Property Investment in Latvia

Buying Property in Latvia and Getting Residency

Latvia is a country that provides different facilities for those seeking a residence permit. You can get a residence permit by purchasing real estate with certain conditions. Also known as the golden visa, this situation will allow you to have very important advantages. Since Latvia is an EU country, it can be said that you can have all the advantages provided by the EU.

What are the other situations where you can get a residence permit except buying a real estate in Latvia? How to acquire citizenship? All the details are in our article.

 

Property Investment

Investing in property in Latvia is one of the easiest ways to get a residence permit. However, it should not be forgotten that the property to be purchased must meet some conditions. The value of a single investment in Riga and Jurmala, which are considered as the developed regions of the country, should be at least €250,000 Similarly, there is a condition that the value of 2 properties within the borders of Baldone, Carnikava, Garkalne, Adazi, Babite, Ikskile, Marupe, Olaine, Kekava, Ropazi, Salaspils, and Stopini should be €250,000 Euros. It should be known that only land is not accepted as property. Other issues to be considered after fulfilling these conditions are as follows:

  • The cadastral value of the property at the time of purchase should not be less than 80,000 Euros. In the cities of Baldone, Carnikava, Garkalne, Adazi, Babite, Ikskile, Marupe, Olaine, Kekava, Ropazi, Salaspils, and Stopini outside the capital city of Riga and Jurmala, the cadastral value of the property must be at least 40,000 Euros. The value of a single property should be 250.000 Euros, if two properties are to be purchased, the value of each of them should be at least 125.000 Euros.
  • The properties should not be agricultural or forestry lands
  • There shouldn’t be any tax liability related to the property
  • Payment of the properties should be made using methods other than cash
  • When a residence permit is requested for the first time, 5% of the value of the property is deposited in the state budget.

In case the above conditions are met, the person who bought the property is given a residence permit for 5 years.

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Other Situations You Can Get a Residence Permit

Apart from buying a property, it is possible to get a residence in Latvia if different conditions are met. These can be listed as follows:

  • Activities in the religious field
  • Having an EU blue card
  • Attainment of the secondary education department in the Latvian language
  • Patient treatments
  • Family reunification (permanent residence of Latvian citizens with their non-Latvian children and spouses)
  • Attainment of an accredited program in an accredited educational institution
  • Employment

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Required Conditions for Acquiring Latvian Citizenship

Those who are interested in the residence permit in Latvia also show interest in Latvian citizenship. Latvian citizenship has many different advantages. The major one is EU citizenship. So, what are the conditions for acquiring Latvian citizenship? Details regarding the answer to this question are as follows:

How to Get Latvian Citizenship

  • Residing in Latvia for at least 5 years
  • Being over the age of 15
  • Having an official income
  • Being able to speak Latvian
  • Knowing the Latvian Constitution, its basic principles, culture, and national anthem text
  • Submitting documents stating that they have left their former citizenship or have an immigration permit.

Those who meet these conditions may be Latvian citizens. Children under the age of 15 will automatically acquire Latvian citizenship when their families acquire citizenship. They are not required to meet any extra conditions.

 

CONCLUSION

This is the general information about getting a residence permit in Latvia and acquiring Latvian citizenship. It should be noted that these conditions can be changed by the Latvian government.

Contact Us to Complete the Process Much Faster and Easier by Applying to our Consultancy about Buying a Property in Latvia.

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