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Monday 22.01.2018 | Name days: Austris
LatviaLatvia

Foreigners invest 600 million EUR in Latvia in exchange for residence permits

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Publicity photoAt the end of 2012, the number of real estate transactions with the goal to acquire temporary residence permits in Latvia exceeded 3 000 – a total of 600 million EUR, according to experts.

Professionals of the Russian real estate industry allow that the investments performed by their compatriots have now reached the highest point and become stable. Foreigners believe Latvia is the most appropriate country to live in the Baltcis, as Baltic Sotheby’s International Realty reports.

“The number of transactions with the goal of acquiring temporary residence permit continuously increases – from 79 transactions in 2010 to 1 012 last year. According to our projections, the number of real estate transactions in 2013 could reach 1 300, bringing Latvia nearly 252 million euro in the process”, – says legal bureau Padva un Partneri Baltija lawyer and Board member Liene Klementyeva.

According to her, there were 2 115 transactions finished in Latvia by the end of May. This includes 1 178 with real estate property situated in Riga, 671 – in Jurmala and 266 in other Latvian regions.

There was a total of 6 249 applications for residence permits submitted by the end of May. Applications came from individuals from all over the world: 4 573 – from Russia, 489 – from Ukraine, 331 – from Kazakhstan, 158 – from Belarus, 206 – from China, 358 – from CIS countries, and 134 – from other countries.

“The experience of our Lithuanian and Estonian partners when dealing with clients from CIS is quite interesting. For example, premium class property in Druskinini an Palanga is very popular among clients from Russia, Ukraine and Belarus”, – says Baltic Sotheby’s International Realty co-owner Ilze Mazurenko.

“Foreigners believe Estonia is the best Baltic country for business”, – she adds.

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