Residence permit in Latvia is becoming increasingly popular among CIS citizens.
Since 1 July 2010 hundreds of foreigners have acquired real estate in Latvia and obtained residence permits. Latvia’s capital Riga and a popular sea resort Jurmala still remain the all-time favourites.
The procedure of registration of real estate property title to a new purchaser in Latvia is not too complicated: a purchase & sales agreement is executed and the real estate transaction is recorded in the local real estate register – the Land Book. Within the two weeks’ time you receive the Certificate confirming registration of the real estate property title to your name and become a full-fledged owner of real estate in the Republic of Latvia!
Looks quite easy, doesn’t it? …
However, an unsophisticated buyer who ventured upon purchase of real estate in Latvia may encounter dozens of pitfalls, which could not only seriously affect the transaction but even make it altogether impracticable.
For the reason that potential property owners place certain demands on the objects of their investment, today there are very few objects left in Jurmala and Riga that are suitable for outright acquisition with the immediate start of the process for obtaining a residence permit. At the same time, real estate objects that offered for sale quite often have all sorts of encumbrances, which turns execution of the transaction into a tiresome and time consuming process making the client go through a number of stages until he or she gets hold of the much coveted real estate ownership Certificate (the Land book).
More importantly, if you acquire real estate with the purpose of getting the residence permit in Latvia you should treat purchase of property in a more responsible manner. The decision of whether you will or will not get a residence permit in Latvia is made by the Office of Citizenship and Migration Affairs (OCMA). This authority has a list of requirements to the procedure of real estate acquisition, which ultimate goal is to obtain a residence permit (they are available on the OCMA web-page www.pmlp.lv). Furthermore, apart from the official requirements there exists an internal procedure for consideration of the documents submitted to OCMA; ignorance of certain subtleties may result in your becoming owner of real estate in Latvia however you will be refused a residence permit.
Quite annoying, isn’t it?
Therefore, we strongly recommend entrusting management of your transaction to a professional agent. In this case you will surely avoid all the hidden rocks and not only become the proprietor of the real estate of your choice but will definitely obtain a residence permit in Latvia and the opportunity to travel freely anywhere within the Schengen territory, where Latvia is member state since 21 December 2007.
Our agency offers you a full set of services connected with acquisition of real estate in your name and obtaining a residence permit in Latvia.
Upon contacting us you entrust us with the task of finding an appropriate real estate object that meets your specific requirements.
We will assist you in deciding which specific type of real estate you need:
- whether you wish to live in your own individual apartment or house for quite a long period of time during the year;
- whether you intend to stay in your property only for a couple of weeks every year; or
- whether you are not going to use the purchased real estate for yourself and you simply need good property to lease out.
We will note all your considerations and make a preliminary selection of the objects for potential investment in accordance with your desires. Afterwards we will agree on the date of your next visit to Latvia and arrange for inspection of the offered real estate objects; together with the current property owners we will prepare a visiting schedule that is convenient for you.
We will make hotel reservations for you; our manager will meet you at the airport or at the railway station. We will accompany you during your inspection visits to the objects that you found attractive. Our legal consultant will answer all your questions and discuss all details of the forthcoming acquisition of the real estate of your choice.
We will analyse the property status by checking all public data bases in the Republic of Latvia to make sure that the object is free of any mortgages, encumbrances and other charges in favour of third persons, whether there are any utility bill debts, and other important details.
After that we will have a thorough discussion of all details of the sale and purchase agreement to make sure the document not only provides proper protection for you as a buyer but also is in full compliance with OCMA requirements.
After the agreement is signed and the Land book Certificate is obtained we will assist you to duly prepare and submit a proper set of documents for obtaining a residence permit in Latvia.
After all the above described steps are completed there will be only one thing left for you: without ruffle or excitement wait for OCMA’s decision regarding issuance of the residence permit in Latvia for you and your family members.
If you prefer to go this way on your own and acquire an invaluable experience of managing real estate transactions in Latvia you can easily do it yourself. There is every likelihood that you will do it: buy real estate in your name as well as get a residence permit in Latvia.
But think of it: is it really worth spending your time, money and nerves to get through all those formalities? Maybe it would be easier to refer to professionals?
We make things easier!
Real Estate Agency «ORANŽNAMI»