Property Status of Natural Persons

 Published: 09.09.2016. 10.34


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Although the statement on the property status or the so called “zero statement” was a single action to be taken in 2012, nevertheless, the duty to file the statement on the property status arises with regard to natural persons who have become residents of the Republic of Latvia following 1 January 2012 and as of 31st of December of the relevant year fall under the criteria determined by the Law on Declaring the Property Status and the Undeclared Income of Natural Persons.

The natural persons – foreigners – who have become residents of the Republic of Latvia following 1 January 2012 and who have been issued the permanent residency permit or the permanent residency certificate in Latvia, shall determine their property status as of 31st of December of the year when the person has become a Latvian resident and he/she shall verify whether such a property status falls under any of the criteria determined by the Law on Declaring the Property Status and the Undeclared Income of Natural Persons.

In the event the natural person meets any of the determined criteria, the statement on the property status shall be filed with the SRS from the1st of March until the1st of June of the calendar year following the year in which such a person became a resident of the Republic of Latvia.

The said duty is prescribed by the Law on Declaring the Property Status and the Undeclared Income of Natural Persons

In the event any of the criteria determined by the Law on Declaring the Property Status and the Undeclared Income of Natural Persons is met with regard to the property, funds or liabilities of such persons, the person, starting from the 1st of March until the1st of June (inclusive) of the relevant year shall file with the SRS the statement on the property status stating the status of the person’s property as of 31st of December at 24.00 of the year when the person has become a Latvian resident.

The forms of the statements on the property status are available under the section “Forms and Submissions[1], whereas the frequently asked questions and answers thereto are available under the section “Questions and Answers[1].

Which cases cause a duty to file a statement on the property status?

  • ownership or joint ownership of real estate or parts thereof abroad, including also the real estate or parts thereof with regard to which the person’s owner’s rights have not been corroborated in accordance with the regulatory enactments applicable in the relevant states;
  • a real estate or parts thereof has been obtained in Latvia, with regard to which the owner’s rights have not been corroborated in accordance with the regulatory enactments and the total purchase value of which exceeds 14,228.72 euro or an equivalent amount in foreign currency;
  • ownership or joint ownership of a vehicle (motor land or water vehicle) or an aircraft abroad;
  • ownership of capital shares in Latvia, the total purchase value whereof exceeds 14,228.72 euro or an equivalent amount in foreign currency;
  • ownership of capital shares abroad;
  • ownership of financial instruments in Latvia, the total purchase value whereof exceeds 14,228.72 euro or an equivalent amount in foreign currency;
  • ownership of financial instruments abroad;
  • the total amount of savings of funds (cash and non-cash) in Latvia and abroad or in Latvia only, or abroad only exceeds 14,228.72 euro or an equivalent amount in foreign currency;
  • the total amount of accrued funds in the private pension funds or those of life insurance (with accumulation) in Latvia or abroad exceeds 14,228.72 euro or an equivalent amount in foreign currency;
  • a person owns in Latvia or abroad another property not mentioned above (property or an aggregation of property), the value whereof, in the person’s opinion, exceeds 14,228.72 euro or an equivalent amount in foreign currency;
  • a person is the beneficial owner of capital shares or financial instruments belonging to or transferred into management of another person, if the value of such property exceeds 14,228.72 euro or an equivalent amount in foreign currency.

In which cases a statement on the property status shall not be filed?

If a person owns only the property registered in the following registers:

  • State Unified Computerised Land Register;
  • State Register of Vehicles and Drivers;
  • Civil Aviation Aircraft Register;
  • Informational System of Tractor-type Machinery, Its Trailers and Operators of Tractor-type Machinery;
  • Latvian Integrated Database of Ships.

How can you file a statement on the property status?

  • in person, at any SRS Customer Service Centre;
  • electronically, using a secure electronic signature (e-mail address np.lietvediba [at] vid.gov.lv);
  • via the SRS Electronic Declaration System;
  • by post to the address Talejas iela 1, Riga, LV-1978.

[1] Information available in Latvian