Baltic States – CIS, Latvia, Legislation, Real Estate, Russia

According to the agreement, Latvia will acquire a building in Moscow that houses the Latvian Embassy, as well as lease the land parcel under the building for a symbolic price of RUB 1 (two santims) a year for a period of 49 years.

In return, Russia will be given property rights to buildings in Jurmala as well as the right to lease a land parcel for a period of 49 years pursuant to the relevant regulations of Latvia on the lease of state-owned land plots.

The agreement, signed in Moscow on January 30, 2012, may be extended for another 49 years after it expires.

After the agreement comes into effect, Russia will hold property rights to five buildings and land parcels in Jurmala, whereas Latvia will receive a building in Moscow that will become structural unit of the Latvian Embassy in Moscow and will be used for representational purposes.