Latvia was the jewel of the USSR, attracting soviet citizens with almost European atmosphere, medieval architecture, abundance of goods and incomparable beauty of the seaside resorts of Jurmala. The Union has collapsed, but even today Russians enjoy visiting Latvia and some of them even buy property here.
That’s because "almost Europe" has become the real Europe, and the citizens of Latvia are free to travel to European countries without restrictions. And now russians want to obtain a residence permit in this Baltic republic. Fortunately, it is quite easy to do.
By law non-residents may obtain a residence permit by resorting to one of the three ways to invest. This can be a real estate investment, contribution to Latvian bank or financial support to Latvian business.
The first option is suitable for those who want not only to get a European Multivisa, but settle in Latvia or receive income from rent. By law to obtain a residence permit one needs to purchase real estate for a certain price.
In Riga region and other major cities this amount should not be less than 100 000 lats (almost 143 000 euros). In this case the cadastral value of the object at the time of purchase shall not be less than 30 000 lats (almost 42 000 euros). In smaller towns the object should not cost less than 50 000 lats (almost 70 000 euros), and cadastral value can not be less than 10 000 lats (almost 14 000 euros).
The second option is to contribute to the Bank of Latvia the sum of at least 200 000 lats (approximately 282 000 euros). Investments are made for a period of 5 years without the right to terminate the contract before its expiration. Interest payments on the deposit vary from bank to bank and depend on the situation.
The third option is an investment in Latvian business. In a small business (less than 50 employees and less than 7 million lats annual turnover) it is necessary to invest 36 000 euros. Large enterprise will require an investment of 143 000 euros.
Compared with other countries in which it is possible to obtain a residence permit in exchange for investment, Latvia pleases investors with most reasonable prices. Yet the 70 000 euro is a very nice price for the opportunity to experience all the benefits that the status of the European grants, combined with your own house in one of the quiet and picturesque Latvian towns.
If we talk about what to buy for 143 000 euros in the major cities, we will open an amazing picture. Riga as well as Jurmala resort offers such a great variety of interesting proposals. For that money you can buy a two-room 70 sq.m. apartment in Riga. Or a two-storey four-room 200 sq.m. house in Jurmala.
But in the other major cities as well as in smaller cities in Riga region problems may arise with finding a suitable object. Prices are lower than in capital there, and in some locations for 143 000 euros you can buy almost the whole staircase in apartment building.
In the regions of Latvia there are no such problems. Here for 70 000 euros you can buy a townhouse in the lush region in Cesis area of 175 sq.m. with a large piece of land (2696 sq.m.). For the same money you can buy a 153 sq.m. townhouse in Jelgava region with a piece of land of 1215 sq.m.. You can also buy a 130 sq.m. house in the Engure region with a piece of land of 5000 sq.m..
We can say that today the acquisition of real estate in Latvia is the easiest to be on the other side of the "Schengen fence". And having your own home in the middle between Europe and Russia will be a pleasant place to relax expecting new trips.
Text - Ulitin Ivan ee24.ru