When it comes to countries with the lowest barriers and relatively low immigration costs, Latvia stands out. Today, Worldway's immigration experts will introduce the price levels in Latvia, and subsequently provide more information about this country.
After regaining independence in 1991, Latvia began to reform its economic system according to Western models, implementing privatization and a free market economy. Latvia was officially accepted as a member of the WorldWay Organization in 1999. The socio-economic development in Latvia is stable, and the living standards of its people are relatively high, with major goods such as food and fruits primarily imported and abundantly supplied. After joining the European Union in May 2004, the price levels rose rapidly.
Recently, the European Parliament officially approved Latvia's application to join the Eurozone, confirming that the country will become the 18th member of the Eurozone starting January 1, 2014. Previously, the European Commission had already approved the country's request to join the Eurozone last month.
The local currency in Latvia is the Lats, which has a relatively stable value. 1 Lats is approximately 13 Chinese Yuan. Reference prices for major goods include 0.5 Lats for 1 liter of bottled mineral water and 0.7 Lats for a 33cl bottle of beer. Latvian banks and foreign exchange points refuse to accept crumpled, worn, faded, or contaminated foreign currencies such as the US dollar, even if they have very small markings, and they will be rejected or exchanged at a discount for Lats, only accepting US dollars issued after 1990. Payment methods include credit cards and cash; hotels generally do not accept bank transfers from tourists.
Friends who have visited Latvia say that the prices in this country are indeed quite low, especially compared to the high costs in Northern Europe, making it a very pleasant experience. Generally speaking, dining in restaurants costs about 3-8 US dollars per person, which is the price at the famous restaurant Double Coffee in Latvia, known for its good taste and a variety of hot dishes suitable for Chinese palates. This price, when converted to Chinese Yuan, is approximately 20-70 Yuan, which is cheaper than many restaurants in Beijing.
Regarding accommodation, standard hotels range from 300-400 Yuan, meaning that for two people, it would be about 150-200 Yuan per person. For better hotels, the cost is around 500-600 Yuan, which is comparable to the hotel industry in China, as most accommodations include breakfast for two.
