Residence permit in Latvia
One of the ways to obtain a temporary residence permit is real estate purchase in Latvia.
Since July 1st, 2010, foreign nationals having purchased real estate in the Republic of Latvia, may obtain temporary residence permit for a term of 5 years in the Republic of Latvia and thus travel within the Schengen Area.
As of September 1st, 2014, amendments of Immigration Law of the Republic of Latvia came in force stating new criteria of the real estate after purchase of which a foreing investor may apply for a temporary residence permit in the Republic of Latvia.
If foreigner owns real estate what is registered in the Land Register after the 1 September, 2014, he may obtain a temporary residence permit if real estate complies with the new requirements provided by law.
Conditions to receive residence permit in Latvia when buying real estate
* Riga Planning Region as a territory is situated in the central part of Latvia, and megapolis thereof is Riga - the capital of Latvia. The territory of the region includes Riga, Jurmala, as well as former districts of Riga, Tukums, Ogre and Limbazi.
** Daugavpils, Jekabpils, Jelgava, Liepaja, Rezekne, Valmiera, Ventspils.
Real Estate Purchase procedure
BUYER
1. Chooses the property.
BUYER/ SELLER/ NOTARY
2. Sign the real property sales agreement and the request for corroboration for сhange of
ownership; declare sellers spouse agreement for selling the property (in the case it is needed).
BUYER/ NOTARY
3. Accepts buyers and his spouse signs on the request for corroboration.
BUYER/ LAND REGISTER
4. Estate transitional registration in Land register, payment:
- State tax (2% from the purchase cost)
- processing fees 12.85 EUR + 15.71 EUR.
LAND REGISTER
5. Register ownership to a buyers name and issue
Land Register certificate (~14 working days).
IPSO FACTA LLP OFFERS:
- Appropriate real estate
- Assistance in collecting and submitting of the documents required for obtaining of residence permit for Latvia
- Real estate management and maintenance services as well as renting out of the purchased property
- Consultations on capital growth of a particular real estate
- Social consultations – health care system, environment, education system in Latvia and other;
- Property refurbishment and design