Several thousands of foreigners started from July 1, 2010 have acquired real estate in Latvia (when the changes has been made in the migration law) and have thus got the residence permit. The residence permits in Latvia allow a person to stay in any Schengen area territory for 5 years without a visa.
While applying for the residence permit one has to consider the following terms and conditions:
Purchasing the real estate on the territory of Latvia, please note that its value must be not lower than EUR 250 000,-
The cadastral value of the property at the moment of the purchase must not be lower than EUR 80 000,- If the cadastral value is lower than mentioned above, then it is necessary to arrange the evaluation of the real estate (using the duly certified valuation officer – expert). The evaluation must be EUR 250 000 minimum.
The paymment for the property must be done by a non-cash bank wire transfer (from/to the bank accounts);
The duty of 5% of the property price must be paid to the State Cashier (Treausry of the Republic of Latvia);
The seller of the property must be: a legal entity registered in Latvia or a private person, that is a citizen of Latvian Republic, or non-citizen/foreigner, having valid residence permit.
Benefits, that you get by acquiring the Residence permit in the Republic of Latvia:
The possibility to stay in all other Schengen area, but no longer than 90 days duing half of a year;
Based on your residence permit, the other your family members can get the permit as well, including your spouse and/or minor children
The person who got the residence permit can live in Latvia without limitation all the year through.