Latvia is a Northern European country and one of the three Baltic States. Latvia borders Estonia, Lithuania, Russia and Belarus. The vast majority of Latvia is undulating plains, while the rest is comprised of moderate hills. The central plain is particularly suitable for farming, while the uplands have a picturesque mixture of fields, forests, rivers and lakes.

Latvia has a cool temperate oceanic climate with cool summers and relatively cold winters. Summers are warm and sunny with cool nights, while winters bring snow and below freezing temperatures.

Until the dissolution of the USSR, the Latvian economy was integrated into the wider Soviet system. Following independence in 1991, the economy initially contracted sharply before growth in light industry and commerce led to steady growth. Latvia had one of the fastest-growing economies in the world until the Financial Crisis of 2008, which heavily affected Latvia’s debt-exposed economy. In the years since 2011, Latvia’s economy has rebounded strongly and has been growing steadily.

Latvia is an open economy and member of the EU, as well as the Eurozone, the OECD and the WTO. Its transit services are highly developed, as are industries such as wood processing, food and agriculture products, and electronics and machinery manufacturing. Exports are strong, though much of Latvia’s economic activity is attributable to the services sector. Latvia is perceived as a very business-friendly and innovative destination.

The primary mode of transportation in Latvia is road and Latvia possesses a network of motorways and lesser roads. Latvia also has a rail network based on the Russian gauge. There are also international rail connections with Moscow and St. Petersburg in Russia, and Minsk in Belarus.

Key sea ports are located in Riga, Ventspils and Liepāja. There are extensive sea trade links with Europe and other countries and also passenger services. Riga is the only major international airport, with links to most major European cities, Moscow and New York.

Latvia’s tax system is simple with a flat income tax rate of 24% tax on all income. Social security contributions are mandatory, with the employee and employer each paying a share of their wage (11% and 24.09% respectively). The standard arte of VAT is 21%, but a reduced rate of 12% applies to some products and services and some goods and services are VAT-exempted. Latvia has a low corporate tax rate of 15%.

Latvia has free and compulsory education for all children, starting at about five years old at preschool level and finishing at about 15/16 years old at primary level. There is a further three years of secondary education. Latvia has virtually 100% literacy rate and 95% school attendance. Universities and other third-level institutions run both academic and professional courses. There are several international schools available for children in Latvia.

The property market in Latvia is growing again, following the slump in the wake of the Financial Crisis of 2008. Recent years have seen constructions of various commercial and residential properties to meet demand. The year of 2017 is expected to see further increases in property prices. Plenty of different kinds of property are available, from large stand-alone houses to city centre apartments.