Rietumu Bank – the leading privately owned bank in Latvia – has signed a cooperation agreement with Baltic Sotheby's International Realty.
The cooperation agreement with Baltic Sotheby's International Realty is part of the innovative marketing campaign „Residence permit in the EU” launched by Rietumu shortly after the Latvian Parliament passed amendments to the Law on Immigration, which now allow foreign investors to receive a 5-year residence permit in Latvia and to travel within the Schengen area freely.
“Already the first stage of our program, targeted at potential customers from Schengen non-member states, has proven to be a success. The number of people wishing to obtain EU residence permit is quite impressive. Both some of our long-term and new customers have already placed subordinated deposits and are now very close to getting a residence permit. There are also customers interested in investing in real estate in Latvia. Thus, the cooperation with such a reputable company as Sotheby's International Realty will allow us to offer these customers qualitative and exclusive objects,” – notes Mr. Stecyuk.
“For foreign investors aiming to purchase a real estate it is particularly important to have an experienced and reliable professional as a business partner. Sotheby’s is a widely recognised brand, whereas the main emphasis has always been on the quality of services – starting from offers of high-quality real estate objects to full support of a deal. I am certain that in collaboration with Rietumu Bank we will provide our customers with the most effective solutions”, says Vestards Rozenbergs, Chairman of the Board at Baltic Sotheby’s International Realty.
Professionals from Baltic Sotheby's International Realty will both render assistance to Rietumu’s customers regarding the purchase of real estate in Latvia and legal support during transaction processing. Simultaneously, Rietumu provides full practical assistance in obtaining a residence permit in Latvia, which guarantees free access to all Schengen countries.
Rietumu Bank has similar cooperation agreements concluded with a number of other key players of the Latvian real estate market, such as Latio, Nira Fonds, Arco Real Estate and Apella.
In line with the amendments to the Latvian Law on Immigration that entered into force on 1 July 2010, foreign investors may obtain a residence permit in the Republic of Latvia, guaranteeing them free movement within the Schengen area. To get the permit an investor has to meet one of the following conditions: to place a subordinated deposit in a bank, to purchase a real estate or set up a business in Latvia.
Sotheby's International Realty – a subsidiary of the famous real estate company Sotheby's, offering a collection of luxury homes, estates and properties for sale throughout the world.
Rietumu – the leading financial institution and the largest privately owned bank in Latvia in terms of equity capital. Rietumu has demonstrated a solid financial performance and generated the highest profit for the second year in a row – in contrast to significant losses suffered by the majority of other banks in the national banking sector.
Among the shareholders of Rietumu is a well-known Irish billionaire Dermot Desmond, affluent British businessman from Hong Kong Balram Chainrai, as well as private individuals from Latvia – founders of the Bank. Rietumu focuses on rendering a comprehensive range of banking products and services to businesses and high net worth individuals from the Baltic States, Russia, Belarus, Kazakhstan and other CIS and European countries. Eleonora Gailisha Mass Media and Public Relations
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