Investment in real estate: most suitable option for foreigners
in Off Topic
• | 25 Beiträge
Practically the best option is investing in Latvian real estate. When investing in real estate, other regulations apply and foreigners only have to pay property tax. In addition, it is not mandatory to actually live in Latvia, so the property may be rented out and thus the return on the investment is possible.
Foreigners usually choose to obtain a residence permit by buying a property (apartment) in Latvia. The apartment is often bought as a buy-in, especially for families with children over the age of 18. The Latvian Migration Law provides that spouses and adolescent children (children under 18 years old) are entitled to a residence permit together with the main investor and do not need to make additional investments.
The process of obtaining a residence permit is relatively complicated and requires knowledge of local legal and procedural issues. Baltic Legal lawyers are experienced in this field and offer constructive advice to choose the best type of investment and take care of preparing all the necessary documents before submitting them to the Migration Office of Latvia.
What are conditions to obtain residence permit in Latvia through investments in real estates? In order to apply for temporal residence permit in Latvia the foreigner can buy a real estate, for example, an apartment in the city, summer dwelling house near by the seaside, house in the country side, etc.
The investment must fulfil following conditions:appartments in Latvia
the total amount of transactions must be at least EUR 250,000 and total official cadastral value must be at least EUR 80,000; transaction must be realized only through bank transfer; the foreigner does not have and has never had real estate tax debts; the transaction is concluded after 1st September 2014; real estate acquired from a legal person registered in the Republic of Latvia or a natural person who is a Latvian citizen, Latvian non-citizen, citizen of the European Union; real estate registered on foreigner in the Land Register of Latvia.