Residence Permit Through Real Estate Purchase in Latvia
According to Latvia's Immigration Law, foreign nationals can obtain a residence permit for up to five years through real estate investment. Let's explore the main conditions and requirements of this program.
Main Conditions:
1. Property Value and Location:
- Minimum €250,000 for a single property in Riga, Jurmala, Ikskile, Saulkrasti, and the regions of Adazi, Kekava, Marupe, Olaine, Salaspils, or in the parishes of Garkalne, Ropazi, Saulkrasti, Stopini, or Tinuzi.
- Outside these territories, up to two properties with a total value of at least €250,000 may be purchased.
2. Property Type:
- Must be functionally connected (except for undeveloped land plots)
- Cannot include agricultural or forest land
3. Cadastral Value:
- Minimum €80,000 at the time of purchase for a single property
- Minimum €40,000 for each of two properties outside specified territories
- If cadastral value is lower, market value determined by a certified appraiser must be at least €250,000 (or €125,000 for each of two properties)
4. Additional Payment:
- 5% of the property value must be paid to the state budget when requesting the first residence permit
Additional Requirements:
- No property tax arrears
- Property payment must be made by bank transfer
- Property must be purchased from:
- A legal entity registered in Latvia, EU, EEA, or Switzerland that is a taxpayer in Latvia
- An individual who is a Latvian citizen, non-citizen, EU citizen, or foreigner with a valid residence permit in Latvia
Process of Obtaining Residence Permit:
- Selection and purchase of suitable property
- Property valuation (if necessary)
- Preparation of required documents
- Submission of residence permit application
- Receiving decision and residence permit
- Payment of 5% state fee
Important Notes:
- Residence permit is issued for up to 5 years
- Property ownership must be maintained throughout the validity period of the residence permit
- Possibility of extension when maintaining the grounds
Our law firm provides a full range of services for obtaining a residence permit through real estate investment in Latvia. We will help you:
- Find suitable property
- Conduct legal due diligence
- Organize the purchase transaction
- Prepare all necessary documents for the residence permit
- Represent your interests at the immigration office
Invest in your future in the European Union!