Foreigners invest 600 million EUR in Latvia in exchange for residence permits
At the end of 2012, the number of real estate transactions with the goal to acquire temporary residence permits in Latvia exceeded 3 000 – a total of EUR 600M, according to experts.
Professionals of the Russian real estate industry allow that the investments performed by their compatriots have now reached the highest point and become stable.
The number of transactions with the goal of acquiring temporary residence permit continuously increases – from 79 transactions in 2010 to 1 012 last year.
In 2013 more than 2 000 transactions were executed by the end of May, amongst which approx. 1 200 dealt in real estate located in Riga, 700 – in Jurmala and above 200 in the other regions in Latvia.
There were approx. 6 300 applications for residence permits submitted by the end of May. Applicants came from individuals from: 4 573 (Russia), 489 (Ukraine), 331 (Kazakhstan), 158 (Belarus), 206 (China), 358 (other CIS countries), and 134 (other countries).