How overseas buyers buy property in Latvia

What to know first

• EU and euro-area member — no currency risk for euro-based buyers
• The real estate residence-permit route was closed by the new Immigration Law in 2026 — buying here no longer leads to residency for new applicants
• Riga Waterfront regenerates the Andrejsala peninsula next to Riga’s UNESCO-listed old town
• Riga International Airport is about 10 km from the city centre (developer)
• GDP was broadly flat in 2023–2024 after earlier strong growth

The general process

1. Confirm what foreigners may own in Latvia and in which areas.
2. Set your budget in EUR, including taxes, fees and currency costs.
3. Shortlist areas and check the developer or seller.
4. Appoint an independent local lawyer before paying anything substantial.
5. Reserve, sign the contract, and pay through the approved channel.
6. Complete registration, and take tax advice in both countries on any rent or sale.

The exact steps and order differ by country and by project.

Financing for foreign buyers

Typical rate

Euro-area rates: the ECB deposit facility rate was 2.25% from June 2026

Notes

Latvia is in the euro area and the EU. Confirm bank-finance availability for non-residents with an advisor.

Residency through property

Programme

CLOSED — residence permits for buying real estate were discontinued under Latvia’s new Immigration Law

Threshold

The property route no longer applies to new applicants (effective 15 September 2026 per most reports; one source says core provisions apply from 1 January 2027). Existing permit holders may renew under transitional rules

Timeframe

A new fund-based investor route has been introduced; reported minimums conflict (€150,000 vs €500,000) — confirm with the Office of Citizenship and Migration Affairs