Investment in real estate: most suitable option for foreigners
Practically the best option is investment in Latvian real estates. In the case of investment in real estate the provisions differ and foreigner only has to pay real estate tax. In addition, it is not mandatory actually to live in Latvia, so the property might be leased and hence the return of investment is possible.
Foreigners usually choose to receive a residence permit by purchasing a real estate (apartment) in Latvia. Frequently the apartment is bought as a joint purchase, especially in cases of family with over 18 year-old children. Latvian Migration Law provides that spouse and juvenile children (children under 18 years) are entitled to residence permit along with the main investor and they do not have to make any additional investment.
The process of obtaining residence permit is relatively complicated and requires knowledge of local legal and procedural matters. Baltic Legal lawyers are experienced in the field and will provide constructive consultations in order to choose best way of investment, as well as take care of preparing all necessary documents before submitting them into Migration Office of Latvia.
What are conditions to obtain residence permit in Latvia through investments in real estates?
In order to apply for temporal residence permit in Latvia the foreigner can buy a real estate, for example, an apartment in the city, summer dwelling house near by the seaside, house in the country side, etc.
The investment must fulfil following conditions:
- the total amount of transactions must be at least EUR 250,000 and total official cadastral value must be at least EUR 80,000;
- transaction must be realized only through bank transfer;
- the foreigner does not have and has never had real estate tax debts;
- the transaction is concluded after 1st September 2014;
- real estate acquired from a legal person registered in the Republic of Latvia or a natural person who is a Latvian citizen, Latvian non-citizen, citizen of the European Union;
- real estate registered on foreigner in the Land Register of Latvia.
If you are interested in immigration, visit this webpage to find out the necessary documents for application.
If you need guidance on immigration issues or practical opinion on the case, please send us an e-mail (See our contact page). We always appreciate respect and helpful advice, so we will answer you as soon as possible!
Remember, Baltic Legal mission is to assist in the whole process. We can arrange a professional help to find a real estate which suits your needs, as well as prepare the necessary documentation to submit with state authorities. If you are interested in buying an apartment or house in Latvia, probably you would like to arrange a visit first. We will provide the list of necessary documents and information for the invitation request, as well as the place where the client could receive short term visa. In other way, we can act on your behalf under Power of Attorney and settle all formalities without your presence; though on some stages your personal presence will be mandatory.