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Wednesday 21.03.2018 | Name days: Una, Unigunde, Dzelme, Benedikts

Foreigners invest 525 million in Latvia's economy in exchange for residence permits

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Аuthor: Evija Trifanova/LETAThe volume of investments foreigners have invested in Latvia’s economy in exchange for residence permits exceeded 525 million EUR in the middle of April 2013. More than 413 million EUR were invested in real estate property.

A total of 2 546 applications for residence permits were submitted in the time period between July 1, 2010 and the middle of April 2013. 2 038 of them were submitted based on the applicants’ owned real estate property.

The total volume of investments in real estate is estimated at 418 480 000 EUR, compared to total provided investments – 525 953 000 EUR.

Most residence permit applications came from Russian citizens – 4 385.

“Latvia attracts investors from Russia with its similar climate, mentality, lack of linguistic barriers and location”, – Arco Real Estate international department manager Olesya Bogodostaja comments the migration office’s data.

She notes that most buyers are interested in residence permits and quality real estate property. Clients also prefer good locations. The demand of non-residents for building built in the Soviet Era is very low.

Visa selection brings the country peace, but one of the most troublesome factors is the limited access to real estate – a visa based on real estate rights in Latvia is only issued for 180 days a year, but people often do not want to depend on such terms. According to investors, Latvia’s intention to join Eurozone is not regarded as a positive factor, Arco Real Estate notes.

The most popular locations in regard to residence permits in Latvia are Riga (116) and Jurmala. Marupe (10), Garkalne (7), Saulkrasti (7), Cesis (5), Ozolnieki (5) have also been popular among investors in the beginning of 2013.

During the period from 2010 to April 2013, 6026 people from more than 30 countries of the world (Dominican Republic, the Philippines, Vietnam, Nigeria, Serbia, Afghanistan, Iran, Dagestan, USA, China, Lebanon, Egypt, Sri Lanka, Iran, Australia, Korea) had submitted applications for residence permits in Latvia.

It is now possible (since July 1, 2010) to receive 5-year residence permits (with a possible extension period) by purchasing property in Riga or Riga region for a price not lower than 142 888 EUR.


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