If you do decide to purchase an apartment in Riga, surely you are interested in the issue what additional taxes and fees must be paid? Now we will clarify the situation.
When buying an apartment you need to immediately pay the state fee amounting 0.2% of the value of your apartment, and at the same time to pay for some additional services, such as a notary, escrow account, etc.
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The next thing to know is that you need to pay an annual property tax, which makes from 0.2% to 0.6% of the cadastral value of the property, plus 1.5% of the cadastral value of the land where your property is located.
If you plan to take your property for rent, you must pay a tax of 24% of the planned revenue from the lease.
But if you draw up a contract to lease and register it with the tax office, then you will be able to pay only 10% of your rental income.
This article written by the editor of MANAmāja.lv