In force from 1 January 2014 are changes to the Latvian Cabinet of Ministers regulations setting the duty payable for registration of title and pledge rights in the Land Book. The “ceiling” on some state duties is removed, while the amount of duty is significantly increased if, for example, an apartment is alienated to a legal person. As of 1 July 2014, an additional index is introduced where the title has not been registered in the Land Book within six months after signing an agreement. The table below shows more detailed information about duties.
click here to view the table.
Taking into account the increased index for late title registration, we recommend avoiding increased duties by early and timely registration of title in the Land Book. Bear in mind that the index can significantly affect both concluded and planned transactions on transfer of title with conditions precedent because the term of six months starts on the day when the document confirming the title to be registered is signed.