Hello
I was just wondering if anybody had any experience/advice/information on buying Land/property in Latvia for residential and potential business development?
I recently went on holiday to Latvia with my Latvian girlfriend and came across 30 hectares of land including 2 lakes and 2 main properties. I met the owner and came to a verbal agreement of around 70,000 lats. As well as live on the land I want to develop the lakes into a premium carp fishery for over sea's carp fisherman, plus eventually develop the complex as a whole into a holiday resort.
Now I have already spoken to a bank whilst in Latvia so I am already aware that I myself cannot purchase the land out right especially as it is agricultural land. Also the mortgages they had to offer where ridiculously unrealistic (40% with 10 years to pay it back in) to contemplate. I have also been ringing a couple of oversea's mortgage brokers to try and secure a mortgage my neck of the woods UK with out much luck.
So as I asked before does anybody have any experience or advice/info they could give me in relation to resolving my predicament, it would be much appreciated if you do!! Also is there any loop holes to get around me not being a national and thus being unable to purchase the land outright i.e. the setting up of a company in latvia and purchasing it through that etc? Or would setting up or being a director of my girlfriends dormant company help me in securing a mortgage as a business investment etc?
Buying land/property in Latvia for residential and business purposes.
Hello Joe and welcome to Expat.com!
Hope that you'll soon be enlightened.
Harmonie.
Sorry Joe can't help,but good luck to you,it sounds like a good idea .Carp fishing holidays are great business.The price sounds an absolute bargain also.Surely ,with Latvia now being in the EU,they have to have the same laws regarding buying land as the other EU countries?
Harmonie wrote:Hello Joe and welcome to Expat.com!
Hope that you'll soon be enlightened.
Harmonie.
Thank you Harmonie, thanks for having me 
paddymanu wrote:Sorry Joe can't help,but good luck to you,it sounds like a good idea .Carp fishing holidays are great business.The price sounds an absolute bargain also.Surely ,with Latvia now being in the EU,they have to have the same laws regarding buying land as the other EU countries?
Thanks Paddy!
The lake and lay out of the buildings are just perfect for a premier carp fishery! Plus carp are relatively cheap in comparison to the UK so building up a good stock wouldn't as expensive!
It is very easy for non national to buy property it is however a different story when buying land. The land I want to purchase is unfortunately classed as agricultural land so I can't buy it myself! I think this applies to most European countries and worldwide.
Even if I could buy the land outright I can't get an overseas mortgage any how as brokers won't go near eastern Europe with a barge pole after getting their fingers burnt in Bulgaria! I had one Broker who was very inquisitive at first and was bombarding me with questions etc As soon as I mentioned Latvia, all went quiet and I haven't heard from them since!
But I will keep sniffing around in the hope that I may stumble across something that will enable my dream to come true!
Hi Joe,
You are correct there is a restriction on foreigners buying agricultural land. This does not apply to property and land for residential purposes.
One solution would be to use a Latvia company, or Latvian microenterprise (since August 2010). You would need a Latvian resident shareholder to hold 51% of the company.
Regards,
Scott
Cheers for that Scott!
My girlfriend already has a company registered in Latvia. Now if she made me a share holder (49%) would my income then be taken in consideration as she would not be generating an income unless she found a job asap after moving back over, which is very unlikely! Or would I have deposit my wage into the company account to show some kind of income being generated by the company?
Or could I get a mortgage over here in Britain and then purchase the land through the company in Latvia if you know what I mean?
I am completely new to all this so please excuse me if my questions come across a bit daft!
Any help/advice much appreciated
thank you for your time
Joe
hy everyone i am from Bangladesh doing consultant business here.i like to get someone to start a busniess in latvia for long time to send peoples in latvia as student visa/visit visa /investor or work permit from Bangladesh.anyone can be business partner from latvia for only communication with me with provide some information.Thanks
Hell fellow Brit. Three years ago I had exactly the same problem. I reserved the plot in wifes name.She is Latvian.Begged the bank to give mortgage but no chance even though solvent.No chance of ever getting the cash back said my bank manager. I received a loan for a car deal and changed it into Lats and bought my house with that. Never heard another word but sent them payments a year later.
