Open an Account in Latvia

Accounts in Latvian banks are necessary for both legal entities and individuals. Latvia is a popular country for immigration, but without an account and a bank card, it will be difficult for you to complete any purchase, pay any bills, etc. For legal entities, Latvia is one of the leading hubs for business. In this country, branches and bank accounts are opened by organizations that wish to conduct trading activities in EU markets. Lawtter Solutions offers clients the opportunity to open an account in a Latvian bank on attractive conditions. We offer registration turnkey, provide services for individuals and legal entities, and help to get a Visa or Mastercard card in Latvia.

The cost
of the service

1 000 EUR*

Term for opening
a bank account

1-3 months

Support

Multilingual

Account
opening type

No personal visit

* The cost is indicative; contact Lawtter Solutions’ lawyers to inquire about the cost of opening an account with the selected bank.

Opening an account

Basic information

Banking licenses in Latvia are issued by the National Bank. It is this body that monitors compliance with the rules and legal requirements on the part of all participants in the banking market.

There is a possibility to open a bank account in Latvia for foreigners. The legislation of this country allows this to be done. Moreover, in this country, you can even register an offshore account. However, if you do this, you will not be able to operate in Latvia. Companies that operate in this country must pay taxes at the rates set for onshore organizations.

The procedure for opening an account for an individual in Latvia is quite simple, and it can be done online. However, to undergo verification, the client may need to visit the bank. It is also important to know that clients can not only open an account in a bank in Latvia but also use the services of electronic payment systems. Such a wallet can be opened as an addition to a bank account to make current payments faster and more conveniently.

Advantages of opening a bank account in Latvia

A decision to open a bank account in Latvia has several important advantages. Let’s look at them in more detail:

Possibility of bank remote opening

Documents can be submitted via email or mobile application (some Latvian banks provide this option).

Fixed commission rates

Most banks in Latvia apply fixed tariffs for their service. They are not tied to transaction amounts. This makes Latvia suitable for clients who plan to spend large amounts of money in this country.

High degree of security

Financial companies in Latvia guarantee the safety of their clients’ funds. In this country, banks are actively fighting fraud.

The high degree of digitization

Banks in Latvia are actively working on the development of mobile applications. They are convenient to use for individuals, legal entities, and private entrepreneurs. Many services can be obtained through the Internet.

Documents

What documents are needed for registration?

Opening an account in a bank in Latvia is possible while being abroad. To register, you must prepare and submit a package of documents.

For individuals, it includes:

Identification document.
Confirmation of residential address.
Taxpayer identification number.
A document confirming the origin of the money.
Resume (CV).

As for opening a company bank account in Latvia, you must prepare the following package of documents:

Constituent documents of your legal entity.
Identity card of the director and shareholders.
Confirmation of the residence address of the director and shareholders.
If the account will be opened by the manager, provide an identity card, confirmation of the residential address, and a power of attorney issued by the director.
Agreements with partners.
Confirmation of the origin of funds

Stages of opening an account

Services offered by Lawtter Solutions

Lawtter Solutions offers clients an account opening service in the Baltics, including in Latvia. Our specialists have extensive experience in this field. The step-by-step procedure for registering a bank account in a bank in Latvia looks like this:

Selecting a bank with suitable conditions

Preparation of a package of documents

Submitting an application to open an account

Customer verification by the bank

Obtaining all access data, details, and documents

To open a bank account in Latvia, you need to familiarize yourself with the conditions of financial organizations that offer such a service to non-residents. The list of the most popular banks in Latvia includes:

BlueOrange (former Balticums Bank);
Citadel Bank;
Expobank;
Pasta Banka;
Rietumu Bank;
Baltic International Bank;
RIB BANK.

Our experts will tell you about all the nuances of each bank and help you make the right choice. Lawtter Solutions offers complete legal accompaniment and affordable prices for the services.