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.
FAQ about buying and renting real estate and residence permits in Latvia
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 of real estate by non-residents
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).
Can I get a loan to buy real estate?
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).
Conditions for obtaining a residence permit in Latvia through investment in real estate
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
Benefits of obtaining a residence permit in Latvia when buying real estate
- 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.
Can citizens of Russia and Belarus buy real estate in 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.
Taxes and expenses when buying property in Latvia:
- 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
Annual property tax
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.
Real estate value and rental rates
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
Real estate rental/sale income tax
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
Properties in Latvia
Special offers of real estate abroad
- € 2 250 000
- House, For sale
- ID: IT-39-99453
- Italy, Lombardia, Milan
Historic Farmhouse with Private Park in Peschiera Borromeo (Milan, Lombardy)
- € 550 000
- House, For sale
- ID: ME-103-100396
- Montenegro, Budva riviera, Krimovica
Two new villas in Krimovice
- upon request
- Penthouse, For sale
- ID: CY-193-98877
- Cyprus, Limassol, Limassol Coastal road
Luxury residence for sale in Cyprus
- € 2 150 000
- House, For sale
- ID: LV-77877
- Latvia, Jurmala and region, Bulduri
For sale luxury villa near the sea in Jurmala
- € 399 000
- Apartment, For sale
- ID: TH-245-157230
- Thailand, Phuket, Bang Tao
1-Bedroom Luxury Apartment with Private Garden and Jacuzzi near the ocean – 82 sqm of Eco-Friendly and Wellness-Focused Living
- upon request
- Commercial apartment building, For sale
- ID: LV-143885
- Latvia, Riga, Centre
For sale Exclusive Household in the center of Riga
- upon request
- House, For sale
- ID: LV-1529
- Latvia, Jurmala and region, Asari
Feel atmosphere of the Baltic sea resort! Private scandinavian style house for sale in Jurmala.
- upon request
- Apartment, For sale
- ID: OW-OAE-133859
- UAE, Dubai, Business Bay
Beautiful apartment in one of the top buildings by premium developer Select Group called the Edge.
- € 1 950 000
- House, For sale
- ID: LV-163492
- Latvia, Jurmala and region, Majori
Exclusive Villa for Long-Term Rent in Jūrmala, Dzintari