Business and property investments are still the leading ways of making money and building wealth in the long run. Smart investment helps to keep up with the ever-increasing inflation and use the value of the financial belongings.
One of the rising European stars investment-wise is Latvia, as it has the biggest growth potential and it took the course to economic improvements. Let’s learn the benefits it offers.
Why Is Latvia a Good Investment?
1. Location
Latvia, due to its beneficial location, is one of the main trade connectors, as it gives way to Scandinavian, European, and Asian countries, and has access to the Baltic Sea. Such an intersection of opportunities gives a leeway for international trade and transportation.
2. Transportation hub
As the country is located on the Baltic Sea, it has three major international ports – Riga Latvia, Liepaja, and Ventspils. The ports are closely linked to mainland infrastructure like railroad, road, and pipeline networks, and are ice-free, allowing an all-year-round trade.
There is also well-developed air traffic, as Riga Latvia serves almost 60% of all the flights to Baltic regions, as well as hosts the biggest international airport among the Baltic countries. Overall, there are around 100 destinations that are covered by Riga International Airport, and around 11 international airlines Ryanair, Wizzair, Lufthansa, Turkish Airlines, Finnair, etc. The AirBaltic can also boast the flight to European and Asian directions.
3. Free trade and global integration
Latvia is a member of the European Union, the Schengen Zone, the Organisation for Economic Cooperation and Development, and the World Trade Union. Such a level of global integration benefits open and seamless trade on the world’s market.
All the customs procedures are standardized to provide an uninterrupted trade with international partners.
4. Work ethics
Latvians are generally highly motivated, responsible, and conscientious workers. The majority are multilingual, with a strong educational background. Latvians, unlike many other nations, meet the investor’s expectations regarding salaries and skills – their salary is relevant to their knowledgeability and expertise.
5. Export background
Latvia has been involved in the export of goods since its dawn, which let the locals learn the aspects of working with European and Nordic countries and being able to adjust to various styles of performance. Local companies are working on expanding their influence both within domestic and international environments.
6. Choice of industries for investment
Latvia’s economic strength comes from:
- Pharmaceuticals and Chemicals Sector
- Biotechnology Sector
- Industrial and Manufacturing Sector
- Agriculture Sector
- Wood-processing (Forestry) Sector
Investments in any of these sectors will offer a high return on investment and long-term benefits.
7. Incentives for investors
Latvia knows how to attract money flow into the country and offers numerous incentives for investors:
- Support programs
Support for digitization of processes, Start-up support, Loan with capital discount, EU Structural Fund-backed support program for small and medium-sized Latvian enterprises.
- Special Economic Zones (SEZ)
Five special economic zones are created to support and promote business activities within established regions:
Riga Free Port, Ventspils Free Port, Liepaja Special Economic Zone, Rezekne Special Economic Zone and Latgale Special Economic Zone. The benefits are the rebate on the real estate tax, corporate income tax, tax withholding for dividends, intellectual property usage, and management fees for non-residents, etc.
- Fast-track ‘Green Channel’ initiative
The initiative aims to accelerate administrative procedures for territorial planning, residence permits, and foreign workforce attraction.
- Budget-friendly environment
Latvia offers a competitive workforce, favorable taxes, and robust performance of manufacturing and service sectors. Such a combination is the key to a high return on investment, and thus, satisfied investors.
8. Good place for life
Latvia’s advantages aren’t limited by economically beneficial conditions. Once you see the beauty of nature, and feel the charm and tranquility of its cities, you can’t resist falling for this cozy place.
Latvia is a balance of life and work, a hectic modern lifestyle, and a relaxing atmosphere due to its proximity to nature reserves. Latvia is a green haven for outdoor lovers with its numerous trails and cycling lanes, endless forests, and parks. The only thing you may be lacking is time to explore all the spots.
The Bottom Line
Latvia is a country of opportunities economically- and life-wise. The country has significantly elevated its position among other EU countries, and keeps growing its international influence. Transportation and storage, agriculture, biotechnology, renewable energy – there is no lack of options to consider. Latvian authorities also offer numerous incentives for investors aiming to attract more attention and money flow to the country.
Overall, Latvia is a perfect place for both economic activities and life itself.
Disclaimer: This article contains sponsored marketing content. It is intended for promotional purposes and should not be considered as an endorsement or recommendation by our website. Readers are encouraged to conduct their own research and exercise their own judgment before making any decisions based on the information provided in this article.
