We have seen Latvian and foreign corporate and private investors enquiring about ways of buying real estate (RE) in Latvia. A few years ago we saw investors mainly from CIS countries, but their profile has recently diversified to include China and Japan as well as the CIS and Nordic countries. Major RE brokers have experienced similar trends. Such investments may have various aims, but mainly these are RE leases held with a view to appreciation and sale to receive the expected return on investment. This article explores the main tax issues an RE investor wants to analyse before buying RE in Latvia.