When contemplating purchasing a property in Estonia, there are a number of things to consider prior to making the final decision to buy. Below you will gain a general overview of Estonia to assist you in your research.
Estonia is the northern-most and the smallest country of the three Baltic States (together with Latvia and Lithuania). To the north and west, Estonia borders with the Gulf of Finland and the Baltic Sea respectively, to the east with Russia and to the south with Latvia.
Helsinki - 80 km (by ferry)
S. Petersburg - 330 km
Riga - 300 km
With an area of 45,226 km² it is the same size as The Netherlands, but with ten times less population. The population of 1,4 million consists roughly of 69% Estonians, 26% Ethnic Russians, and 5% other ethnic groups.
Estonia is a relatively flat country with a few hills in the south, the highest mountain being Suur Munamägi or “big egg mountain”, all of 62 meters high from foot to summit, and 318 metres above sea level.
Estonia has been economically very successful since once more becoming an independent country after the collapse of the Soviet Union in 1992.
Year after year, Estonia has enjoyed double digit GDP growth and since joining the European Union, Estonia has been a haven for many investors. Like many other countries, Estonia currently suffers from the results of the worldwide credit problems, oil prices and the fast rise in food prices.
Estonia has a very simple tax system which invites many foreign companies to have subsidiaries in the country, especially as company tax does not exist on undistributed profits.
Since independence, Estonia has been a “transit country” for a variety of products (mainly oil) from and to Russia. The Port of Muuga to the north of Tallinn has been especially developed to handle the transit business mainly from Russia.
Estonia’s main exports are: oil products, wood, IT products and service industry, particularly transport and tourism, plays an increasingly important role in the nation’s economy.
The Estonian currency is at present still the “Kroon” or EEK for short, but it is widely expected that the Euro will be introduced in 2011. The Estonian Kroon is pegged to the Euro at a rate of € 1.00 = 15.6466 EEK. Though the Kroon is (still) the only official currency, most places accept Euros and it is possible to have foreign currency accounts at local banks. Most loans from financial institutes are conducted in Euros.
The Republic of Estonia, or Eesti Vabariik in Estonian, is a democratic republic with legislative powers vested in the “Riigikogu”, a single chamber parliament which appoints a cabinet lead by the prime minister. The prime minister is the head of government and is elected by the president who is in turn elected by the “Riigikogu”.
The official language is Estonian, which is part of the Finno-Ugric language family, together with Finnish and Hungarian, but Russian is still widely spoken. English is spoken to a lesser degree, but has been taught at basic schools for a number of years, and therefore many business professionals speak English pretty well.
Tallinn, the capital city, has a population of 400.000 inhabitants. Other major cities in Estonia are the university town of Tartu, Narva on the Russian border and Pärnu, known as the summer capital of Estonia.
Since December 2007, Estonia has been part of the Schengen Visa Area (recently extended to Tallinn Airport).
Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Germany, Greece, Finland, France, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, The Netherlands, United Kingdom - and Switzerland.
The basis for their stay in Estonia is regulated by the Citizen of European Union Act
Andorra, Argentina, Australia, Brazil, Brunei, Canada, Chile, Costa Rica, Croatia, El Salvador, Guatemala, Holy See, Honduras, Hong Kong Special Administrative Region, Israel, Japan, Macao Special Administrative Region, Malaysia, Mexico, Monaco, New Zealand, Nicaragua, Panama, Paraguay, San Marino, Singapore, South Korea, United States of America, Uruguay, Venezuela.
Citizens of countries NOT mentioned above require a visa to enter Estonia.
Although we aim to keep the information provided as up to date as possible we advise you to check the consular department of your local Estonian Embassy, Consulate or the Estonian Representative for any changes to visa or travel requirements.
No vaccinations or health certificates are formally required upon entering Estonia. A valid health insurance is advised by the Ministry of Foreign Affairs.
Get the latest property and investment opportunities direct to your inbox for FREE (you can unsubscribe anytime)
Estonian House Prices are still robust
Estonian Real Estate Transactions Rose by 15% in 2013
Estonian Property Defies Economic Conditions to See Demand Improve
Rising Estonian house prices 'must be stemmed'
Estonian house prices rise by almost 9%
Estonian apartment demand fuelled by overseas buyers
All property news from Estonia
Subscribe to our RSS Feed
Subscribe to our newsletter and keep up to date with the latest and best investment opportunities around the world!