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News News in Brief A summary of Latvia

A summary of Latvia

21. 05. 2009
Written by Rd4global.com

Official Name
Republic of Latvia. A member of the EU and the Schengen Agreement.
Location
Baltic state. It shares borders with Estonia, Lithuania, Russia and Belarus. Baltic Sea.
Climate
Proximity to the Baltic Sea countries mitigates climate. The average winter temperature is -5 ° C, in summer +17 ° C.
Capital
Riga.
Population
2.26 million people. Ethnic composition: 58.8% - Latvians, 28.6% - Russian, 3,8% - Belarusians, 2.6%, Ukrainians - 2.5% - Poles, 1.4% - Lithuanians, 2.3% - representatives of other nationalities.
Religion
Lutheranism, Orthodoxy and Catholicism.
Official language
Latvian. It is widely distributed Russian.
Time
Moscow time 1:00.
Currency
Latvian lat (1 euro = 0.7028 LVL).

Latvia is of interest from different points of view. This is a European state, a member of the EU and the Schengen area, proximity of Russia and provides excellent opportunities for recreation, treatment and cosmetology.

Acquisition of real estate in Latvia an opportunity to get a Schengen visa and travel freely throughout Europe.

Russian interest has always been high on the Old Riga and Jurmala. Now the real estate market dipped by 25-35%, and in some segments of up to 60%, so a potential investor can choose the best facilities. Analysts estimate the price of the real estate market in Latvia is almost reached the bottom. This is also evidenced by the fact that some segments have already started actively selling after nearly two years of quiet

The process of buying

  1. Preliminary selection and signing of an agreement on the choice of object c by SIA "Reliss" in Latvia
  2. Departure in Latvia and examination of the object.
  3. Backup object.
  4. The conclusion of the preliminary contract and pay about 10% of project cost.
  5. Checking the legal purity of the transaction Latvian notary.
  6. The signing of the basic contract of sale and the assurance of his notary. After this, the notary within 15 days of the transaction reported in the Register of buildings - a place of receipt of information for all owners.
  7. Payment of the remainder value of the object according to the schedule specified in the contract.
  8. Payment of fees: the state duty for registration of property rights - 2% of the value of the property, office fee of about EUR 20.
  9. Notary fees around EUR 150.
  10. Getting help from the Register.

Additional costs when buying

  1. 2% - the state duty for registration of property rights.
  2. 20 euro - clerical duties.
  3. € 150 - notary fees.

Taxes and spending in the content

  1. Property tax - Tax on residential property in Latvia is not taken. If the real estate business - 1.5% annually of the cadastral value of the property. Today in Latvia tax is paid on the land - 1% per year from the land of the land price. For example for the land under the flat area of ​​56 m2 - 70 Euro per year. For the land of 600 m2 for an apartment house in the quiet center of Riga - 150 Euro per year.
  2. The remaining costs for maintenance, utilities depend on the local government, which serves the object and the average is around 120 euros per month.
  3. When selling real estate if it belonged to you more than 12 months, the tax will be charged. If less than 12 months - will be charged 25% tax on the difference between the purchase price - on sale.

Fringe benefits

Since Latvia to the EU and the Schengen agreement, the owners of real property, as well as business owners and their employees have the right to issue long-term Schengen visa for up to five years.

Besides the obvious benefits of EU investment in real estate, homebuyers have the opportunity to Latvia for five years to travel freely in Europe.

Latvia - a European state, in close proximity to Russia, where you can freely speak in Russian, where the numerous local concerts and festivals - the "New Wave", "Golosyaschy Kivinen," etc. {linkr: bookmarks; size: small; text : nn; separator: +; badges: * }

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