According to the law of immigration amendments which became due on the 1st of July 2010, the foreigners who purchase real estate have the right for a temporal residency acquisition in Latvia.
Until the 1st of September 2014, it had the most attractive conditions for investment, although after the law was accepted the prices for real estates and demands for permanent residency grew up greatly.
What does permanent residency acquisition in case of real estate purchase grant
· It is possible to study, work and open the business in Latvia.
· The right for residency is extended on the closest relatives of the investors – wife/husband and kids till 18 years.
· The children of investors have the right to free medical service and local education. It will be easier to roll into university as there is an official quota for third-country students, but students with permanent residency do not fall under this rule.
· It will be possible to travel around all Schengen countries without the visa and stay in each country for 90 days within half a year.
· A person can send invitations for a Schengen visa for relatives and friends.
· After living in Latvia for over 183 days it is possible to receive European driving license.
· After 5 years, a temporal residency acquisition can be shifted into permanent residency, but it is forbidden to leave the territory of Latvia for a total period of the year within this 5-year term.
· After a ten-year term it is possible to acquire Latvian citizenship bypassing all the necessary tests.
Benefits of permanent residency acquisition in Latvia
· Upon receiving the residency after real estate purchase it is necessary to visit the country once a year to extend the residency, while in other countries you need to stay for half a year.
· The minimum price for real estate for residence receiving is €262.500 and that is cheaper than in Spain or Cyprus where minimal price is €500.000.
· Latvia is one of the rare countries that allows purchasing the dwelling in credit.
· Upon buying the real estate the person receives the right for residency for 5 years.
· The country has got the fastest real estate purchase program and it takes 5 working days to complete the purchase.
Receiving residency upon real estate purchase in Latvia
· The first step is purchasing the real estate at a price that starts with €250.000 regardless of the location.
· It is necessary to pay a special tax of 5% from the object’s price to the government.
· It is impossible to purchase agricultural national land or forest area.
· The object of purchase should be already at the stage of construction or completion.
· The seller of real estate shouldn’t have any debts regarding the payment of real estate tax.
· The purchase act should be conducted with a juridical person that is officially registered in Latvia.
Upon all the procedures are conducted the person can proceed to the official part of forming the papers for receiving the residency.
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