Latvia is the fastest growing among the Baltic States. The demand for real estate has soared recently with property prices recorded the highest growth in the EU exceeding 11% compared to previous year.
Latvia offers golden visa (permanent residency) to foreigner investors on the basis of acquisition of real estate for EUR 250,000. There is a 5% additional state fee EUR 12,500 paid to the Government
- Cheapest golden visa in Europe
- Profitable real estate investment in Europe
- Residency in EU schengen country
- Low cost of living
- Visa free movement in Schengen.
- Family and children qualify for latvian residency
- No requirement to live permanently in Latvia (visit once a year)
Investors can buy a property (apartment, luxury home) in Riga, Jurmala or major cities. With Latvia considered to have one of the lowest house prices in Europe, foreigners now account for 70% of all property transactions mainly from Russians, Chinese, Ukrainians and Uzbeks.
The property prices of new apartments in Riga capital are priced from €1,450 to €3,800 per sq. m. in 2016.
Investor and family qualify for 5 year residence permit issued by Latvia which can be extended thereafter. There are residency requirements. Permanent residency is possible after living 5 years uninterrupted in Latvia, which then leads to Latvian citizenship after another 5 years, speaking Latvian language and fully integrating to latvian culture.
In September 2014, Immigration Law amendments increased the threshold for obtaining a residence permit and introduced other conditions and costs, if a foreigner’s real estate was registered in the Land Register after September 1, 2014:
- Minimum transaction value of real estate located anywhere in Latvia must be €250,000.
- The total cadastral value of the property at the time of acquisition should be at least €80,000.
- Payment of a state budget contribution worth 5% of the real estate’s transaction value.
TAX The standard rate of tax for a corporation in 2013 is 15%.
In 2017 foreigners were mostly interested in the possibility to receive a residence permit by purchasing real estate (apartment) in Latvia. According to latest statistics over 10,000 foreigners receive residence permits for buying property in Latvia every year.
Foreigners requested a residence permit based on the fact that they themselves or their family members had purchased real estate in Latvia.Foreigners showed the greatest interest in apartments located in Riga and Jūrmala.
Foreigners also choose cities nearby Riga such as Babīte, Mārupe, Garkalne, Carnikava, Saulkrasti. Ādaži, the other cities outside Riga planning regions are: Ozolnieki, Amata, Cēsis, Iecava, Madona, etc. to buy a property.