Why Riga for your new Business?
Riga is the capital of Latvia and of the largest cities in the Baltic States.
– The city has strong commercial roots. As a capital city Riga has a strong presence of both government offices and foreign embassies and consulates
– Riga is an important commercial and cultural center in the Baltics Region . The well preserved Art Nouvea architecture and the cultural heritage in and around the Old Town, ensured Riga a place on UNESCO’s World Heritage List in 1997
– Latvia’s strategic geographic position is considered to be an attractive base for international companies looking to conduct business in the Baltic region or Russia.
– Riga is a major transportation hub and is home for AirBaltic, the national carrier. In summer 2010, Riga International Airport is served by 16 airlines with passenger flight to 83 destinations. The city also served as a departure point for 5 international railways lines, numerous international buses routes and 3 international ferry lines
– With an area of approximately 64,000m2 and a population of 2.2 million people, Latvia is the second largest of the Baltic States after Lithuania.
– The demand of foreign buyers is mainly focused on the center of Riga, however, since the offer suiting the buyers’ requirements in that part of the city is increasing only gradually, foreigners are also purchasing apartments in new buildings in the residential districts outside the center. The demand of non-residents is mainly aimed at new apartments at a price from 150,000 to 180,000 euros, which is close to the investment level required for obtaining a temporary residence permit.
– From September 1, amendments to the Immigration Law will come into effect, and the minimum investment amount for obtaining a temporary residence permit will be increased to 250,000 euros.
– In the first moths of the year, in the new apartment segment of Riga, a moderate price increase continued. The smallest increase in new apartment prices was recorded in Old Riga, where housing prices have approached the pre-crisis level. In Q1 2014, the average price of new projects (also fully renovated buildings) in Old Riga and its vicinity was 4,250 euros per square meter. Compared to the last quarter of the previous year, it has increased by 1.2%; the increase from Q1 2013 is 3.7%. An interview about Riga Business for corporate travelers by Radisson Blu / Daniel Janetschek in 2015
– Riga is the main driver of Latvia’s economy. It is the major centre of international investment into the Baltic Region
– Its strategic geographic position makes Latvia an attractive base for business and easily accessible by air, rail and road
– Latvia joined EU and NATO in 2004 and European Culture Capital 2014.
Latvia, Russia and CIS countries.
Latvia is located profitably enough on the borders of CIS countries and the Western Europe. In the north it has borders with Estonia, in the east – with Russia, in the south – with Belarus and Lithuania and in the west it has the Baltic sea coast that provides the straight exit to the Scandinavian countries. The flight by plane from Riga, e.g., to Moscow, Kyiv or Berlin takes no more than an hour and a half. Respectively, if the business asks for your immediate presence in any place of Europe, you may reach the place within a day.
Latvia is the leader in the European Union and the Baltic region in the amount of Russian-speaking population. Despite the fact that the official language is Latvian, in the everyday life Russian language is used and understood everywhere, so each Russian-speaking person that comes to Riga, will not have any communication inconveniences.
The temporary residence permit for 5 years means staying in Latvia without minimal and maximal period limitation, as well as staying in the countries of Schengen agreement not more than 90 days within a year. The current Migration law of Latvia provides the annual confirmation of the temporary residence permit with the purpose to control that the foreigner complies with the investment conditions, on the basis of which the certain residence permit was obtained.
Opening Personal Bank Account
Switzerland remains still as the best known location where wealthy private individuals head to private banks to place their funds in various investment vehicles, however there are many alternative jurisdictions besides Switzerland that have banks better suited to client needs, including Latvia And Austria, actually the best in Europe. When it comes to banking for private persons, there are various factors that influence the choice of where the client should open a personal account, for example deposit yields and investment portfolio: traditionally mostly banks in Switzerland and Austria, are chosen for their stability, confidentiality and investment programs. Here we must note that starting balances are EUR 250,000 or over. This is the point: convenience is with no minimum balance requirements. When clients desire easy access to funds in their overseas account, they prefer to open personal accounts at banks in Latvia. Latvian banks do not have minimum balance requirements and offer additional advantages such as multiple currency accounts, Visa or Maestro debit cards, user-friendly and secure internet banking as well as a EUR 100,000 government guarantee for funds held in the private sector.
General requirements for opening personal bank accounts:
Banks will request a passport copy, a utility bill proving your place of residence, as well as a professional reference letter. You will need to explain to the banker the source of the funds that you plan to deposit on your personal account, as well as explain your reason for opening a personal account. B2BALTIC LEGAL Team offers a wide choice of options on where to open your personal bank accounts, depending on your needs and requirements. Help in choosing the right bank to suit your needs; Collect, review and consult on required documents and information; Arrange the bank introduction. Many banks will accept introductions with no personal visit required.