Real Estate Purchase
Latvia is one of the few EU countries where the buyer of the real estate and family members (husband / wife, children under 18 years of age) can obtain a residence permit for a period of 5 years.
The residence permit can be obtained with the purchase of the real estate worth € 250 000.
The requirement of a minimum investment amount applies to all regions of Latvia. Also there is the need to pay a one-time state duty in the amount of 5 % from the value of the object.
The Latvian program for a residence permit on the basis of real estate investment is very convenient for those candidates who are not going to move: there is no minimum mandatory period of stay in the country. Accordingly, there is no need to become a tax resident and pay taxes.
Advantages of real estate purchase in Latvia
The acquisition of a residence permit on the basis of the purchase of real estate is possible in many european countries which actively attract investors but there are more attractive conditions in Latvia:
- Cost of real estate in Latvia significantly below the European average.
- Simple procedure of registration of all documents.
- Opportunity to use the purchased real estate in Latvia both in personal and commercial purposes (the most common way is renting which is particularly topical in Riga and Jurmala).
Term of preparation of residence permit after selecting of the real property – 1 month.