What to Do with Real Estate if Your Residence Permit Has Expired?

If you find yourself in a situation where your residence permit in Latvia has expired (or your residence permit has been cancelled), the question naturally arises: what should you do with your property in Latvia?

The most important thing is to answer the question of how you are using this property.

If it is for your own residence, you can obtain a visa and visit whenever you wish.

If it is for rental purposes, you can continue to rent it out, even if you cannot visit.

Many of our company's clients grant us power of attorney, which allows us to find tenants, conclude official lease agreements, monitor rental and utility payments, and organize necessary repairs.

Rental income can be deposited into your bank account in any country.

But if you no longer need the property, you can sell it. A power of attorney is required for the sale. The power of attorney can be executed even in your country of residence (without traveling to Latvia) and sent to us by courier.

We determine the sale price based on market data (sales statistics in your building or sales of similar properties in the last year) and comparable properties currently on the market.

It is important to note that there is no point in setting a price on the principle of "maybe someone will be interested." Many buyers obtain loans for purchases, and this requires a property appraisal. Banks issue loans at 70-90% of the appraised value (not the sale price).

If the sale price is set correctly, a buyer can typically be found within 2-3 months.

Next comes the transaction completion. Sale proceeds can also be received into an account in a third country (for example, Kazakhstan, Turkey, etc.). During the transaction process, our company's lawyer remains in constant contact with you and coordinates further actions.

If you are interested in what to do with your property after your residence permit expires, please contact us-we will be happy to help!

Email: info@kominvest.com