Real Estate Investment

You may invest in a Latvian property at least 250,000 EUR and pay the government fee. In return, you receive a residence permit in Latvia. You should keep your property as long as you want a residence permit. The Latvian real estate market is stable and prospering; prices are steadily increasing.

Benefits

  • Latvia’s property market remains very strong; prices are steadily increasing.
  • In August 2018 apartment prices in Riga increased to the average price of 1,240 EUR/sqm. Over the past 12 months, the average apartment price has increased 3.6%.
  • In Kauguri, a popular residential area in the western part of Jurmala, the average apartment price rose by 9.1% in the last year.

Investment

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.

Cadastral value is the value that serves as the basis of assessment of property taxes. If the cadastral value is below the values prescribed above, a certified real estate appraiser must be retained in order to confirm that the total value of the property is not below the required total values mentioned above.

Other conditions

  • The investor must not have and should never have had any real estate tax debts.
  • Payment for purchase of real estate must be made through money transfers.

Main Applicant

  • Be over 18 years of age.
  • Have enough money on your bank proving necessary subsistence for a year.
  • Have a clear criminal record.

Spouse

  • Should be married to you.
  • Have a clear criminal record.

Children

  • Should be under the age of 18 years at the time of application.
  • Children can keep the residence permit as long as they are not married and can prove that they live together with the parents.
  • Children older than 14 (but less than 18) years of age should have a clear criminal record.

Other Relatives

  • Once you have received your residence permit, you can invite your relatives for visa purposes, up to and including second-degree relatives.

Required Documents

  • Residence permit application.
  • A photograph.
  • Proof of subsistence.
  • Proof of place of residence in Latvia.
  • Proof of purchase of real estate through a money transfer.
  • Proof of absence of real estate debts if property has been owned for more than a year.
  • Assessment of certified real estate appraiser stating that the market value of the property is not less than the prescribed minimum value. This is required if the cadastral value of the property is less than the prescribed minimum.
  • Proof of payment of necessary state duties by the investor.
  • Documents related to kinship with spouse, minor child or dependent child. If a child is travelling with only one parent, permission to travel with said parent made by the other parent must also be provided.
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About the Latvia Real Estate Investment Golden Visa Program