[BUYING AND SELLING REAL ESTATE IN LATVIA]
157
there are no restrictions regarding ownership of other types of real estate such as buildings, structures, apartments, business premises etc. Restrictions for acquisition of land vary depending on whether the land is located in the city or in rural areas. In cities land may be acquired by: a the citizens of Latvia and any European Union (EU) member state; b the State and local government, and state and municipal companies; c a capital company (a limited liability company or a joint stock company) registered in Latvia or any EU member state, if more than a half of the share capital of the company belongs to:
concluded Republic
an
agreement
with
the the
of
Latvia
for
Encouragement
and
Reciprocal
Protection December
of
Investment
after
31
1996,
and
the
respective
concluded the rights of the private individuals and legal entities from Latvia to acquire land in the respective country ( countries, which have concluded agreements for the Encouragement and Reciprocal Protection of Investment after 31 December 1996 are - Armenia, Azerbaijan, Belarus, Bulgaria, Egypt, Georgia, Croatia, India, Iceland, Canada, Kazakhstan, China, Kirgizstan, Kuwait, Moldova, Rumania, Singapore, Slovakia, Turkey, Ukraine, Hungary, but regarding these countries the exact provisions of the agreements should be reviewed ); agreement prescribes d a public joint stock company registered in Latvia or any EU member state, if its shares are quoted in stock exchange; e religious organizations, which were registered in Latvia before 21 July 1940; f the state or municipal institutions of higher education. Other private individuals and companies that do not correspond to the aforementioned conditions may acquire the land in Latvia with the permission from the local government; however, it is also prohibited for such private individuals and companies to acquire the following types of land: - land in the border zone; - land in the protection zone of coastal dunes of the Baltic Sea and
1)
the citizens of Latvia and EU
member state; or 2)
the State and local government, and
state and municipal companies; or 3)
private individuals or legal entities
from
the
countries,
which
have
concluded Republic
an
agreement
with
the the
of
Latvia
for
Encouragement
and
Reciprocal
Protection agreement
of
Investment
and
such
has by the Parliament of Latvia prior to 31 December 1996 ( such counties are: the United States of America, Austria, Belgium, Luxemburg, Czech Republic, Denmark, France, Greece, Estonia, Israel, South Korea, United Kingdom, Lithuania, the Netherlands, Norway, Poland, Portugal, Finland, Spain, Switzerland, Uzbekistan, Germany, Vietnam, Sweden ); or 4) private individuals or legal entities from the countries, which have been approved
ILN Real Estate Group – Buying and Selling Real Estate Series
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