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Business in Latvia
 

General information
Latvia is a democratic parliamentary republic.
Latvia is situated on the eastern coast of the Baltic Sea.
Borders with other countries: Estonia, Russia, Belarus, Lithuania.
Area: 64,589 km2
Population: about 2,400,000
The national currency is the lats (LVL), which consists of 100 santims. Approximate currency rates (Latvianlats/currency) - 0,68 LVL/1 EUR; 0,53 LVL/1 USD; 0,92 LVL/1 GBP.
Minimal salary (per month) - 80 LVL. Approximate taxes from salary 80 LVL - 44,67 LVL.
 

Taxes
Income tax for natural persons – 25%
Income tax for natural persons – 15%
Variable tax amount – 18%, 9% and 0%
Social security payment – not higer than 33,09%
Immovable property tax – 1,5%
Excise tax
Natural resources tax
Lottery and gambling tax
Customs duty
 

Residence in Latvia
Persons, with following status have rights to reside in Latvia, if other requirements are fulfilled:
- An individual merchant (businessman) or a sole founder of a commercial company registered in the Commercial Register
- An officer of a partnership with the signatory rights registered in the Commercial Register
- Self-employed person
- A member of the Council or the Board of a capital company registered in the Commercial Register Refer
- Person, who invested not less than 600 000 LVL in the share capital of a capital company
- A representative of a foreign company