Real Estate - appartments, villas, lands in Latvia.
According to Article 24 of the Immigration Law, a foreign resident who purchases real estate in Latvia is entitled to obtain a temporary residence permit for a period of 5 years in case he/she purchases immovable property for the sum of not less than LVL 100,000 (appr. EUR 143,000) in Riga, the capital of Latvia, or in Riga planning region that consists of Jurmala, Riga district, as well as the districts of Tukums, Ogre and Limbazi or for the sum of not less than LVL 50,000 (appr. EUR 71,500) outside Riga and Riga planning region. Consequently, in case you are interested in the acquisition of property in the European Union, buying real estate in Latvia is a beneficial option. Moreover, as on 21 December 2007 Latvia joined the Schengen zone, non-EU residents who own Latvia property is eligible to acquire a Schengen visa for 5 years that allows them to freely and easily travel to all EU countries.