Real Estate Investor 

If the foreigner in Riga or Jurmala, or in Adazi, Babite, Baldone, Carnikava, Garkalne, Ikskile, Kekava, Marupe, Olaine, Ropazi, Salaspils or Stopini municipalities has acquired and owns one functionally connected immovable property (with exception of the case when the immovable property represents a vacant land), which value is at least EUR 250 000, or outside the said administrative territories – no more than two immovable properties (with exception of the cases when the immovable property represents a vacant land) and each of them represents one functionally connected immovable property, total value whereof is at least EUR 250 000, if conditions as follows are present at the same time:

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a) he or she does not have and has never had payment debts of immovable property tax,

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b) the total value of immovable properties was paid for by non-cash settlement,

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c)immovable property which has been acquired from a legal person registered in the Republic of Latvia or a European Union Member State, European Economic Area State or the Swiss Confederation, which is a taxpayer in the Republic of Latvia within the meaning of the laws and regulations governing the field of taxes of the Republic of Latvia, or from a natural person who is a citizen of Latvia, a non-citizen of Latvia, a citizen of the European Union or a foreigner who is staying in the Republic of Latvia with a valid residence permit issued in the Republic of,

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d) cadastral value of immovable property at the time of acquisition thereof was not less than EUR 80 000. If a foreigner has acquired two immovable properties outside Riga or Jurmala, or in Adazi, Babite, Baldone, Carnikava, Garkalne, Ikskile, Kekava, Marupe, Olaine, Ropazi, Salaspils or Stopini municipalities, cadastral value of each immovable property at the time when it is acquired is at least EUR 40 000. If the cadastral value is less than that indicated in this Sub-paragraph, the value of immovable property may not be less than EUR 250 000 according to the market value of immovable property determined by a certified assessor of immovable or, if a foreigner has acquired two immovable properties, — the market value of each immovable property may not be less than EUR 125 000,

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e) upon requesting the first temporary residence permit, he or she pays five per cent of the value of immovable property into the State budget,

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f) the composition of the immovable property does not include land for agricultural use or forest land:

• for a period not exceeding five years. Extendable as long as property is owned. Subject to changes in laws applicable at the time.