This information may be particularly important to those people, who are not residents of Latvia.

After buying the property in a foreign country, you risk to get into trouble because of the lack of information.

There are a lot of buyers from different countries who would like to make a deal with real estate in Latvia.

This is not a surprise, because Latvia provides a coveted residence permit for real estate investors, which allows them to move freely throughout the European Union.

However, there is a little nuance – all investors in Latvia are divided into 2 categories, and one of them has more privileges than the other group.

There are several countries which have special agreements with Latvia on mutually protection of foreign investors.

Such agreements have been signed by all the countries of the European Union, the USA, Canada, Israel, Vietnam, Singapore, Korea, Turkey, Belarus, Ukraine and Uzbekistan.

Citizens of the countries, which have not signed such agreements with Latvia, are prohibited buying such types of property, as forests, shores of ponds, agricultural land, etc.

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However, all the foreigners have the right to buy any realty for habitation. They need only to obtain permission from the local government for the purchase.

Likewise, it is not difficult to buy any commercial property. The problems can arise only if you intend to use the acquired object contrary to the territorial development plan of the region, such as to begin housing construction on agricultural land, etc.

In case of you buy property in Latvia for a certain amount, you will have the right to obtain a residence permit, and all the attendant bonuses, such as visa-free travel in the countries of the Schengen Agreement.

In addition, your spouses and minor children have the right to obtain a residence permit in Latvia too. And, last but not least, you can send an invitation to your friends, so that they might obtain a visa for travel within the Schengen area.

With regard to your responsibilities, they include the following:

1. The timely payment of taxes;
2. The timely payment of utility bills;
3. Maintaining your real estate objects in the normal state, so that they pose no threat to others.

This article written by the editor of MANAmā

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