Latvia is the country experiencing the one of the highest growing rates among Baltic states. The demand for real estate has escalated, while the prices for property have increased rapidly, being 11% bigger than in the previous year.
Latvia offers Latvia Golden Visa program to foreigners that choose to invest in the local real estate, by purchasing a property for €250 000. Besides that, there is a state budget contribution of €12 500 or 5% from the value of the transaction.
Benefits of Latvian Golden Visa
- Cheapest Golden Visa among European Countries
- Safe real estate investment that pays off high
- Residency in a member country of the Schengen Area
- Cheap living in comparison with Western Europe
- Family and children of the investor are allowed to receive permanent Latvian residency
- Traveling in all Schengen countries without visa
- No need to live on a permanent basis in Latvia (still one visit a year is required)
Foreigners that choose Latvia to make a real estate investment can buy their new property in the capital city Riga, or in other major city. The lowest prices on property in the EU made Latvia an attractive place for real estate investors from other countries. Now, 70% of the real estate buying contracts are signed with foreign citizens, especially Russians, Chinese and Uzbeks.
In 2016, 1 sq. m of a new property in Riga costed from €1450 to €3800. The investor and his family have the right to apply for Latvian residency (Latvia Golden Visa program) for 5 years. The permit can be then extended. To receive residency permission, the investor must meet a set of requirements. First, the applicant for permanent residency must live 5 years uninterrupted in Latvia. After those 5 years, there is 5 more years the applicant should wait until the applicant becomes a Latvian citizen.
In september 2014, the authorities made the conditions more drastic and increased the costs for obtaining permanent residency. The amendments refer to investors whose properties were registered in Land Register after 1 september, and they are the following:
1. The transaction value should not be lower than €250 000
2. The property must have a cadastral value of not less than €80 000 before the investor purchases it
3. The investor must pay state fee of 5% from the transaction cost
In 2019, more and more foreigners try to obtain permanent Latvian residency, by buying a property. Statistics show that the number of foreign citizens that receive permit reaches 10 000 a year. One of the reasons, foreigners apply for permanent residency in Latvia is because their families invested in real estate in this country. The most popular cities among foreigners to buy a house are Riga and Jurmala.
Would you like to join Latvia Golden Visa Program please feel free to contact our specialists.