Plans to ban citizens of Russia and Belarus in Latvia to purchase real estate / day

It is also planned to impose such a ban on legal entities registered in Russia or Belarus. It is also intended to be attributed to legal entities, in which their citizens own at least 25% of the share capital in which Russian or Belarusian citizens are true beneficiaries, as well as legal formations established in Russia or Belarus.

The prohibition will apply to transactions concluded after the entry into force of this law.

As the authors note in the bill, a hybrid war against other democratic and sovereign states in Ukraine in Russia, which does not support and condemns Russia’s aggression or supports Ukraine in the fight against it. Latvia is among these countries.

One of the instruments of the implementation of Russian non -military influence and hybrid war elements of EURort real estate in other countries. Russia has also used the presence of its citizens abroad as a reason for the launch of the war, justifying its military actions with the protection of its citizens. The Saeima has previously emphasized that the war launched by the Latvian border country – Russia – against Ukraine is demanding special attention to the protection of Latvian national security and thinking about new national security protection measures, the authors of the bill said.

The annotation emphasizes that the ignorance of the Laws of the Transaction does not relieve the obligation to comply with the law. Persons must choose the subjects of the transaction that meet the criteria of the law and cannot be pleaded with the fact that they did not know the provisions of the law. Consequently, the potential real estate seller will have to evaluate what it concludes the purchase agreement and to take into account the consequences that this transaction will not be valid under the law.

In order for the law to enter into force, it must be seen in the final reading in the Saeima.