To buy but not to live. Only 20% of residence permit holders stay in Latvia

To buy but not to live. Only 20% of residence permit holders stay in Latvia

Not more than 10-20% of Latvian temporary residence permit holders (permit) stay to live in the country. Basically foreigners acquire real estate, get a residence permit (and Schengen visa for five years as well) and lease their housing - says varianti.lv citing broadcast television program De facto (Latvia). The others visit Latvia from time to time.

According to local media, foreigners obtaining residence permit with property purchase, in almost 100% of cases lease their housing to the local residents, who are unable to buy own "squares". This mostly happens with small economy class apartments in new buildings in Riga. As an example journalists named the new house at the Akatsiyas Street, where real estate bought by people from Russia, Azerbaijan, Kazakhstan, Finland and China is for rent.

It is expected that soon the Latvian immigration law (one of the points is "residence permit in exchange for the real estate purchase") will be tightened. Price bar for a residence permit will rise from current €143,000 / €71,500 to €250,000. The Seim of Latvia hasn’t yet appointed the amendments discussion date.