The Latvian President approved amendments to the Immigration Law on May 22, 2014.
Main changes:
1) The real estate purchase amount must be at least 250,000 euros (in all cities and regions of Latvia).
2) With a minimum sum of 250,000 euros, you can purchase only one property (if the buyer is applying for a residence permit). It will not be possible to purchase 2 or 3 properties and obtain a residence permit; the property must be a single object.
3) Cadastral value must be at least 80,000 euros. If this criterion is not met, there must be an appraisal by a certified appraiser for a sum of at least 250,000 euros.
4) In addition to the purchase price, 5% of the purchase amount must be paid to the state budget. With a purchase amount of 250,000 euros, this is at least 12,500 euros.
5) Real property must be developed (it will not be possible to purchase an empty land plot).
The amendments apply to foreigners who acquired real estate and registered ownership rights starting from September 1, 2014.
For those foreigners who acquired real estate and registered ownership rights before August 31, 2014, the "old" rules will apply indefinitely: minimum purchase amount of 142,300 euros in republican cities (or 71,150 euros in regions); ownership of one, several, or multiple properties; cadastral value of 42,690 euros in republican cities (or appraisal of at least 142,300 euros), or 14,230 euros in regions (or appraisal of at least 71,150 euros).
KOM-INVEST company recommends that all clients planning to purchase real estate do so before August 31, 2014, in order to obtain a residence permit with lower costs.