Buying property in Latvia. Personal experience.

Buying property in Latvia. Personal experience.

Buying property in Latvia. Personal experience.
Anton from Moscow, the owner of the business, shared his own experience of acquiring real estate in Latvia. Receiving a temporary residence permit in exchange for the purchase of real estate became the main condition for choosing a country.
Anton tells about the personal experience of buying an apartment in Latvia portal HomesOverseas.ru:
“I bought an apartment in the center of Riga and planned to use it for renting. The main purpose of the purchase was to obtain a residence permit, and when renting an apartment, the costs for taxes and maintenance of the apartment are covered, and a small income remains.
Since I had very little time to buy, and I do not have enough knowledge about the Latvian real estate market, I applied to the agency. The purchase was made through the agency EuroLandRielti. The company’s specialists sent me a large number of options, some apartments were already with tenants, and I chose to view just such offers.
I considered buying an apartment only in the center of Riga, and the house was chosen either reconstructed or new. Still, to get a residence permit in the capital of Latvia, you need to invest a fairly large amount – from 145,000 euros, so I wanted to choose a worthy offer.
After viewing about fifteen apartments in two days, in the end, I chose the apartment with an area of 120 square meters. m in the house on the street. Darzauglu, 1. This is the building of the former factory, converted into a multifunctional house. On the first floor there are offices and shops, above – apartments.
I liked the apartment right away, because very high-quality materials were used in the finishing, besides, she already had a tenant. I paid the deposit and issued a power of attorney to the agency. The rest of the procedure took place without my personal presence. The cost of the apartment was approximately 170 000 euros.
I bought an apartment without borrowing a mortgage, so the transaction was processed fairly quickly. Renting an apartment now yields about 5% a year. The annual tax for this apartment is 150 lats (about 210 euros), and I pay it once a year, utility payments are paid by the tenant. The rental rate is 500 lats (about 700 euros) per month.
The process of obtaining a residence permit took a little longer than the processing of the transaction. Since I was buying an apartment from the agency “EuroLandRielti”, then for help with the processing of documents, I also addressed them. The documents were submitted by proxy, so my minimum participation was required.
When buying property in Latvia, members of the family of the owner of the housing also have the right to obtain a residence permit in the country. I got my residence permit with my wife and children. To obtain a residence permit, it was necessary to collect information on criminal records, certificates from banks, copies of passports and certificates. As a result, a rather large package of documents turned out. Following the clear instructions of the company’s specialists, we completed the case with a positive result and we were approved for obtaining residence permit.
To obtain an ID card, a personal presence was required at the office of the Office for Citizenship and Migration Affairs of Riga, as there it is necessary to take fingerprints and be photographed. Two days later we received the cards and went home. I paid for a quick document review service, so the whole process of obtaining residence permits took us about ten days.
Now it’s much easier for me to go on business trips to Europe. The residence permit gives freedom of movement, which is very important for my business, since the main contracts are concluded with counterparties located in Europe. My family now also can freely travel around Europe. ”


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