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Residency permits via investment in a real property

A foreigner may apply for a temporary residence permit (TRP) for a period not longer than 5 years based on investment in a real estate
(with buildings, not land only) in the Republic of Latvia (Latvia). TRP for the same period and based on the 2 investment of the main applicant may be requested for a spouse and children (age younger than 18).

Requirements:

one functionally related real estate with buildings with the total value of at least EUR 250 000 (located in capital Riga or Jurmala, or in Adazi, Babite, Baldone, Carnikava, Garkalne, Ikskile, Kekava, Marupe, Olaine, Ropazi, Salaspils or Stopini municipalities) or two real estates with the total value of EUR 250 000 outside the aforementioned territories (each of the real estates must be functionally related);

  • a foreigner has no real estate tax debts and has never had such debts;
  • the payment of the total real estate value has been made by non-cash settlement (wire transfer);
  • the real estate has been purchased from a legal entity registered in Latvia or a Member State of the European Union, any country of the European Economic Area or the Swiss Confederation and the legal entity is a taxpayer in Latvia within the meaning of the tax laws of Latvia; or the real estate has been purchased from a natural person who is a citizen of Latvia, a non-citizen of Latvia, a citizen of the European Union or a foreigner who is residing in Latvia on the basis of a valid residence permit;
  • the total cadastral value of the real estate is at least EUR 80 000 at the moment of purchase (in case of two properties – at least
    EUR 40 000 for each property). If the cadastral value is below the amounts referred to above, the total value of the real estate in accordance with the real estate market value determined by a certified real estate appraisal shall not be below EUR 250 000 (in case of two properties – at least EUR 125 000 for each property);
  • upon applying for a TRP for the first time on the basis of such investment, the foreigner must pay 5% of the real estate purchase value into the state budget (the amount shall not be paid for application of a spouse and/or children);
  • the real estate must not comprise agricultural land or wooded land.

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