Real Estate Purchase
The most common investment option is the purchase of real estate with a minimum purchase price of €250,000. Real estate from individuals and organizations qualifies for the program, however, the real estate must not be purchased from Latvian citizens. Instead, investors must purchase from other EU citizens or fellow residence permit holders. When purchasing from a company, the company must be a taxpayer in Latvia.
The property must be paid for by a bank transfer in full. Once the application is processed and approved, buyers will also have to pay a state duty of 5% of the property value.
It is important to note that in major cities such as Riga and Jurmala, the €250,000 minimum applies to only one property, while in other regions, investors have the option to qualify for the program by purchasing two properties for a total of €250,000.
After 5 years of holding the property, investors are free to sell the real estate and recoup their money or recognize a return on investment.