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Buy Land in Latvia – Get Legal Help from Our Lawyers

How to Buy Land in Latvia

Updated on Monday 03rd January 2022

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How-to-Buy-Land-in-LatviaLatvia is a popular destination for foreign purchasers due to its low prices, historic and pleasant atmosphere. Citizens of other nations are welcome to buy land in Latvia in almost all parts of the country, except border areas, the protective belt of the Gulf of Riga and the Baltic Sea, as well as the sheltering lines of other bodies of water, farmland, and woods. On the other hand, foreigners can lease the land for up to 99 years. So, as a foreigner you can freely buy, develop, and sell the property (buildings) as long as it is purchased independently from the land on which it is located. Foreigners must obtain approval from the local municipality before purchasing land directly.
 
If you plan to buy land in Latvia, you are welcome to get in touch with our Latvian lawyers. They will provide you with detailed legal assistance regarding the procedure of buying real estate in Latvia. 
 
In addition to this, if you want to immigrate to Latvia, you can get in touch with our immigration lawyers. They can provide you with legal help regarding immigration applications and document submission. Their legal assistance in the relocation process can help you avoid mistakes that may cause a delay in your visa process.
 

The procedure of buying land in Latvia

 
You can get in touch with experienced lawyers located at our law firm in Latvia. They can provide you with detailed guidance if you want to buy land in Latvia. However, here is general guidance provided for you:
 
  1. Locate a property: A local real estate firm can help you find properties that fit your standards as a buyer. The city, district, and budget are the most important considerations. Please do not hesitate to get in touch with our Latvian attorneys for any concerns you may have about the property, payment methods, or any reductions. If you want to apply for a residence permit, your house must be worth at least €250,000;
  2. Check the property: Your real estate agent will perform the essential checks on the property for potential encumbrances, tax, and mortgage liabilities;
  3. Open a bank account: Open an escrow bank account;
  4. Sign and pay the deposit on the preliminary sales contract. Now that you have a bank account, it seems the right time to sign the primary sales contract and pay a 10% down payment on the purchase price;
  5. Apply to buy the land (if applicable): In some situations, as a foreign citizen, you may be required to apply to the local authorities for permission to purchase land, which can take up to two weeks. If it is necessary, our Latvian lawyers will inform you;
  6. Perform due diligence: Check the local Land Registry for records about your property's registration. The Land Registry office must be notified of any property for sale. The Land Registry office must be notified of any property for sale. All Land Registers in Latvia belongs to the Ministry of Justice.
  7. Sign the final sales deal: Our Latvian lawyers will draw a sales contract, and you and the seller will be requested to sign it in front of a notary. A notary fee of €117–272 will be levied for completing the contract, which can be done in Latvia or at the Latvian embassy of your home country.
 
If you wish to buy land in Latvia, our lawyers in Latvia can conduct real estate due diligence for you. This procedure will help you avoid any potential harm related to the land transactions.
 
After you buy land in Latvia, you can also interact with our lawyers. They will guide you about registering your land with a land registry. They will also provide you with detailed assistance about the necessary documents you need to deliver. Please keep in mind that real estate agent commissions in Latvia are limited to 5% of the buying price. The seller is typically responsible for legal fees, ranging from 2% to 7% of the acquisition price.
 

Land registry fee in Latvia

 
Please find below the charges that you need to pay while going through the process of land registry in Latvia:
 
  • The stamp duty is 2% of the highest sum paid, either the land register value or the purchase price mentioned in the contract;
  • The clerk's fee for formulating property rights is €15;
  • The Land Registry fee for a certificate of ownership is €7.
 
Contact our lawyers if you want to buy land in Latvia as a foreigner. Our skilled lawyers can help you understand the whole process. 
 
Furthermore, as a foreigner, you can also interact with our lawyers if you want guidance regarding obtaining a residence permit in Latvia. They can provide you with extensive advice about its regulations and requirements in this country.