FAQ about buying and renting real estate and residence permits in Latvia

If you want to move to Europe, but are tired of the frantic rhythms of life in the metropolis, take a closer look at small and cozy Latvia. Latvia is sandy beaches and sunsets by the Baltic Sea, it is the smell of pine trees and walks in the forests, it is a country of endless rivers and lakes.

A non-resident can buy any real estate in Latvia, except for agricultural land. Exception: purchase of agricultural land for a law firm where one of the founders is a resident of Latvia.

Purchase and sale transactions in Latvia are distinguished by transparency and reliability: complete information about the object is in open sources (the cadastral value of the object, information about the owners and encumbrances of the object).

Payment for the transaction occurs through the account of the transaction. Note that non-residents have the opportunity to buy real estate remotely (if the buyer has an electronic signature or a power of attorney issued to his representative / broker in Latvia, which can be issued remotely).

A non-resident cannot get a loan in Latvia. Exception: if a non-resident is associated with Latvia, for example, already has real estate in the country.

Then a loan can be obtained on the security of this property. But you should be prepared for a strict solvency check and bank compliance (internal control by the bank of a potential client for its reliability).

The investor must purchase one residential or commercial property in a major city in Latvia or two properties in a small town or village for an amount of at least 250 thousand euros.

*At the moment, the Latvian residence permit program is closed for citizens of Russia and Belarus

• Relatively low entry threshold: the minimum investment in real estate is 250 thousand euros;
• No obligation to reside in the country;
• Issued to all family members;
• Freedom of movement within the Schengen countries;
• Simplified visa processing for England, Ireland, Canada and the USA.

• It is issued for 5 years with the possibility of renewal every five years. After 10 years, the investor can apply for a permanent residence, and after another 5 years - for Latvian citizenship;
• For non-EU residents: possibility to issue invitations to close relatives for a visa to Latvia.

Yes they can. To pay for real estate in Latvia, foreigners do NOT need to open a bank account in the country.

But given that European banks do not accept payments from Russia, the buyer must have a bank account in another country, for example, in Kazakhstan, Germany, Uzbekistan.

• State duty for registration of property rights - 1.5% of the cost of the object for individuals and 2% - for legal entities;

• Stationery fee EUR 28.46

For land and parts of land:

• 1.5% of its cadastral value.

For an apartment, for a utility room and a parking lot (garage) in an apartment building:

• 0.2% of the cadastral value, if it does not exceed 56,914 euros.
• 0.4% of the cadastral value, if it is within 56,915 euros - 106,715 euros.
• 0.6% of the cadastral value if it exceeds 106,715 euros.
• On average, the amount for a standard apartment (2-4 rooms), including parts of an apartment building and parts of land, is 100-500 euros per year.

For a private house:

• 0.2% of the cadastral value, if it does not exceed 56,914 euros.
• 0.4% of the cadastral value, if the cadastral value of the object is 56,915 euros - 106,715 euros.
• 0.6% of the cadastral value if the cadastral value of the object exceeds EUR 106,715.

For commercial facilities, buildings, houses with the status of "guest house":

• 1.5% of the cadastral value of the property.
• For non-residents - 1.5% of its cadastral value.

Long term rental (minimum 12 months)

• One bedroom apartment in the center of Riga - 800 - 1500 euros
• Three-bedroom apartment in the center of Riga - 1,200 - 5,000 euros
• One bedroom apartment in a residential area of Riga - 500 - 700 euros
• Apartment with three bedrooms in a residential area of Riga - 900-1,500 euros
• 1 bedroom apartment in Jurmala - 700 - 2000 euros
• Two-bedroom apartment in Jurmala - 1,000 - 5,000 euros

Cost per square meter

• Price per square meter of premium properties in the center of Riga - 3,000 - 6,000 euros
• Price per square meter of new buildings in a residential area of Riga - 2,000 - 2,500 euros
• Price per square meter of premium properties in Jurmala - 3,000 - 8,000 euros

When renting out a property, the owner pays income tax of 10% of the monthly rental value

When reselling real estate - 25% of net profit