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Get to Know About Latvia
Latvia is a country near the Baltic Sea of Northern Europe. Riga is the capital, which is also the largest city. The nation covers a land area of 64,589 square kilometers and is home to 1,919,968 Latvians. Since they are part of the European countries, Euro is their currency as a medium of exchange. Most of them speak Latvian; so, it is their official language. The country is above the equator (Northern Hemisphere); thus, it has four distinct seasons: summer, autumn, winter, and spring.
The Gross Domestic Product (GDP) in Latvia is worth 35.780 billion US dollars. And that brings GDP per capita to $18,458. The Corporate Tax Rate stands at 20 percent, which was 15 percent before. Despite the 5 percent increase, business owners and companies will still benefit from it.
Doing business in Latvia is easy as they are open to foreign investments and also a free economy. Latvia is a member of the European Union and part of the Schengen Area. So EU member countries, as well as Schengen Area countries, do not require a visa at all. They can enter the country without restrictions or going through border controls. People from some of the well-developed countries such as the United States, Australia, Japan, Korea, just to name a few do not need a visa to visit Latvia. On the other hand, citizens of Russia, Belarus, China, and other foreign nationals require a visa to travel.
Some challenges that foreigners can encounter in Latvia include the language barrier and weather conditions. In 2018, Latvia was ranked as the 14th in the world by the Ease of Doing Business Index prepared by the World Bank Group. It also belongs to the group of very high human development countries (as per Human Development Report 2011). Geographical location is very accessible, especially to its neighboring European countries.