A new social security agreement came into force in March 2021—the agreement on social security between the Government of the Republic of Latvia and the States of Guernsey affecting pensions. This article explores why the agreement was concluded, what problems it solves, and how it affects Latvian nationals living in Guernsey.
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Ask questionThere are a variety of available legal instruments for leaving a person’s estate to beneficiaries (including trusts, which are becoming popular in Latvia). This article explores three common solutions to the problem of inheritance in Latvia: gift, sale, and bequest. The best solution will be different in each situation, so this article aims to provide an overview of how the beneficiary (heir) or the grantor (testator) is taxed under each of these options. This article explores only Latvian tax resident individuals’ dealings with real estate (RE).
This article summarises the provisions of tax laws and other legislation affecting the calculation of personal income tax (“PIT”), national social insurance (“NSI”) contributions and solidarity tax (“ST”) on wages and salaries in 2021.
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