We present for your consideration an analysis of an article that reflects the interest of Russian buyers in foreign real estate as of September 2020.
"Today, foreign residential property offers practically the only opportunity to legitimately open a window to Europe at a convenient frequency for oneself."
We completely agree with this. Despite travel restrictions, holders of a residence permit can come to Latvia and then return to Russia.
From Latvia, you can travel to Germany, Finland and some other countries, and then return.
"Many real estate companies note that there are undervalued markets in the European Union that represent even greater interest than current leaders, for example, Portugal."
If you evaluate the combination of factors such as territorial proximity, the ability to communicate in Russian, low cost of living in the country, the opportunity to spend time in nature, and the absence of overcrowding, then Latvia is preferable to many popular European countries.
Also, Latvia has many interesting real estate formats. You can purchase a standard apartment, or an apartment in a historic building, or an apartment in a small "club-type" project, or an exclusive penthouse. You can purchase a private house, or an entire estate, in a secluded natural location.
"In the future, countries that offer a sufficiently simple way to obtain a residence permit or citizenship through investment in a modest budget will play a significant role in the global real estate market. Among such countries is Greece, where investments from 250,000 euros and above provide the opportunity to obtain a residence permit, and Portugal, where the housing market can be entered from 350,000 euros."
In Latvia, there is a simple and well-established process for obtaining a residence permit, and the "entry threshold" is 250,000 euros.
"The future of the global real estate market will likely have traditional reasons for buying foreign property. Someone will want to invest their available funds with a view to subsequent income, someone plans to move permanently to another country, buy a dacha by the sea, send their children to prestigious international schools and universities, or simply wants to ensure themselves a comfortable and warm place to live in retirement."
From the experience of our clients, the motivation for purchasing real estate is to generate income from renting out the property, personal residence, or solving specific tasks. For example, children's education, conducting business in Latvia, etc.
"The opportunity to provide oneself with another immigration status and freedom of movement is supported by the states themselves, which provide programs whose list will only expand in the future. This will especially concern the millennial generation, which is very mobile, and for many of them travel has become an important part of life, so they will want to restore freedom of movement in their personal interests and business."
Latvia has a program that allows you to obtain a residence permit for promising startup companies. This attracts young and open-minded young people who are ready to come to Latvia to implement their ideas here.
But it should be noted that young people also purchase real estate. Our youngest client was born in 1995. A Latvian residence permit allows him to move freely throughout Europe and conduct business.
Investment openness can be assessed by what conditions the state creates for foreign investors.
"Countries that are already stimulating an inflow of investments from foreign citizens, particularly Russians, will adhere to the planned trajectory. The pattern is simple - states that need an inflow of investments will, of course, stimulate it by creating programs for obtaining citizenship, favorable lending terms, and interest-free installment plans.
Other countries want to see more local residents among buyers, and as a result they will be given greater advantages. Foreign clients may face increased tax rates or restrictions on real estate purchases."
At the present time, Latvia is open to foreign buyers. If a buyer cannot physically come, the transaction can be completed "remotely," based on a power of attorney issued to a lawyer of our company.
As for the residence permit, documents can only be submitted (for initial issuance) if you can come to Latvia. If this is not possible, then you need to wait for the submission of documents to resume at the embassies (consulates).
Source of information:
https://www.homesoverseas.ru/articles/10373?utm_source=homesoverseas.ru&utm_medium=mailing&utm_campaign=weekly
If you wish to purchase this or any other good real estate property, and individual approach is important to you, if you want to communicate with a real estate agent and lawyer in your native language, please contact our company KOM-INVEST! We will be happy to select a suitable property, answer all your questions, draw your attention to important nuances, complete the transaction, obtain your residence permit, and manage your property.
For more detailed information about obtaining a residence permit in Latvia, see here in different sections.
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Phone number: +371 29774775
Email: info@kominvest.com
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