Sale of homes to citizens of two countries banned!

The Latvian Parliament has approved a law preventing Russian and Belarusian citizens from acquiring real estate in the country, citing national security concerns. 

Adopted under the name 'Law on Restricting Transactions Threatening National Security,' this regulation covers new property purchases and will only apply to transactions made after the law comes into effect.

Real estate currently owned by citizens of Russia or Belarus will not be affected by this ban.

However, Russian or Belarusian citizens who hold permanent residence permits in Latvia will be allowed to purchase only one residential property. Additionally, properties acquired through inheritance or court orders have been excluded from the scope of the ban.

FINLAND'S SIMILAR DECISION

This move by Latvia is reminiscent of Finland, which previously implemented a similar regulation. 

In Finland, only Russian citizens with permanent residence permits are allowed to purchase real estate.