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 the conditions for obtaining a residence permit in Latvia through investing in real estate?
In order to apply for a temporary residence permit in Latvia, the foreigner can buy real estate, for example, an apartment in the city, a summer house near the sea, a house in the country, etc.

The investment must meet the following conditions:Apartments in Latvia

the total amount of transactions must be at least EUR 250,000 and the official cadastral value must be at least EUR 80,000;
Transaction must be realized only by bank transfer;
the foreigner has and has never had property tax debts;
the transaction will close after September 1, 2014;
Real estate acquired by a legal entity registered in the Republic of Latvia or an individual who is a citizen of Latvia, a non-citizen of Latvia or a citizen of the European Union;
Real estate registered to foreigners in the land register of Latvia.
If you are interested in immigration, visit this website to find the required documents to apply.

If you need advice on immigration issues or a practical opinion on the case, please email us (see our contact page). We always appreciate respect and helpful advice, so we will reply to you as soon as possible!

Remember that Baltic Legal's role is to support the whole process. We can arrange professional help to find a property that suits your needs as well as prepare the necessary paperwork for submission to the state authorities. If you are interested in buying an apartment or house in Latvia, you will probably want to arrange a viewing first. We provide the list of required documents and information for the invitation application and the place where the customer can get a short term visa. Alternatively, we can act on your behalf under a power of attorney and complete all the formalities without your presence; However, your personal presence is mandatory on some stages.