Residence permit in Latvia based on real estate

One of the most popular methods based on investment to obtain a Latvian residence permit is obtaining a residence permit based on the purchase of the real estate. According to statistics provided by the Office of Citizenship and Migration Affairs, in 2012 alone 2,435 foreigners applied for a residence permit based on the acquisition of real estate in Latvia, and in 2013 - 3,085 foreigners.

Of the types of investment eligible for a residence permit, real estate investment provides the best liquidity and security, while also being the most efficient way to obtain approval from the Office of Citizenship and Migration Affairs with the highest level of approval.

To obtain a residence permit for 5 years in Latvia, with the possibility of a later extension, some legal obligations have to be fulfilled:

• The property must be bought after 01.09.2014 and at the time of filing the request for a residence permit you must possess the certificate from the Land Register which confirms your title;
• The total price of the purchase must not be less than EUR 250 000;
• The purchase contract and the Land Register certificate must be completed in the name of the person requesting the residence permit;
• The cadastral value (Like a property tax valuation in the US) of the property must be higher than EUR 80 000;
• Payment must be made in non-cash form. (i.e. bank transfer of funds);
• Immigration law states that property should have been bought from a legal person or natural person registered in the republic of Latvia, who is citizen of Latvia, a non-citizen of Latvia, a citizen of the European Union or other immigrant, who is staying in the Republic of Latvia with a valid residence permit, if a foreigner has purchased the real estate from a person who is not in above mentioned list - Most probably the request for a residence permit will denied;
• The purchaser has to pay from his/her funds - that is not to say that a loan or financial assistance cannot be obtained from another person or institution, but such funds would need to be in the buyers's account prior to the purchase, such that payment for the property comes direct from with individual from funds available to him/her;
• All relevant real estate taxes must be settled;