There are no restrictions on anyone buying property in Latvia, so long as it is registered with the Land Registry – the market is very simple for off plan investors and there are rarely, if ever, any major problems with transactions. As is the norm, a local lawyer should be employed to assist in the purchase and help out with any regional laws that may differ from what is expected.

After an off plan property is selected and it is ascertained that it is listed in the local land book, with all details of ownership in no doubt, a deposit is paid to the seller – usually of around 10 to 25 percent, though it can vary. If the buyer backs out at this point they forfeit the deposit, whereas if the buyer backs out they are required to pay back the deposit in double as a penalty. Once the contract is signed and finalised with a notary present, it is submitted to the local government for approval – authorities may have pre-emption rights on properties, meaning they have the chance to purchase land or housing before an individual. This should not be a problem though, as these factors should already have been checked out beforehand by the lawyer. Once the contract is approved, the final balance is transferred into a bank account, where it is held as the land registry book is updated. Once the bank receives confirmation that the registry book has been officially updated, the money is transferred to the seller.