According to The Office of Citizenship and Migration Affairs’ latest data (on 01/01/2018), 4537 persons have residence permit because of real estate in Latvia. More interested in investment are Ukrainians, Russians, Chinese.
Why to invest in Real Estate in Latvia? Let’s compare amount of necessary investment with other other European countries.
As on chart, you have to invest in real estate in Spain or Portugal quite more that in Latvia.
Have a look at requirements to apply for residence permit based on investment.
According to Immigration Law, if a foreigner has purchased real estate in Riga, Jurmala, Adazi, Babite, Baldone, Carnikava, Garkalne, Ikskile, Kekava, Marupe, Olaine, Ropazi, Salaspils, Saulkrasti or Stopini region, and he owns one functionally related real estate (Real estate can not be vacant land) with a value of at least 250 000 euro or more than two administrative properties, each is one functionally connected real estate with total value at least EUR 250 000 and if the following conditions are present at the same time:
a) he has not and never had property tax payment arrears,
b) the total value of the real estate was paid in cash,
c) the real estate is purchased from a legal entity registered in the Republic of Latvia or Member State of the European Union, country of the European Economic Area or the Swiss Confederation who is a taxable person in the Republic of Latvia or from a natural person who is Latvian citizen, non-citizen, citizen of the European Union or a third-country national residing in the Republic of Latvia with a valid residence permit issued by the Republic of Latvia,
d) the cadastral value of estate is not less than EUR 80 000. If the foreigner purchased two real estate outside Riga, Jurmala, Ādaži, Babīte, Baldone, Carnikava, Garkalne, Ikskiles, Kekava, Marupe, Olaine, Ropazi, Salaspils, Saulkrasti or Stopini region,cadastral value of each real estate is not less than € 40,000. If the cadastral value is less, the market value of the immovable property may not be less than 250,000 euros or, if the third-country national purchased two real estate, the market value of each real estate shall not be less than 125,000 euros,
e) upon requesting a first-time temporary residence permit, he pays five percents of the value of the real estate to the state budget,
f) Real estate does not include agricultural land or forest land:
for up to five years.
To sum up, buying Real Estate is not so expensive as it could look like. Don’t forget that Latvia is known as one of the greenest country of the world.
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