Latvia Real Estate Investment Requirements:
Purchase of one or several estates in the Republic of Latvia must meet the following requirements.
- Total value of at least EUR 142,300 if the property is situated in the Riga Planning Region or the republic cities. The property must have a total cadastral value of not less than EUR 42,690.
- Total value of at least EUR 71,150 if the real estate is situated outside the Riga Planning Region or the republic cities. The property must have a total cadastral value of not less than EUR 14,230.
Cadastral value is the value that serves as the basis of assessment of property taxes. If the cadastral value is below the values prescribed above, a certified real estate appraiser must be retained in order to confirm that the total value of the property is not below the required total values mentioned above.
Other conditions include:
- The investor must not have and should never have had any real estate tax debts.
- Payment for purchase of real estate must be made through money transfers.
- The seller should be a natural person who is a citizen of Latvia. If the seller is a non-citizen, national of the EU, or a foreigner residing in Latvia, then he or she must possess a valid residence permit.
- If the seller is a legal person, then the entity must be registered in Latvia or in a Member State of the EU, EEA, or the Swiss Confederation. The seller must also be a taxpayer in Latvia.
Latvia Real Estate Investment: Documents Required
- Residence permit application.
- A photograph.
- Proof of subsistence.
- Proof of place of residence in Latvia.
- Proof of purchase of real estate through a money transfer.
- Proof of absence of real estate debts if property has been owned for more than a year.
- Assessment of certified real estate appraiser stating that the market value of the property is not less than the prescribed minimum value. This is required if the cadastral value of the property is less than the prescribed minimum.
- Proof of payment of necessary state duties by the investor.
- Documents related to kinship with spouse, minor child or dependent child. If a child is travelling with only one parent, permission to travel with said parent made by the other parent must also be provided.
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