Residence permit in Latvia based on real estate
Acquisition of a residence permit based on the purchase of real estate (immovable property) is one of the most popular investment-based methods for obtaining a Latvian residence permit. According to statistics provided by the Office of Citizenship and Migration Affairs, during the year 2012 alone 2,435 foreigners requested a residence permit based on purchase of the real estate in Latvia and 3085 foreigners in 2013.
Of the types of investment which qualify for a residence permit, Real estate investment provides possibly the best liquidity and security while also (statistically) being the most effective way to get approval from the Office of Citizenship and Migration Affairs - having the highest approval rate.
In order to receive a residence permit in Latvia for 5 years, with an opportunity to extend this term later, there are several requirements that have to be met according to the law:
- The property must be purchased after 01.09.2014 and at the moment of filing the request for a residence permit you must possess the certificate fron the Land Register which confirms your title;
- The total price of the purchase must not be less than EUR 250 000;
- The purchase contract and the Land Register certificate must be completed in the name of the person requesting the residence permit;
- The cadastral value (Like a property tax valuation in the US) of the property must be higher than EUR 80 000.
- Payment must be made in non-cash form. (i.e. bank transfer of funds)
- Immigration law states that real estate should have been purchased from a legal person or natural person registered in the republic of Latvia, who is citizen of Latvia, a non-citizen of Latvia, a citizen of the European Union or other foreigner, who is staying in the Republic of Latvia with a valid residence permit, if a foreigner has purchased the real estate from a person who is not in above mentioned list - Most probably the application for a residence permit will denied.
- The purchaser has to pay from his/her personal funds - that is not to say that a loan or financial assistance cannot be obtained from another person or institution, but such funds would need to be in the purchaser's personal account prior to the purchase, such that payment for the property comes directly from with individual from funds available to him/her.
- All applicable real estate taxes must be settled.
Our company provides full legal support throughout the whole process. We can help you find real estate that fits your requirements and arrange everything for the purchase. We can also then help you collect and prepare all the documents required in order to make sure that your residence permit application is successful. We can also assist you in making non-cash payments (Bank transfers). If you still have any doubts or questions – we provide legal consultations, so simply get in touch, and we can answer all your questions regarding the residence permit and purchase of real estate in Latvia.
Our lawyers have provided assistance to clients from all over the world, including Russia, Belarus, Ukraine, Uzbekistan, Syria, Iran , etc. Our vast experience will help you find the best solution!