Can I get residence in Europe by buying a property?

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Short answer is, Yes. However, carry on reading, there is a lot you will learn. Permanent residence in an EU country through owning a flat or a house is a long and challenging process that requires the knowledge of local laws and much more.

To get more information and advice, we have talked to experts from a London firm Imperial & Legal. For many years now their professional team has been helping people relocate to Europe, buy properties and grow their business there.

Latvia Golden Visa

This is a name of a special government program operating in that small and welcoming Baltic country with the aim of attracting foreign investment. If you purchase one or more properties in Latvia for at least €250,000 in total, you become eligible to apply for a Latvia residence permit under the Latvia Golden Visa program. This will allow you and your family to live in the country for 5 years and travel in Europe without visas.

How to apply for Latvia residence

Because the investment amount is not insignificant, there are not that many requirements to applicants. Main ones include:

- no criminal record,

- to tax debts,

- enough money to support a family,

- good health and 1-year health insurance after approval of your application.

There is no requirement to speak the Latvian language at this stage.

Why Latvia?

The Republic of Latvia is a full member of the European Union. You would not hear about it in the news nor is it a financial or business hub. Any maybe that’s why it is so peaceful and laid-back and not expensive at all. Locals enjoy their quite but vibrant life, mild climate, proximity to the Baltic sea and beautiful nature.

A flat or a house in Latvia?

The price of a square meter in the Latvian real estate market has been slowly but steadily growing over the last years. Therefore, if you decide to sell in the future, you will get your money back with a gain. At the moment prices are still affordable. €250,000 would buy you a good-size 150 m2 flat in an existing building or a new build. In any case materials and finished used there will be high quality. Besides, you will have all you need walking distance from your home, shops, banks, nurseries, schools, etc.

Where to buy in Latvia

There are two cities that are common among property hunters, Riga and Yurmala. The former is the capital with fantastic architecture in the old town. Yurmala is a Baltic sea resort with a mild climate, fresh pine air and amazing new builds in prestigious areas.

On top of the purchase price, you will also pay 5% government fee and 2% stamp duty for processing of all necessary paperwork.

There are limitations as to what you can buy in order to apply for a Latvia Golden Visa and get a residence permit. Agricultural land or forests are not eligible investments under this program. Another criterion is the cadastral value of purchased estate, it cannot be less than €80,000. To avoid any mistakes and omissions when negotiating and signing a deal, talk to experts in this field and get them to help you.

How to get permanent residence in Latvia

Latvia Golden Visa is valid for 5 years. If you have lived in the country for at least 4 out of these five years and learnt the language and integrated into local culture, you can apply for Latvia permanent residence. Before this, you must pass a language test, learn national anthem and prove your knowledge of Latvian history. It is not as hard as it seems, but if you manage to pass all tests, you and your family will get European permanent residence with all the opportunities it offers for personal and business life. With time you will be able to apply for Latvian citizenship and get European passport.

However, if you do not want to get either permanent residence or citizenship in Europe, you can extend your residence permit every 5 years and still benefit from everything that the Latvia Golden Visa offers. 

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