Purchase of one or several estates in Republic of Latvia meeting the following requirements.
- Real estate with total value of at least EUR 142,300 if it is situated in Riga Planning Region or the republic cities. The property must have a total cadastral value of not less than EUR 42,690.
- Real estate with total value of at least EUR 71,150 if it is situated outside Riga Planning Region or the republic cities. The property must have a total cadastral value of not less than EUR 14,230.
Cadastral value is the value that serves as the basis of assessment of property taxes. If the cadastral value is below the prescribed value, then the market value of the estate, as assessed by a certified real estate appraiser, should not below the prescribed norms
Other conditions include:
- The investor does not have and should never have had any real estate tax debts.
- Payment for purchase of real estate has been made through money transfers.
- The seller should be a natural person who is citizen of Latvia. If the seller is a non-citizen, national of the EU, or a foreigner residing in Latvia, then he or she must possess a valid residence permit.
- If the seller is a legal person, then the entity must be registered in Latvia or in a Member State of the EU, EEA, or the Swiss Confederation. Such seller must be a tax payer in Latvia.
Latvia Real Estate Investment: Documents Required
- 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 with proof of approval granted by parent if he or she is not traveling with the child, if required.
