Giving up residence in Germany.
Relocation of the centre of life to Latvia, registration there and commencement of economic activity.
Latvia is a member of the European Union. Relocation is therefore simple and uncomplicated.
After 6 months, an application can be made to open insolvency proceedings.
Latvian insolvency proceedings are uncomplicated, debtor-friendly and are mainly conducted in a written procedure.
It is not necessary to learn the Latvian language.
The discharge of residual debt is granted at the end of the proceedings.
This is immediately and fully valid in all EU states.
What should be avoided?
It is strongly advised not to move the centre of your life to Latvia just for appearances’ sake.
In such a case, the opening of insolvency proceedings in Latvia could be refused and a discharge of residual debt granted could be subsequently challenged and cancelled.
You thereby jeopardise your effective debt relief and a debt-free new start.
