Financial Services, Latvia

International Internet Magazine. Baltic States news & analytics Friday, 23.08.2019, 06:33

Cash will no longer be permitted for real-estate transactions in Latvia

BC, Riga, 03.04.2019.Print version
Saeima in the final reading today passed amendments to the Taxes and Duties Law, which prohibits cash to be used in real-estate transactions, informed LETA.

The bill has been passed with the aim of restricting fictitious real-estate transactions, like, for example, when two sides are interested in selling or purchasing real-estate for a larger sum than the actual price.

Previously this same bill also foresaw a considerable reduction in the permitted amount of cash in all financial transactions - from EUR 7,200 to EUR 3,000, but MPs did not support these amendments, and the cash restrictions will only come into force in regards to real-estate transactions.

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