Immigration. Travel. Living.

Reasons to immigrate to Latvia 

Consider Latvia if you want to immigrate to Europe. Living in Latvia has several benefits, like a healthy climate, delectable food, no traffic, and no immigrants. in addition to quite modest living expenses. Let’s examine all the advantages of residing in Latvia.

Latvia history

Latvia is a member of the European Union

You will have unrestricted access to the European Union once you get a resident permit in Latvia, and you will have an easier time getting a visa to the United States, Canada, and a few other nations.

One of Latvia’s key advantages is that it is a member of the Schengen area. Riga, the capital of Latvia, provides good ferry service to Stockholm and has good flight connections (2.5 hours to Paris, Berlin, and Barcelona).

Doing business in the Republic of Latvia

More and more foreign private entrepreneurs come to Latvia due to its flexible tax laws and the dependability of its banks, and its residents can easily start their firms thanks to several government initiatives supporting small businesses. It is not surprising that the forces of small enterprises provide 65% of this tiny state’s GDP.

The tourist, beauty, catering, and transportation industries are the most popular for starting your own business. Online retailers have also made significant strides in recent years.

Acquisition of real estate in the Republic of Latvia

The Latvian economy started to pick up steam in 2021, which led to an increase in real estate costs. Therefore, experts advise taking care of it right away for individuals who are interested in buying housing here. A three-room flat in Riga, for instance, may be acquired for €330,000.

A two-room apartment in the city typically costs €100,000. Apartments with one room are available for about €50,000. A private home in the city with 6-7 rooms typically costs around €400,000. At the same time, the housing market is most in need of 2-3-room flats in urban new buildings. These homes typically cost between €1000 and €2000 per square meter.

The cost of living is among the lowest in Europe

Prices are very affordable in Latvia. A two-room flat in the heart of Riga typically costs 400 euros per month to rent (data for 2021). The overall square footage of the building itself is used to determine an apartment’s price. Spend between two and a half thousand euros for one square meter in the city core. The cost will be somewhat less in residential regions. In a residential section of the city, one square meter costs between 900 and 980 euros.

High level of education

However, Latvian school graduates still possess the necessary training to pursue further studies at Latvian universities. In Latvia, there are also several private universities where the language of instruction is English.

The banking system of the Republic of Latvia

One of the benefits of residing in Latvia is the country’s free financial laws and stable economy, which attract many European businessmen to Latvian banks. The rigorous observance of banking secrets, for the disclosure of which criminal responsibility is provided, is the undeniable benefit of opening accounts or making loans in them. At the same time, Latvian banks offer their customers the broadest range of services at European-level quality. It should be noted that Latvian banking institutions have been working hard to build remote account management technologies in recent years.

The Latvian tax system

Many foreign business owners who have chosen to establish their operations in Latvia appreciate the country’s very transparent tax structure and reasonable rates. One of the lowest rates in the EU, the corporate income tax is 15%. To prevent double taxation, Latvia has also established several agreements. The typical VAT rate is 21 percent. Individual capital gains tax is 15%.

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