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:
Latvia is a perfect place for real-estate investment.
If applicant has remote job and sufficient and stable income from abroad.
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.
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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 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.
What documents have to be submitted when you wish to apply for a residence permit in the Republic of Latvia:
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).