A long-term residence permit (Schengen Area RP) is available in Latvia with the acquisition of a real property. This type of request is among the most popular ones. Below are a few criteria which a foreign national must meet in order to solicit a Latvian RP with the purchase of RET.
In accordance with the Immigration Law of the Republic of Latvia, a foreign national may request a temporary residence permit for a period of no more than five years if they have acquired, and are in possession of, one developed, functionally linked real property worth no less than EUR 250,000 in Riga, Jūrmala, or the municipality of Ādaži, Babīte, Baldone, Carnikava, Garkalne, Ikšķile, Ķekava, Mārupe, Olaine, Ropaži, Salaspils, Saulkrasti or Stopiņi.
Beyond the aforementioned administrative divisions, no more than two developed, functionally linked real properties (land parcels) are allowed. The total value of the two properties should be no less than EUR 250,000. An undeveloped land parcel does not entitle one to solicit a temporary residence permit in Latvia.
- lack of real estate tax debt
- payment for the land parcel (property) was made in cashless format (bank transfer)
- the property was acquired from a legal entity registered in the Republic of Latvia, a European Union, European Economic Area member-state or the Swiss Confederation; such legal entity should be considered a taxpayer in Latvia in accordance with the applicable regulations of the Republic of Latvia
- the cadastral value of the property at the time of acquisition may not be less than EUR 80,000. If a foreign national acquires two properties beyond Riga, Jūrmala, or the municipality of Ādaži, Babīte, Baldone, Carnikava, Garkalne, Ikšķile, Ķekava, Mārupe, Olaine, Ropaži, Salaspils, Saulkrasti or Stopiņi, the cadastral value of each property at the time of acquisition may not be less than EUR 40,000. Otherwise, the total value of real property as determined by a certified real estate appraiser must be no less than EUR 250,000. If a foreign national is acquiring two properties, the cadastral value of each must be no less than EUR 125,000.
Before applying for an initial residence permit, one must contribute 5% of the value of the real property to the state budget of the Republic of Latvia. Please note that foreign nationals who are property owners may decrease this tax rate to 0.2–0.6%.
Land of agricultural or forestry significance may not constitute part of property granting eligibility for a temporary residence permit.
Upon considering documents submitted for an RP in Latvia, the value recorded in the Land Register is considered. The property owner should verify the recorded value themselves (with or without VAT).