One of the first recommended steps to complete when moving to Latvia is to open a bank account. With numerous options in terms of banks and financial services, setting up an account today is quite easy. If you have recently moved or started a business and want to open a bank account in Latvia, you can rely on our specialists. Our company formation agents in Latvia are also at your service if you want to start a business here.
Several European banks provide non-resident banking if you can demonstrate a connection to the country, such as through property or a business. Latvia is one of the most welcoming countries in Europe when it comes to foreign employees and companies, but also non-residents who can open bank accounts with the desired institution. Moreover, it is possible to create a bank account in Latvia online, as the country’s anti-money laundering verifications are easy to complete.
Although each country has its own rules and processes, the European countries work together to facilitate payments through a system known as the Single Euro Payment System (SEPA). If you need support in opening any type of account, feel free to address our local consultants.
Businessmen who want to open a bank account in Latvia should pay attention to the documents required in this sense. The national ID card, passport, tax ID, proof of business address, and company registration documents are some of them.
Latvian citizens foreign nationals and investors can open various types of accounts, however, we will focus on the requirements for foreign ones. The main advantage of opening a bank account in Latvia as a foreigner is that you can choose to set up a multicurrency account. It will also help you secure a residence permit faster based on your local address.
Here are the main requirements to open a bank account in Latvia as a foreign citizen:
Opening a bank account in Latvia takes a few days, however, it can also take longer depending on the verifications that need to be made. In addition to a bank account, if you are seeking any assistance regarding setting up a company in Latvia, our agents can help you. Consult with one of our business incorporation agents before deciding to incorporate a company in this country. They can inform you of the advantages of starting a business here.
Banks in Latvia allow locals and foreigners to open varied accounts. Some accounts might be subject to transaction or maintenance fees and/or even card fees. ATM withdrawals and money transfers are some of the bank services for which specific fees are imposed.
If you want to open a bank account in Latvia for your company, you need to prepare the following documents:
The opening of a corporate bank account in Latvia takes around 4 weeks. Our Latvian company formation specialists can assist with this procedure and they can also help you open a company in Latvia as soon as possible.
First of all, it is important to note that both foreign citizens who do not reside in Latvia and nationals alike can open bank accounts here. Companies and businesspersons can also open accounts with Latvian financial institutions or branch offices of foreign banks operating here.
Here are the main types of accounts available for creation in Latvia:
There are approximately 20 institutions to choose from with which you can open a bank account in Latvia. These are divided into local banks and foreign banks operating here. We can also help if you are a foreign entrepreneur and want to open a company in Latvia.
Latvia’s banking system is considered to be modern and developed, with a strong emphasis on financial stability and regulation. The country’s banking sector is dominated by several large commercial banks, such as Swedbank, SEB, and Citadele Bank. According to the data gathered by the European Banking Federation, Latvia’s banks:
In the case of non-residents looking to open a bank account in Latvia, a letter of recommendation from the bank from the country of origin might be solicited. Even if most of the formalities for opening a bank account online are straightforward, in some cases, a physical presence is required.
The Latvian government and regulatory authorities have taken steps to strengthen anti-money laundering measures and improve transparency in the banking sector. Feel free to contact our advisors for help if you want to open a bank account in Latvia in 2024. You are welcome to rely on the services of our Latvian accountants for their services.
