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Residence permit when buying a property.

Residence permit when buying a property.
From September 1, 2014, new amendments to the Immigration Law came into effect, which allow obtaining a residence permit in Latvia for foreign citizens if they acquire real estate in Latvia.
Documents required for obtaining a residence permit in Latvia.
The amount of investment is calculated according to the total invested amount, so it is not necessary to invest only in one property. The total invested amount can be collected from several transactions made with real estate in Latvia.
Important information on obtaining a residence permit in Latvia.
An important condition is that the payment of the transaction with real estate must be non-cash, in the form of a bank transfer, in order to obtain a residence permit in Latvia when buying real estate in Latvia. A residence permit in Latvia (European Union) for up to 5 years can be obtained by those investors who have made deposits in Latvia after June 1, 2010. This permission does not apply to investments made earlier than the specified period. In June 2011, amendments were made to the law on immigration, which stipulate that it is possible to obtain a residence permit in Latvia if the property is purchased from a citizen of the Latvian state, a citizen of the European Union or a citizen of another country that already has a residence permit in Latvia. These amendments were introduced after the discovery of multiple fictitious transactions in order to obtain a residence permit in Latvia. The ability to apply and obtain a residence permit is for all foreign applicants, not taking into account the basic citizenship.
To obtain a residence permit in Latvia, the most long-term, profitable and convenient way is to purchase real estate in Latvia, which is often done.
A map of Latvia with the cities and regions where you can buy real estate and obtain a residence permit.
The Latvian Immigration Law is being improved to ensure that Latvia's priorities related to attracting investment and economic growth in Latvia are respected. A residence permit in Latvia when buying a property can be obtained if you invest in a residential or commercial area. In Latvia, preference is given to commercial premises for obtaining a residence permit in Latvia.
Who else can get a residence permit in Latvia in addition to an investor?
Acquiring property in Latvia, investors can obtain a residence permit in Latvia for up to 5 years. When obtaining a residence permit in Latvia, the document must be renewed every year, submitting documents that confirm the property rights in Latvia, if you have obtained permission in connection with the purchase of real estate.
Get a residence permit in Latvia can not only investor, but also his family:
spouse (s) under-age children who are dependent on the investor.
Documents required to obtain a residence permit in Latvia, by investing in real estate:
documents of entry valid in the territory of Latvia, a passport whose expiration date is not less than 16 months at the time of entry into the country.
Documents required for obtaining a residence permit in Latvia:
Filled application form - application for a "residence permit in Latvia" 2 color photos 3x4 cm for each applicant Document (certificate from the bank), which confirms the subsistence minimum for the year, the amount of which must be at least 854 Eur per month. The spouse (s) must have a minimum wage of 256 Eur per month, and for minors (up to 18 years of age) - not less than 171 Eur per month. The available amount of funds in a personal account must be at least 10,300 Eur per year. A document that confirms the existence of a residence in Latvia. A document confirming the purchase of real estate with a non-cash form of payment. A document confirming the absence of debts from the property, if it is located in Latvia for more than a year. Information on the absence of a criminal penalty, which the citizen is issued in his country or the country where he lived (if a foreign citizen aged 14 or more was in prison or was there more than a year) Health insurance policy for the year Information about the results of fluorography and radiography, confirming the absence of tuberculosis, which is issued in Latvian medical institutions. Receipt for payment of state duty in the amount of 2% for the purchase of real estate and 5% for the acquisition of a residence permit, the amount of the transaction.
Term of registration of a residence permit in Latvia.
You can obtain a residence permit in Latvia when buying real estate within 45-75 days, of which one month they register the property rights.
In order to extend the "residence permit in Latvia" for a month before the expiry of its validity period, the following documents are required:
Certificate of payment of taxes and no debts for property. New health insurance for the year. Information on payment of state duty.
Also it is necessary to notarize the requested documents: This is not required if the documents submitted are issued in the following countries: Belarus, Russia, Kyrgyzstan, Ukraine, Moldova, Uzbekistan or Poland.


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