Latvia draws Indian buyers as overseas property remittances surge

Indian residents' remittances for overseas property purchases rose 64% to $528.7 million in 2025-26, according to Knight Frank India and IREX. Overall outward remittances under India's Liberalised Remittance Scheme fell by about 2%, while property purchases accounted for around 1.8% of total outflows under the scheme.

Reserve Bank of India data show property-related remittances increased from $322.82 million in 2024-25 to $528.7 million in 2025-26. A joint survey titled Keys Beyond Borders, released on Thursday, found that 61% of respondents considering overseas purchases were motivated by rental income and capital appreciation.

Overseas real estate now accounts for an average of 13% of respondents' wealth portfolios, compared with around 5% a decade ago. Domestic property accounts for another 32%, so real estate overall represents 45%.

The survey listed the UAE, Greece, Thailand, Portugal, Australia, the United States, the United Kingdom, Bali in Indonesia, Canada and Malaysia among destinations under consideration. Georgia, Cyprus, Malta and Latvia are also attracting interest, partly because of their residency programmes. Buying property does not automatically grant residency or citizenship; eligibility depends on the rules of the country and the programme.

Residency and Golden Visa opportunities ranked as the leading broader consideration, ahead of investment returns, among five major factors. Respondents also cited portfolio diversification and currency hedging, business expansion and tax benefits, children's education and lifestyle improvement.

Shishir Baijal, international partner, chairman and managing director of Knight Frank India, said overseas residential property was increasingly being considered as part of a broader wealth strategy. He said the findings reflect the intentions of resident Indians within the LRS framework and do not represent all overseas property investment by Indians.

The report cautioned that the survey is not representative of all Indian overseas property buyers. It includes respondents and intermediaries answering on buyers' behalf, and records stated intentions that may not become completed purchases.

Apartments and condominiums are the preferred type for 69% of respondents considering overseas property. Villas and townhouses account for 26%, penthouses for 4% and branded residences for 1%. About 85% plan to invest between $250,000 and $1 million, and about 76% are considering homes of 1,500-2,500 square feet. Within that range, 49% prefer 2,000-2,500 square feet and 27% prefer 1,500-2,000 square feet.

Business owners, traders and industrialists make up 53% of respondents. Corporate executives and working professionals represent 30%, and first-generation entrepreneurs account for 11%. The share of working professionals has increased from 7% a decade ago. About 76% of respondents are aged 35-50, and 84% already own property overseas.

Under the LRS, resident Indians are generally permitted to remit up to $250,000 per person per financial year for permitted transactions, including eligible overseas property purchases. The cap applies cumulatively across permitted transactions and is not a separate allowance only for property. Eligible family members may pool remittances only when conditions, including co-ownership requirements, are met. The survey range of $250,000 to $1 million should not be read as a sum one person can automatically send in a single financial year. Buyers must also follow the Foreign Exchange Management Act, Indian tax rules and the ownership and tax laws of the destination country.

Lavanya Anand, event director at IREX, said buyers were increasingly assessing overseas property in light of investment returns, global mobility and long-term family needs. The findings describe growing interest among Indian residents in overseas real estate for investment, diversification and family objectives, while the gap between planned budgets and the annual LRS limit underlines the need to understand foreign-exchange rules and destination-country requirements.