Residence permit in Latvia, borderless Schengen Area, investing in real estate in Latvia

Residence permit

The borderless Schengen Area consists of 25 European countries, totaling over 400 million people. If a Schengen state, including Latvia, issues a residence permit to a foreign national, the individual may travel freely within the Schengen area for up to 90 days in a 6 month period.

According to the amendments to immigration legislation, which are in effect since July 1, 2010, a foreign investor may get a five-year residence permit in Latvia if he has after July 1, 2010 purchased immovable property there for the sum ranging from 50,000 to 100,000 LVL (from 93,000 USD for rural property to 187,000 USD for city property) or if he invests no less than 25,000 LVL (about 47,000 USD) in the fixed assets of an enterprise registered in Latvia, which will pay to the central or local budget no less than 20,000 LVL (37,000 USD) or if he invests 200,000 LVL in the subordinated capital of a bank. The investor must hold the property to keep the residency card.

Latvia grants citizenship after 10 years of residency, and after passing a Latvian language exam.

By investing your money in real estate in Latvia you will not only get a residence permit, but you will also get an opportunity to earn money from your real estate. You can get profit from managing you real estate and from selling it after five years with big profit, as real estate market is very dynamic here in Latvia and since considerable downfall in 2009 it has had a highest growth speed in the world for the last two years.

Our lawyers represent clients in connection with virtually every aspect of residence permit applications. We will help you to get the right property for you here in Latvia and we will take care of all formalities for you to get your residence permit. As well as we will ensure your property here is well maintained, secured and well managed while you are absent.

* The fees do not include commission for the acquisition of a real estate as it may heavily vary on the type of property, special requirements and conditions imposed by a client.



 

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