Non-residents purchasing a real estate

on Thursday, 09 October 2014. Posted in Useful Information

Non-residents purchasing a real estate with INVEST RIGA

Non-residents purchasing a real estate

Latvian legislation prescribes opportunities for non-residents buying a real estate here and receiving several advantages. The purchaser of the real estate can get additional opportunities not only in Latvia but also in whole European Union.

What are purchasers of real estate in Latvia like?

Latvia real estate buyers Since the changes in legislation in 2010 there is a number of investors increased in Latvia including investors investing in real estates because there is an opportunity to receive a residence permit in Latvia (in European Union) by purchasing a property. At the present moment legislation provides easy and safe life and work in European Union for everyone who had problems before because they were USSR citizens. According to the last estimates residence permits in Latvia were requested from:

  • citizens of Russian Federation (5566 persons)
  • citizens of Ukraine (733)
  • Kazakhstan (411)
  • Uzbekistan (202)
  • Belarus (159)
  • Azerbaijan (76)
  • Kirgizstan (34)
  • Georgia (18)
  • Turkmenistan (14)

Amounts invested in Latvia by non-residents by purchasing a real estate receiving a residence permit for the time period from July of 2013 till the November of 2013 make out 1 million EUR. In Latvia properties were purchased not only by Latvian citizens but also USA, Israel, European Union countries and China which number is increasing rapidly.

What kind of estates can be purchased by non-residents?

Foreign citizens can purchase estates of all types in Latvia, which are provided for living: houses, apartments, land that is provided for building a house. Non-residents must receive a permit from municipality that is formal in nature to buy an estate. It is easy. Also, commercial properties are included: hotels, stores, restaurants etc. When buying an estate, it must be examined to get to know about location of territory layout region because for example it is not allowed to build a factory on farming land.

What kind of estates non-residents cannot purchase?

Non-residents have no rights to purchase a forest land, farming land, lake or land at the borderland.

What rights does purchased real estate give to non-residents in Latvia?

INVEST RIGA customer has a chance to lay claim to receiving a residence permit by purchasing a real estate in Latvia if several criteria are considered. The rights to claim to the residence permit receive are received by investor together with his/her family (under aged children and spouse).

What kind of opportunities are received by a residence permit in Latvia?

Residence permit gives an opportunity to travel through all countries of Schengen area. It is also possible to receive a work permit as well as send invitations for getting a visa to the relatives of the customer.

What kind of duties does purchased estate has in Latvia?

The estate must be maintained in a condition that does not threaten Latvian citizens. Customer must take into account the real estate tax, services and other payments. Not implementing these payments can bring to problems prolonging the residence permit. If the property is in bad condition and it is obviously not used for living, special commission can observe the fact by survey and on its basis forbid opportunities provided by residence permit in Latvia.

Who can receive the residence permit in Latvia?

Only investor's family can receive such permit. It is not provided for other relatives. You as a INVEST RIGA customer will be able to send invitation for receiving visas to your relatives.

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