On 8 May Latvian Saeima approved the amendments to the law "On Immigration", and increased the value of property necessary for obtaining a residence permit to €250,000 since 1 September, according to ee24.com citing Latvian and Russian media. Besides buyers will have to pay a 5 percent contribution to the state budget (i.e. at least €12,500), and if we add the services of lawyers and notaries and various duties, the minimum spending may rise to €270,000.
An important detail: it's necessary to purchase only one property worth more than €250,000, so buying five apartments in the province of the total cost of a quarter of a million euros will not be grounds for obtaining a residence permit in Latvia. Nowadays only every fifth applicant for residence permit acquires a property in this price category, while 80% of the foreigners prefer to spend less than €250,000.
Experts say that in addition to the outflow of investors who won't wish to receive expensive Latvian residence permit, there will be a lack of objects matching price parameters. It's almost impossible to find a house or apartment in Latvia cost over €250,000 outside Riga and Jurmala.
Realtors remind that a residence permit by the old rules can be obtained if person registers ownership until 1 September 2014, but in fact, until 29 August, because the last days of summer are Saturday and Sunday.