Lithuania is changing the rules of buying property for the Russians

The Supreme Court of Lithuania recognized the illegitimate traditional land purchase scheme foreigners registered through them in the same company Lithuania, reported online edition "Kommersant" . It happened after the Supreme Court invalidated the contract purchase of Russian to the site on the coast of the Baltic Sea resort of Palanga. The buyer made out a transaction through a legal entity registered in Lithuania by the buyer. According to the traditional scheme, it was enough to create a company with a minimum share capital of Euro 2900. However, non-residents of Lithuania are still able to acquire the land for less popular scheme - through a legal entity established only by residents of the country. But, said the regional director of Knight Frank Residential Property Department Elena Yurgeneva for foreigners such a deal would be more expensive. According to the expert, the Lithuanian authorities intend to reorient foreign demand for the purchase of ready housing, which is more undeveloped land. Now the average cost per square meter of finished housing in Lithuania is 2,200 euros, and a hundred of land in the suburbs of Vilnius can be purchased for 175 euros, in Palanga - 1740 euros. According to the analytical center KvarLand, non-residents accounted for 10% of transactions concluded in the Lithuanian real estate market. In Lithuania, when buying real estate foreigners can only apply for a multiple Schengen visa (up to 90 days within six months). HomesOverseas.ru