Much has been said about the difficult situation on the real estate market of Latvia. Sales there fell, prices gradually declining and supply exceeds demand. In General, a bit like modern Russian housing market.
But from 1 July this year the rules for obtaining residence permit in Latvia had to undergo changes. It was assumed that without exception, all foreign nationals who wish to obtain a residence permit in Latvia, will be able to do it with the purchase of two properties in the province with a total value of not less than 250 thousand Euro.
But, in the end, the amendments were not adopted. With the current crisis in the global real estate market from the Latvian authorities had enough sense not to limit the regions in which to buy property. Initially it was assumed that will take into account only those apartments or houses that are purchased in so-called remote areas of the country.
But there is an important point — the market value of purchased housing by a foreigner must be confirmed by the conclusion and a certified appraiser.
However, since July 1, some of the changes made to the procedure for obtaining a residence permit for investing in the company with capital. Now it will need to additionally transfer the fee to the state budget in the amount of 10 thousand euros. And this, according to many experts, could scare off potential investors because nobody wants to pay the extra 10 euros.
However, there is a variant, which envisages the possibility of investing in a company with capital of 50 thousand euros, if the company employs up to 50 employees. Annual turnover or balance sheet should not exceed EUR 10 million. In this case, a residence permit will be granted to not more than ten foreigners, if each of them will make the attachment to a set amount and will pay to the state budget 10 thousand euros.
There is a second option. In that case, if the firm employs more than 50 employees, fixed capital we would need to make at least 100 thousand euros. Important point — the annual capital of the company should exceed 10 million euros.
Also blurts out another fundamental question. It is expected that already from July this year, the Latvian authorities may revoke the residence permit if the back taxes of the applicant exceed 150 euros. And this applies to all potential buyers.
Many real estate market experts believe that the prospects for the Latvian housing far not the most iridescent. The expert at buying and selling foreign real estate Maria Baturina claims that an outflow of buyers from Russia were negatively impacted, and will impact the real estate market of Latvia. Of course, in addition to the Russians on the local housing market is active enough, the Czechs, the Germans and the British, but past, present and possibly future treatments of Russian buyers — a very painful blow.
“When some Latvian experts suggest not to sell the local housing to Russian buyers, and it makes me simultaneously sad and funny. No buyers from Russia, the local market will fall next year or two and not the fact that after this will reach the level of, say, 2013,” — said the expert.
