Real estate investment visa in Latvia

A long-term residence permit (Schengen Area RP) is available in Latvia with the acquisition of real property, providing a pathway for foreign nationals to obtain residency through investment. This Latvia residence permit through property purchase is among the most popular options for individuals seeking to reside in the European Union. Below are the criteria for obtaining a real estate investment visa in Latvia:

Eligibility Criteria for a Latvia Residence Permit via Real Estate Investment

In accordance with the Immigration Law of the Republic of Latvia, a foreign national may request a temporary residence permit for up to five years if they acquire and possess real estate that meets the following requirements:

• Minimum Investment for Residence Visa in Latvia
  • The property must be worth no less than EUR 250,000 and located in Riga, Jūrmala, or municipalities such as Ādaži, Babīte, Baldone, Carnikava, Garkalne, Ikšķile, Ķekava, Mārupe, Olaine, Ropaži, Salaspils, Saulkrasti, or Stopiņi.
  • Alternatively, beyond these areas, up to two developed and functionally linked properties are permitted, with a total value of no less than EUR 250,000.
• Latvia Real Estate Residency Requirements
  • The cadastral value of the property must be no less than EUR 80,000 within eligible municipalities. For two properties outside these areas, the cadastral value of each must be at least EUR 40,000. If not, the appraised value must total no less than EUR 250,000.
• Additional Financial Requirements
  • A contribution of 5% of the property’s value must be made to the state budget before applying for the initial residence permit. This investment visa cost in Latvia can be reduced to a tax rate of 0.2–0.6% for qualifying foreign nationals.
• Real Estate Visa Eligibility in Latvia
  • The property must be acquired through a cashless transaction (bank transfer) from a legal entity registered in Latvia, the EU, EEA, or Switzerland that is recognized as a taxpayer in Latvia.
  • The property owner must ensure no outstanding real estate tax debt.

Obtaining a Latvia real estate visa offers numerous advantages, including access to the Schengen Area and the opportunity to live, work, or travel within Europe. The Latvia real estate residence program is particularly appealing due to its straightforward process and the relatively affordable property market compared to other EU countries.

Application Process for the Latvia Investment Visa

To apply for a Latvia residence permit for property owners, foreign nationals must:

• Verify the property’s value as recorded in the Land Register.
• Submit all required documentation, including proof of payment and property ownership, to Latvian immigration authorities.
• Comply with Latvian property investment rules, including avoiding properties designated as agricultural or forestry land.

Key Considerations for Investors

• The value of the property (with or without VAT) is determined during the application process.
• A certified real estate appraiser’s assessment may be necessary for properties with cadastral values below thresholds.

By meeting these property investment visa requirements in Latvia, foreign nationals can secure a residence visa in Latvia through real estate in 2024 and beyond. This program continues to attract global investors due to the strategic location, real estate opportunities, and comprehensive benefits offered by the Latvian residency program.