Residence permit in Latvia
Grounds for a residence permit in Latvia
Residence permit in Latvia can be obtained by purchasing property in Riga, Riga planning region and in all the cities of the Republican significance (Daugavpils, Jelgava, Liepaja, Ventspils, Valmiera, Jekabpils, Rezekne and Jurmala and others) at a price not lower than 250 000 EUR and payment of state fees in the amount of 5% of the value of the property. An applicant for a residence permit must meet the the following requirements:
- There has never been arrears of taxes in Latvia;
- Payment of the total value of the transaction must been held by non-cash payment;
- Property must be acquired from a legal entity registered in the Republic of Latvia, in EU, or the person who is a citizen of Latvia, a citizen of the Europian Union or a foreign national, who is in Latvia with a residence permit;
- The total cadastral value of real estate at the time of purchase must be of at least 80 000 EUR.
If the cadastral value is less than the above, the total value of the property can not be less than the market value of the property established by a certified real estate appraiser.