In the end of December 2014 State Revenue Service (SRS) of Latvia has published an information for foreigners with valid residence permits in Latvia asking to report the property in their possession and to state the amount of cash on hand as of midnight on 31 December 2014, as well as to check their suitability with criteria mentioned in “The Law on Declaring Assets and Unreported Income of Natural Persons” Section 3.
This regulation will apply to those who have:
- purchased real estate in Latvia for which rights have not been registered jet;
- purchased real estate abroad, for which rights have not been registered jet whose purchase value exceeds EUR 14228,72;
- shares purchased in Latvia exceeding EUR 14228,72 in value;
- shares purchased abroad;
- financial instruments in Latvia exceeding EUR 14228,72 in value on the moment of purchase;
- financial instruments abroad;
- savings in Latvia and abroad exceeding EUR 14228,72 in value;
- pensions and life insurance funds exceeding EUR 14228,72;
- other (not mensioned above) property exceeding EUR 14228,72;
- to the person – real beneficiary who gains an advantage or profits from shares or financial instruments (exceeding EUR 14228,72 in value) of someone else.
The property in Latvia the records of which are found in the public state registers: Land Register, State transport vehicle register, Civil aircraft register, Information system for the tractor-type machinery, Latvian integrated data base of ships shall not be declared.The declaration will have to be submitted to the SRS in the period from 1 March 2015 until 1 June 2015.Law office INLAT PLUS is ready to provide legal service and assistance with the procedure and represent your interests in SRS.
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