in Estonia's renewable energy sector it is a plan by European bank
>> Read Investment in Estonia's renewable energy sector it is a plan by European bank. Plan itself is to build up two wind generator parks to enhance the need for renewable energy in Estonia.
Latvian – Lithuanian Cross Border Programme at promoting development of the region
>> Read The Public Relations Specialist, Laura Melne informs that so far EUR 43 million (LVL 30.2 million) have been assigned through three calls for proposals within the framework of the Latvia–Lithuania Cross Border Cooperation Programme co-financed by the European Union (EU).
Foreigners have invested millions in Latvian real estate
>> Read The activity of foreigners was mostly captured by apartments in Riga and Jūrmala, where they have purchased accordingly 325 and 225 properties. The statistics collected by the Office of Citizenship and Migration Affairs (OCMA) present that foreigners have invested LVL 95.8 million in real estate of Latvia.
Kaliningrad citizens to move visa-free in Lithuania and Poland within 50 km area
>> Read Kaliningrad is situated between Poland and Lithuania, being an enclave of Russian Federation, which is not EU country. Citizens of Kaliningrad are forced to obtain visa to leave their area that negatively affect economic development.