If you’re considering investing internationally, look no further than the Northern European city of Riga, Latvia. With its young, dynamic and innovative workforce, excellent infrastructure, low-cost environment, business-friendly taxation, and accelerating economy, it offers all the benefits of a Western work ethic whilst helping to keep costs low. According to the liveriga.com, here are some of the key reasons why you should invest in Riga along with some of the best investment options to consider.
Financial and global business services
With its highly skilled, multilingual workforce and innovative approach, Riga city offers a dynamic business environment that is ideal for investment across a range of sectors whilst remaining highly affordable.
Despite being the 3rd largest city in the Baltics with its impressive architecture and outdoor lifestyle, it offers low-cost office rental spaces, low cost of operations, low average salaries alongside fast internet speeds, outstanding infrastructure, and thriving IT, finance, customer service, logistics, and personnel management sectors.
Real estate development
Source: condos.ca
One of the most popular investment opportunities in Riga is in real estate. The prices remain highly affordable with residential properties costing between €50-300 per square meter and commercial properties between €300-1000 per square meter depending on the location. While some investors are seeking to diversify their property investments and capitalize on the gains of their home nations.
Riga has become a welcome choice for an investor that is seeking to enter the EU market but do not put all their eggs in one basked of property. Thanks to its strategic location, Riga city also boasts more than 100 direct international flights to the rest of the world and the ideal infrastructure to foster further growth.
In fact, the existing investors such as Nordic and Baltic investors continue to expand their portfolios whilst successfully selling for a profit.
Startups
Source: roberthalf.com
International venture capital firm Index Ventures recently voted Latvia as one of the best places for startups in the whole of Europe. Considering its thriving startup scene that attracts investors from around the world and looks set to explode over the coming years, this should come as no surprise.
A large cohort of digital nomads has also taken advantage of the incentives of living and working in Riga which can provide a diverse talent base of local and international professionals who understand the niche that the business is seeking to establish with local organizations able to guide budding entrepreneurs through the requirements of establishing their enterprise. With multiple offerings of transportation, tourism, and convenient location. Investors are taking advantage of places such as Riga to invest long-term.
With startup visas in place for non-EU startups, stock options regulation to help attract key talent, and friendly networking events, companies such as Sun finance and Game Changer Audio have achieved great success in this Baltic city and you could too.
High value-added manufacturing
Latvia is the biggest country for innovation in the Baltics and offers outstanding investment opportunities in Northern Europe. Over the past 100 years, they’ve become the go-to company for state-of-the-art innovation and manufacturing in electronics, optics, and lens manufacturing and also have the potential for developing cutting-edge smart materials. Teamed with its excellent supply chains and optimal geographic location, Riga remains a fantastic location to invest.
Many large multinational organizations see the potential that Latvia has to offer with access to the EU market. Latvia has become a choice for investment for large companies looking to invest in companies that provide a competitive edge in innovations and technology.
Information and communication technologies (ICT)
Source: techquintal.com
ICT is one of the fastest growing industries in Riga with IT support, Telecom, software development, cloud solutions, AI and Automation, and Robotics taking center stage.
With its super-fast internet speeds, and highly educated, multilingual workforce, it offers savvy international investors the ideal opportunity to expand their portfolio and generate maximum ROI. This has presented an opportunity for well-established tech companies to set up offices in Riga and provides inspiration to entrepreneurs who are seeking to take advantage of opportunities and open doors to investments that they would not get in their home countries due to the lack of investments in the sector or the access to talented ICT professionals to set up their companies help desks and IT departments to secure talented professionals and also incentives to retain professionals seeking to take advantage of lifestyles that include hybrid working arrangements offered by multinationals to work away from their home nations.
Film industry
Source: baltictimes.com
Riga’s lush green landscape, diverse architecture, and connection to the rest of the world make it the perfect location to shoot a movie. Riga is rich in history with architecture ranging from medieval, art nouveau to soviet era buildings and large baroque palaces buildings, with green landscapes just outside the city during the spring and summer times.
The film industry is highly active here with over 195 registered film producers and studios that can provide everything investors need to produce beautiful, high-quality media.
Riga City Council can also help fund foreign productions with its Riga Film Fund which allows up to 25% of expenses to be reclaimed after filming. Which is a great incentive for not just larger productions but more up-and-coming film producers to not only showcase their craft with a beautiful backdrop such as within Riga but also access to equipment rental facilities and a backlot facility at Cinevilla studios, Latvia.
In conclusion, Riga is a great city for investments. The beautiful Baltic city of Riga offers a range of investment opportunities within a dynamic business environment with the ideal talent, low cost of living, and advanced infrastructure that you won’t find anywhere else in the world.
The beautiful Baltic city of Riga offers a range of investment opportunities within a dynamic business environment with the ideal talent, low cost of living, and advanced infrastructure that you won’t find anywhere else in the world.
Research the various options carefully to find the best one that suits your needs and goals and look forward to making the switch to invest in the beautiful city of Riga.
