Residence permit in Latvia. Part 3. Procedure for the purchase of real estate.

Residence permit in Latvia. Part 3. Procedure for the purchase of real estate.
In the conditions of obtaining residence permits in Latvia, when buying real estate, there are requirements not only to the buyer, but also to the object that he chooses. So, what should this object be?
The material is based on questions asked by users of the portal on the webinar & laquo; Getting a residence permit when buying a property & raquo ;. The webinar took place as part of the / Workshop project on April 18, 2014. The editor-in-chief Philip Berezin, his colleague & ndash; editor in chief of the Latvian magazine & laquo; Square meter & raquo; Roman Golubev and expert of the company & laquo; Park-invest & raquo; Alexander Elizarov.
Read also:
– Part 1. & laquo; Residence permit in Latvia. Rights and obligations of the holder of residence permits & raquo;
– Part 2. & laquo; Residence permit in Latvia. Procedure for issuing a residence permit & raquo ;.
As of April 2014, under the program gets.
– Real estate in Riga, Riga planning region and in the cities of national importance (Daugavpils, Jekabpils, Jelgava, Jurmala, Liepaja, Rezekne, Riga, Valmiera, Ventspils) the minimum value of 142,300 euros, in other regions of Latvia & ndash; with a minimum cost of 71,150 euros.
– Over the past year, the authorities of Latvia are discussing possible changes in the law “On Immigration”, according to which the minimum price of real estate may be increased or quotas for the number of transactions may be introduced. However, no final decision has been taken yet. Accordingly, according to the data for April 2014, the prices are still valid.
Let’s note at once: in spite of the fact that in Latvia there is an opportunity to receive a residence permit due to the purchase of real estate for 71 150 euros, the overwhelming majority of transactions take place in Riga and Jurmala at prices from 142 300 euros.
What can you buy in Latvia for an amount sufficient to get a residence permit?
– In the center and in the old Riga for this money you can get one-two-room apartment. In the sleeping areas of the capital – a new “launder” & raquo; an area of about 70 sq.m., with decoration and furniture.
Regions choose rarely, although for the same money, there you can buy no longer an apartment, but a private house. It will be a quality new construction with finishes and city communications.
Jurmala & ndash; the most expensive city in Latvia. In the price range of about � 145,000, you can find a new building on the river side of Dzintari or a small “two-piece” & raquo; in the distant Jurmala. This will be housing located outside the so-called “Golden Mile” & raquo; – where the prices are much higher, from & euro; 3500 per “square”.
– In Latvia the Ozolnieki region is relatively popular, which is near Jelgava. This is the closest neighborhood to Riga, where you can get a “small & raquo; residence. Developers once built several new buildings there based on local demand. The project has long stood empty, and after the release of the law on Immigration & raquo; foreigners have bought out all new apartments at a price of � 72-80 thousand. Developers, of course, did not expect that the property will go on such high for this area prices.
Remote regions from Riga are not in demand by foreigners, and there are few quality new projects there.
1. Absence of debts on payments of the tax to real estate. What taxes are we talking about? Are possible debts taken into account for utilities?
– It is a question of the real estate tax which all proprietors in Latvia should pay irrespective of their citizenship and presence of residence permit. When selling an object, the seller must pay this tax for the current year. If an apartment owner passes an annual residence permit, he must also provide a certificate of absence of debts. Debts for utilities in this case are not checked.
2. Payment of the transaction amount was made by non-cash money settlements. Accordingly, no part of the amount, for example, a deposit for the reservation of an object, can not be transferred in cash, right?
– Many buyers leave a cash deposit for the reservation of the property. When the buyer pays the full amount through an account at the bank, the deposit is returned to him.
3. The property is acquired from a legal or natural person registered in Latvia who is a resident of Latvia, a citizen of the European Union or a foreigner who resides in the Republic of Latvia on the basis of a valid residence permit.
Accordingly, real estate can not be bought from a Russian, right?
– You can also add that real estate can be bought from anyone who has a personal code. When a person is assigned a personal code, it means that he has already received a residence permit. After that, he can sell the property to another Russian, he, in turn, will get a residence permit, and the first one will lose or buy another object.
4. The total cadastral value of real estate in Riga, the metropolitan region and the republican cities is at least 42,690 euros; and objects purchased in other parts of the country, no less than 14 230 euros. In what cases can the cadastral value be lower than the indicated amounts? What to do in this case?
– Often it happens that the cadastral value of the object is lower than the indicated amounts. In this case, an independent appraisal of the property is made, which confirms that the market price of the property is not lower than � 142,300 or � 71,150 depending on the location. You can contact any licensed appraiser who can work with the immigration service.
The cadastral value may be lower than the indicated amounts in both old and new houses. For example, if the land plot that is listed as an apartment is very small. The appraiser in this case must prove that the real market price of the object meets the required standards.
Important! There are several other conditions that the migration services carefully check. First: the applicant for residence permit should not be an official. Secondly, the applicant should not be held criminally liable, for example, in a lawsuit. And the third: he should not have a bad past connected with Latvia, for example, visa or tax violations.
– Is it possible to buy several apartments / houses in Latvia, the total cost of which meets the specified requirements? What restrictions are there?
– At this stage, you can purchase several objects, the cost of which is summed up. But in the future, most likely, this opportunity will be canceled. There are no restrictions on the number of apartments in the law. You can purchase at least five & laquo; one-piece & raquo; in Riga, the total value of which exceeds & euro; 142 300. Although in our practice, Russians have not bought more than three apartments.
– Is it possible to buy a property to get a residence permit on credit?
– Can. Here, restrictions are placed not by migration services, but by a bank that will provide borrowed money. Currently, non-residents are given a maximum of loans for 50-60% of the estimated value of the facility. Accordingly, investing 40-50% of equity, the client can get a loan. When he is registered with the right of ownership, he can apply for a residence permit. For migration services this is not an obstacle.
– Is it possible to draw up the purchased property of not a few owners, for example, two brothers, so that the families of each of them can get a residence permit?
– In the event that each of them invests the necessary amount. Thus, if the apartment costs more than � 284,600, then it can be registered in the ownership of two people, so that each family can get a residence permit. Moreover, co-owners may not be relatives, but simply acquaintances.
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