Five main reasons to buy property in Latvia
1. Guaranteed residence permit in the European Union.
The residence permit in Latvia is granted to foreign citizens who have bought property in Latvia. Let’s compare the different conditions in some European countries, who practice of granting a residence permit for the purchase of real estate.
Under the law of this country, the residence permit granted for the purchase of real estate more than 300 thousand euro. There is also a requirement of annual confirmation of status.
Spain issue a residence permits to foreigners, who buy property in the country, worth more than 500 thousand euro. After five years, the owner receives a permanent residence permit, and after 10 years will be able to receive Spanish citizenship.
In October of 2014, the Government of Portugal has adopted a new law under which foreigners can obtain a residence permit on the basis of buying property in Portugal worth 500 thousand euro. To maintain residency, investor have to stay in country out 6 months in a year, after which the investor acquires the status of a tax resident.
Even after the Latvian Parliament has decided to increase a residence permit, through a purchase of real estate to 250,000 euros, it still remains the most minimum in the European Union. The residence permit is issued for 5 years, for the investor and his family, and entitles you to free movement in the Schengen countries. At the same time, there is no strict requirement of constant presence in the country. Having a residence permit in Latvia, you can leave the country for up to three months in half. Residence permit also is allowing to work in Latvia.
2. The absence of the language barrier.
Latvia was part of the Soviet Union and until 1917 was part of the Russian Empire. An overwhelming number of Latvia’s residents speak Russian, and it is in this country the second most common, after the state of the Latvian language. It is a choice for safe residence for the family in the European country, with opportunities for education and communication in Russian. The third most spoken language is English.
3. Beautiful nature and a healthy environment.
Latvia – is one of the greenest and most environmentally friendly countries in Europe. 70 percent of the country is forested. Here is very length sea coast and the mild maritime climate. Relic pine forests and white sand beaches in the country annually attract more than a million tourists. In the very vicinity of the capital, on the shores of the Gulf of Riga, is located the world-famous resort – Jurmala.
4. European culture and mentality.
Latvia is located in the central part of Northern Europe and is bordered by land from Russia, Belarus, Lithuania and Estonia.
Latvia – a country in Northern Europe at the Baltic Sea coast, which is part of the European Union and NATO. Latvia is also a party to the Schengen Agreement. GDP per person is $ 22759 (2015). Latvia has a population of 2 million 201 thousand. Latvian residents enjoy all the benefits of EU citizens. They can move freely within the borders of Europe, to visit other Western countries. Inhabitants of Latvia are protected by laws based on the principles of individual freedom and human rights. The country has a huge number of museums, theaters, concert halls, exhibition halls. Here are constantly conducted popular festivals, organized exhibitions, contests and competitions. Enjoy tradition of recent years have become bright colorful street parties in Riga, Ventspils and other cities.
Also Latvia is a country of sports. Here is very popular ice hockey, tennis, basketball, all kind of winter and sailing sports.
Latvia is rich in a variety of monuments. In Riga, Cesis, Sigulda and Bauska, You can observe monuments of medieval architecture. All are open to the public, and within the country operates a convenient transportation network, which includes roads, railways, sea and air traffic.
5. European education and a common economic space.
In recent years, Latvia became a popular destination where you can get high-quality European education. Diplomas University of Latvia meet all the standards and is recognized in all EU countries. The cost of highest education in Latvia is much cheaper than in the US, UK and other countries.
Latvia is also a convenient destination for business. Due to its favorable geographical position and the major sea ports, the country is becoming a transit hub between East and West. The largest sea ports are in Riga, Liepaja and Ventspils. Since January 2014 the country entered the euro zone, that facilitated transactions between Latvian residents and counterparts from other countries.