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Sunday 28.05.2017 | Name days: Vilhelms, Vilis
LatviaLatvia

Investing three millions, Land Fund to procure 1,500 ha of land next year

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUAltum development financial institution’s Latvian Land Fund has procurement more than 2,000 ha of land since its foundation. That land is intended to be preserved and returned to agricultural production. The fund has procured 1,500 ha of land in 2016 and there are plans to procure the same amount in 2017.

Since its foundation in July 2015, the fund has procured 112 pieces of land with a total area of 2,038 ha and total price of EUR 4.6 million.

«Next year, the Land Fund plans to procure up to 1,500 ha of land to use them for agricultural purposes. We plan to invest approximately EUR 3 million in this venture. Starting from 2017, private persons selling land will no longer have to pay 1% PIT. Thanks to the cancellation of tax and provision of equal requirements for all land owners we have ensured cooperation with agricultural organizations and decision-makers,» – comments Altum chairman Reinis Berzins.

«Introduction of reverse rent service is progressing well, too. This service allows farmers who are in need of stabilizing of their money flow to sell their property to the fund and continue using it by renting it from the Land Fund. The Saeima has already approved the legal draft in the second reading,» – Berzins continued.

Procured properties are rented out usually in a matter of two months – 92% of properties owned by the fund are already rented out.

The Land Fund has procured properties in all of Latvia’s regions. The biggest piece of land was bought in Zemgale – 863 ha. In Vidzeme the fund has bought properties with a total area of 475 ha. In Riga the fund owns properties with a total area of 282 ha. In Kurzeme the fund owns properties with a total area of 180 ha.

Ref: 102.109.109.5090


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