.LV is the Internet country code top-level domain for Latvia. It is very popular in Latvia. Registration is permitted at the second level, and this is the form of registration currently encouraged by the registry; however, registrations are also accepted at the third level beneath a number of subdomains. More information and the general rules for the domain names you can find at http://www.nic.lv/?lang=en.
By registering a .LV domain name, you accept the conditions of the extension:
Who can apply for the registration of .LV domain names?
Registration is open to foreigners, though the dispute policy says that precedence is generally given to domestic users.