TOTAL COSTS
Acquiring a temporary residence permit (TRP) in Latvia through real estate purchase involves several expenses. Below is a detailed list of potential costs for a purchase of 250 000 EUR worth of property in Latvia to obtain TRP.
REAL ESTATE PURCHASE COSTS:
| Value of the property | € 250 000 |
| Stamp duty upon registration (1.5% of the real estate value) | € 3 750 |
| Registry fee | € 15 |
| Notary expenses | € 300 |
| Escrow account (by individual bank price list) | € 1 000 |
| TOTAL COST FOR REAL ESTATE PURCHASE: | € 255 065 |
TEMPORARY RESIDENCE PERMIT (TRP) REGISTRATION COSTS:
| Application fee | € 150 |
| Government tax (5% of the property value) | € 12 500 |
| Health insurance | € 200 |
| Legal fee (€ 5000 for the applicant + € 500 for each family member) | € 5000 |
| Translation of documents may be required, costing approximately €20-€30 per page | € 500 |
| TOTAL COST FOR TRP APPLICATION | € 18 350 |
The total expenses for acquiring a 250 000 EUR worth of property and obtaining a residence permit would be around 273 415 EUR with all the legal fees and taxes included.
ADDITIONAL COSTS
- Travel Expenses: Costs for traveling to Latvia to view properties and finalize the purchase.
- Accommodation and Living Expenses: Temporary accommodation and living expenses while staying in Latvia for the property purchase and TRP application process.
- Bank Fees: Costs associated with transferring money internationally and opening a bank account in Latvia
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