Why Invest?

Latvia has shown one of the highest economic growth rates in the EU.

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Market Report

We forecast that the property prices will increase more in near future and there will also be demand on rental property market.

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Economic Overview

Since year 2000 Latvia has had one of the highest GDP growth rates in Europe. In 2004, annual GDP growth was 8.5% and inflation was 6.2%. Unemployment was 8.5% almost unchanged compared to the previous two years. Privatisation is mostly completed, except for some of the large state-owned utilities.

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Visa/Residency Issues

Passport with minimum validity of 3 months required.  Visa not required for a stay of up to 90 days.  For longer stays, visa requires 1 application form (minors’ application forms must be signed by one parent).  Written consent of the parent/guardian having custody of the child must be included.  To work, study, or live in Latvia a temporary work permit must be obtained.  A residence permit must be requested through the embassy.

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Getting to Latvia

An approximate flight time to Riga from London is 2 hours and 10 minutes. To Riga International Airport, you can arrive from various European (London, Munich, Barcelona, etc) and Middle Eastern (Tel Aviv) cities as well as New York City.

Fees & Taxes

• There is no capital gains tax on properties that have been privately owned for more than a year. If owned for less than a year the capital gains tax is 25%.
• Income tax on collected rent is 25%

Latvia

Basic Information

Latvia Overview

Latvia, officially the Republic of Latvia, is a country in Northern Europe. Latvia shares land borders with two fellow Baltic states Estonia to the north and Lithuania to the south and both Russia and Belarus to the east. In the west, Latvia shares a maritime border with Sweden. The capital of Latvia is Riga. Latvia has been a member state of the European Union since May 1, 2004.

Average Property Prices

Buying Process

• The buyer should request from the seller or from the Land Registry an updated extract from the relevant folio of the Land Registry, which allows the buyer to verify the title of the seller and the legal rights attached to the real estate.

• The seller should request a cadastral value statement of the real estate. Such statement is issued by the State Land Service. Parties must also obtain from State Land Service a certificate confirming connection of the building with the land plot.
• The seller and the buyer shall notarise the copies of their registration certificate, articles of association and VAT registration certificates. The seller and the buyer shall obtain an official statement from the Company Register of Latvia certifying the persons that are entitled to sign on behalf of the company.
• The seller shall obtain from the local municipality a confirmation on payment of real estate tax for the property.
• A real estate sales agreement is signed by the parties. The purchase agreement can be prepared by the parties, by a lawyer or by a public notary. In the last two cases, the documentation obtained in procedures 2-4 should be presented to the lawyer/notary that will take between 3 and 10 days on average to prepare the sales agreement.
• As a final note, foreign nationals (and Latvian citizens as well) need to remember that there is a value added tax attached to, and associated with the sale of real estate in Latvia.