The judicial system
Three-tier judicial system operates in Latvia: regional/city courts, district court and higher court. This model is in line with best European practices and regulations and looks at civil, criminal and administrative claims. In Latgale, there are 5 regional/city courts and a district court. There is also a separate administrative court in Rezekne.
System of legislative acts
Latgale is subjected to all laws and regulations used in Latvia. The system is in line with regulation from the European Union. These are the basic legislative act governing the Republic of Latvia: Latvian constitution – Satversme, International laws, regulations and directives of the European Union, laws, regulations of the Cabinet of Ministers and regulations of local governments.
Legal forms of business
The most commonly used form of business is Limited Liability Company (LLC).
A closed company that is not publically traded.
Registering a new company is a simple process and can be accomplished within 3 working days.
The amount of share capital ought to exceed 2,800 EUR, but can be lower if certain criteria are met.
Acquisition of land
Citizens of Latvia, companies registered in Latvia as well as legal and private entities from European Union, Europe Economic Area and Switzerland can all acquire real estate in Latvia.
Land that cannot be owned by non-residents:
- Land near the border;
- Land in nature reserves and other protected areas;
- Land in the protective dune belts;
- Land near public access points to waterbeds;
- Farmlands and forests;
- Land with nationally important excavation sites
There are special regulations for acquiring farmlands larger than 5 ha.
Most important aspects for legal entities:
- One of these criteria must be applied:
- At least one employee has a degree in agriculture;
- At least one employee has one third of income generated from farming in the last 3 years.