Russians and Belarusians banned from buying real estate in Latvia

The Latvian authorities have banned citizens of Russia and Belarus from buying real estate in the country. This was announced by LSM on June 20.

As specified in the publication, the restrictions will also apply to legal entities from Russia and Belarus and to companies where at least 25% of the capital belongs to citizens of these countries or where they are the actual beneficiaries. The ban applies to transactions concluded after the entry into force of the law.

Exceptions are possible, for example, when inheriting property or by court order. The purchase is also allowed if it is a single dwelling, and the buyer has a permanent residence permit issued before the law came into force, or the status of a permanent resident of the European Union (EU).

"It is emphasized that ignorance of the law does not exempt the parties to the transaction from the obligation to comply with it. The parties must choose such participants in the transaction who comply with the requirements of the law and cannot justify themselves by not knowing its terms," the article clarifies.

The parties to the transaction are required to verify compliance with the requirements of the law. In case of violation, the contract will be declared invalid. The law will come into force after it is signed by the President of Latvia.

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