Residence permit in Latvia after real estate purchase
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.
Who can Apply for real-estate residence permit?
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. Residence permit in Latvia is great for, but not limited to:
Investors
Latvia is a perfect place for real-estate investment.
Digital nomads
If applicant has remote job and sufficient and stable income from abroad.
Retirees
This program is an excellent solution for retirees who want to spend their golden years in an resort country.
Advantages of residence permit in Latvia
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.
Large market offers
The range of offers on the market is quite wide: these are well-arranged studio apartments, cottages and large penthouses.
Access to the EU
Foreign nationals holding a residency permit issued Latvia may also stay in other Schengen states.
Safety index
High safety index makes Latvia one of the safest places in the world to live in.
Family Immigration
The applicant may include the spouse, dependent children and parents in their residence permit application.
High level of medical treatment
Latvia is a country with a high level of development of medical services. Local hospitals use a number of unique techniques, medicines, advanced spa treatment.
Transparent tax system
The Latvian tax system is characterized by a high degree of transparency and low rates, which is appreciated by the mass of foreign entrepreneurs.
Requirements for residence permit in Latvia after real estate purchase
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 from the Land Register which confirms your title;
- 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.
- 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.
- Payment must be made in non-cash form. (i.e. bank transfer of funds)
The total cadastral value of the real estate is at least EUR 80 000 at the moment of purchase. If a foreigner has acquired two immovable properties outside of Riga districts, cadastral value of each immovable property at the time of acquisition thereof shall be at least EUR 40 000. If the cadastral value is below the amounts referred to in this sub-clause, the total value of the real estate in accordance with the real estate market value determined by a certified real estate appraisal shall not be below EUR 250 000 or, if a foreigner has acquired two immovable properties – market value of each immovable property may not be less than EUR 125 000.
Required documents
What documents have to be submitted when you wish to apply for a residence permit in the Republic of Latvia:
- application form for residence permit of certain form;
- photo;
- A document confirming the necessary subsistence;
- Document confirming the payment for the real estate by non-cash settlement;
- Documents confirming that the foreigner has no real estate tax debts if he or she owns the real estate for more than one year;
- An opinion of a certified real estate appraiser regarding the conformity of the real estate market value to the value referred to;
- Document confirming the payment of state fee.
- Permission from the “Center for Foreigners and Border Services
Upon the receipt of the first temporary residence permit, the applicant must pay 5 % of the real estate purchase value into the state budget (the bank details are to be given in the decision on granting the temporary residence permit).
Obtain a Latvian Visa with Us!
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).
Buying or Renting real estate
Our lawyers will provide assistance to find accommodations in Latvia and complete the paperwork as soon as possible.
Apply for a residence permit in Latvia
We provide the full support service with a Latvian visa, moreover, we help with the Latvian Foreigners and Borders Service registration.
Obtaining a residence permit
After the approval of the application, we going to assist you with obtain Latvian Residence.