Great opportunity for investment

          Latvia, located on the shores of Baltic Sea is a country blessed with an abundance of natural and historical landmarks – from amazing rivers to breathtaking castles. The capital city – Riga is also the country’s cultural capital, it offers a vibrant and eclectic mix of modern and ancient, with stunning old buildings, investment houses, young  students and visitors happily whiling away the hours in the bars, cafes and museums in the city’s old Town. The country is attracting growing number of tourists and expatriates as business opportunities in Latvia increase.
          Latvia is a relatively small nation with a dynamic, though recently troubled, economy and a stable political environment. Located at the centre of the three Baltic States, Latvia is a member of the European Union (EU) and provides a strategic location as a commercial, financial, and transportation hub for the Nordic/Baltic region. Over the last five years, Latvia experienced very rapid economic growth and development across all sectors. Today, as many other countries, Latvia has been affected by the global economic crisis and faces a number of difficult economic challenges. The Latvian government has expressed its clear determination to meet these and has set out a programme of measures to do so.
      As the capital city of Latvia, Riga has become a very desirable destination for property investments. It is a beautiful old city with the largest seaport and airport in the Baltics and has earned recognition as a UNESCO Cultural Heritage. Located on the north coast of Latvia in the Gulf of Riga, it is a beautiful place to visit and the boom in the property market confirms why visitors and investors alike continue to come.
         Since Latvia gained its independence from the Soviet Union, tourism has become a major industry. Thousands of foreigners stream into the country each and every year. Latvia is a dynamic country with a young population and cities offering great cultural opportunities, cosy pubs and restaurants. Riga`s historic Old Town, spectacular architecture and bustling night life are just part of what Latvia offers. Riga, which has celebrated its 800th birthday, is famous for its Art Nouveau architecture, broad boulevards, and cosmopolitan flair. Outside of Riga, there are unspoiled beaches, vast forests and picturesque villages, often with medieval centres.
          The large Russian population in Latvia makes the country attractive to visitors from Russia as well. The reasons for making an investment into Latvia’s property might be utterly practical or extremely sentimental. At least seven down-to-earth reasons suggest themselves straight away.
          First of all, real estate investing by itself has always been a winning option to make a good money. It is generally known that real estate ordinarily goes up in value in the course of time unlike many other investments that may vacillate rapidly and without warning.
          Another pragmatic reason for acquiring real estate in Latvia is connected with amendments to the Latvian immigration law approved on 1 July 2010. According to Article 24 of the Immigration Law, a foreign resident who purchases real estate in Latvia is entitled to obtain a temporary residence permit for a period of 5 years in case he/she purchases immovable property for the sum of not less than LVL 100,000 (appr. EUR 143,000) in Riga, the capital of Latvia, or in Riga planning region that consists of Jurmala, Riga district, as well as the districts of Tukums, Ogre and Limbazi or for the sum of not less than LVL 50,000 (appr. EUR 71,500) outside Riga and Riga planning region.  Consequently, in case you are interested in the acquisition of property in the European Union, buying real estate in Latvia is a beneficial option. Moreover, as on 21 December 2007 Latvia joined the Schengen zone, non-EU residents who own Latvia property is eligible to acquire a Schengen visa for 5 years that allows them to freely and easily travel to all EU countries.
          As a small country in today’s globalised world, Latvia knows full well the importance of attracting foreign investment to sustain economic development. Latvia has consistently pursued liberal economic policies and welcomed FDI. The Latvian government and local authorities have worked diligently to streamline procedures for doing business in Latvia, for example, companies can be established here in just one day. As a member of the EU, Latvia operates under common, Europe-wide legislation. To further stimulate investment, the Latvian government is channelling EU Structural funds to implement a number of state support programmes aimed at business development.
           Foreigners can freely buy, develop and dispose of movable property (buildings) in Latvia, provided that the property was acquired separately from the land on which it stands. Direct acquisition of land by foreigners is subject to permission of the local municipality. However, foreigners may lease land for a period of up to 99 years without any restrictions. It takes an average of 54 days to complete the nine procedures needed to register a property in Latvia.
          There are many real estate opportunities in Latvia whether you are looking for a seaside vacation apartment or a home in the countryside. Latvian nature is green and pristine, in contrast with the small-town charm and architectural luxuriousness of the larger cities. Through many centuries, Latvia has accumulated a multicultural heritage and traditions as well as a rich history. The untouched and the primordial mingle with the modern and the dynamic. That is why Latvia is a tremendous holiday destination.

We would be pleased to see you among our clients.

Yours sincerely,
StayInRiga


info@stayinriga.com