Something about Latvia
Latvia is a beautiful country which is located on the East side of the Baltic Sea. It is right in the middle of the Baltic countries Estonia and Lithuania. Latvia is a member of The European Union and NATO since 2004. From 2014 the currency has been changed to Euro. The country is home to some of the most beautiful scenes and sights you could ever see.
The climate here is warm and cold during summer and winter. That is because it is present close to the ocean. For those of you wanting to come down here and buy real estate in Latvia, then you will want to be careful about your clothing choices. The capital is Riga, which happens to be the oldest capital.
The city was founded in 1201 and is protected by UNESCO. You will be glad to know that the Latvian government gives those who buy real estate in Latvia for more than 250.000 Euros or more with the residence permit in Latvia. Since it is a member of the European Union, you also have the choice of making use of other countries which are part of it.
How to buy a property in Latvia?
So, why to purchase real estate in Latvia? There are many reasons for you to consider purchasing a property in Latvia. It is not very expensive when compared to other countries of the EU. You can purchase, develop, and rent the movable property. The acquisition of land by non-citizens is subject to permission offered by the local municipality.
Foreigners can lease land for 99 years without restrictions. The country is known for its wooden houses and villas. Normally the property is sold to the buyer, who then has to sign a preliminary contract with the seller. The minimum of 10% deposit has to be paid through an escrow account in the presence of a local lawyer.
The Notary Act or Contract of Purchase is given to the seller by the buyer’s lawyer. There is something called the Land Book, and everything has to be stored in that. Supposing the real estate deal has not been registered in the Land Book, it may not get transferred until the registration has taken place.
The registration process takes about 18 days in Latvia.
Why get a residence permit?
It is very important as a non-citizen of the country to obtain a residence permit. This is when you will want to know how to get residence permit by real estate. You should consider getting residence permit buying apartment. That is because it is similar to an immigration document for enabling you to stay in the country.
As Latvia is a member of the European Union, residents can apply for limited or limitless residence permit. Once you access the resident permit, you can travel across the countries which are EU members without the need for a visa. That is in accordance with Schengen Agreement. Hence you will want to get residence permit buying house.