Can you change property but keep your residence permit in Latvia?
Many of our clients purchased property "under the old rules," when it was sufficient to acquire one or more properties for a total of 143,000 euros.
A lot of time has passed since then. Some clients' life circumstances have changed. For example, they may need a larger apartment.
That's why we're often asked - is it possible to sell your property, pay the difference, and purchase real estate for 250,000 euros, i.e., under the new residence permit rules, while keeping your residence permit?
Let's say the apartment can be sold for 150,000 euros, you pay an additional 100,000, and obtain a residence permit.
You can do it this way, but there are some nuances.
First, there will be a "gap." After selling your property, your residence permit will be cancelled. Then comes the process of purchasing a new property. After that - obtaining a residence permit under the "new rules." Only then will you have a residence permit again.
To avoid such a "gap," you would need to first purchase new real estate and then sell the old one.
Second, when applying under the "new rules," you will need to pay a fee of 5% of the purchase amount.
Third, the rules regarding verification of the origin of funds have become much stricter. In 2010 and 2011, all these requirements were much easier than they are now. If you doubt that you can provide documents proving the origin of your funds, it's better not to change the property that is "tied" to your residence permit.
There are no preferential or simplified conditions for re-registering a residence permit if the property changes.
If you also wish to acquire a quality property, if individual attention is important to you, if you want to communicate with a real estate agent and lawyer in your native language, then contact our company KOM-INVEST! We will be happy to select a suitable property, answer all your questions, point out important details, complete the transaction, arrange your residence permit, and manage your real estate.
For more detailed information about obtaining a residence permit in Latvia, see here in various sections.
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Phone number: +371 29774775
Email: info@kominvest.com
Skype: KOM-INVEST