ARCO REAL ESTATE

• The most popular locations as to obtaining residence permit on the basis OWNERSHIP of property in Latvia during this period were Riga and Jūrmala

The most popular locations as to obtaining residence permit in Latvia during this period were Riga 

To date, the possibility of purchasing real estate in Latvia is attractive for non-residents not only for purposes of investment of funds, but also often to obtain a residence permit.

Since July 1, 2010, a residence permit for up to 5 years (with possibility of extension) in Latvia on the basis of ownership of property can be obtained by purchasing a property in Riga or Riga District at a price not less than LVL 100,000 (EUR 142,888), but in cities of republican significance – at a price not less than LVL 50,000 (EUR 71,144).

The residence permit in Latvia opens up a whole range of possibilities, such as free entrance to and departure from the country at any time (and, unlike some European countries, there is no limit on the time spent in the country), possibility to work, receive education, use a wide range of medical and public services, issue an invitation to relatives and friends, move freely throughout the Schengen countries, etc.

Latvia is a leader among European countries by the number of Russian-speaking population, for example, 41.1% of the total population in Riga are Russians.

In the period from July 1, 2010 to May 31, 2012, there were filed 1397 applications for residence permit (127 in 2010, 832 in 2011 and 438 in 2012), of which 1111 applications on the basis of ownership of real estate; there were submitted applications by 3306 persons (2626 persons - on the basis of ownership), of whom the residence permit was issued to 3049 persons (including 2403 to whom permits were issued on the basis of ownership of real estate). The total investment value in real estate is 159 123 389 LVL against the total investment value of 205 319 472 LVL.

The most popular locations as to obtaining residence permit on the basis OWNERSHIP of property in Latvia during this period were Riga (555) and Jūrmala (359). Also Babīte (43), Ozolnieki (19), Mārupe (15), Amata (14), Garkalne (11), Saulkrasti (10), Cēsis (9), Carnikova (6), Ādaži (6), Iecava (5) and other places have been popular. The greatest number of applications for residence permit for the same period was obtained from the citizens of Russia (1033), Ukraine (133), Kazakhstan (79), Uzbekistan (34), Belarus (33), China (19) etc.

When buying an apartment with the purpose of obtaining a residence permit in Riga, the most demanded apartments are those located in pre-war apartment buildings in the city centre areas, or in new buildings located in different areas, with apartment area of 60-100 m2; houses with land are not demanded very frequently. Most often, buyers want to purchase a renovated property, preferably furnished.

The most requested budget for investing in real estate and then get a residence permit is 150 000 - 220 000 euros, a little less, but also a very popular price range is the range of 220,000 - 300,000 euros. When purchasing a property within the price range of 300 000 - 600 000 euros, the buyers, for the most part, are buying real estate in shares and are co-investors; often they are family members with adult children.

Since August 6, 2011 the procedure of obtaining residence permits in Latvia is simplified for property buyers. Now, documents for a residence permit can be submitted in Riga – to the Office of Citizenship and Migration Affairs, immediately after the acquisition of real estate.

Obtaining a residence permit in Latvia is a difficult task; any country has its own nuances of legislation, and it is better to entrust this important task to our company - Arco Real Estate. We will provide expert assistance in the acquisition of property, as well as throughout the entire process of obtaining a residence permit in Latvia, and will do everything to ensure positive results.

Detailed information>> Olesja Bogodistaja

09.07.2012.