During the last years, Latvia has become a very attractive business center due to its stability and its growth. Country of the European Union (2004) and located in Eastern Europe, since 1st of January 2014, the Euro became the country’s currency, superseding the Lats. Latvia has one the highest (GDP) growth rates in Europe.

Latvia has about 2.2 million inhabitants, and the official language is Latvian. The capital of Latvia is Riga founded in 1201. Latvia is divided administratively in 110 amalgamated municipalities and 9 republican cities. The Republic of Latvia is a parliamentary democracy.

The Latvian Banking system is supervised by the Financial and Capital Market Commission. The Commission’s main task is to protect the interests of investors, depositors and the insured, and to promote the development and stability of the financial and capital market.

One of the attractiveness of the Latvian banks are characterized by not charging high fees on offshore banking for personal and corporate accounts.

The characteristics of the bank account in Latvia are the following:

  • Our affiliate in Latvia doesn´t require physical presence. All the procedure can be managed by email, post and telephone. However, our affiliate bank recommends visiting personally the bank entity. This option may vary depending on the chosen bank entity
  • They offer brokerage services for trading on global markets and assets management services.
  • There is one-time account opening fee for any Private or Business bank account.
  • There is the possibility to pay some fees extra in order to process the bank application in one working day.
  • The procedure to open the bank account is very simple.
  • Extensive range of cards
  • Tax free for nonresident.
  • It is very developed system and very simple and friendly use.
  • Several currencies: EUR, USD, GBP, CHF, JPY, AUD or CAD.

Procedure to open bank account in Latvia and required documents.

  • Download Dedalos checklist here. So we can have all the information and the details of the bank account.
  • Send us Dedalos checklist and the required documents:
    • Copy of the Legal Documents of the company: original company incorporation documents, including Incorporation Certificates, Articles of Association, Certificates of share. Documents must be legalized and apostilled.
    • Notarized copy of Passport
    • Documents, confirming the beneficial ownership.
    • Utility bill not older than 3 months (electricity, water, gas, telephone bill or bank statement)
    • For companies incorporated more than a year ago: Certificate of Good Standing, certified by the Apostilled.
    • If the Director, Shareholder or Secretary is a legal entity. The corporate documents must be submitted.
  • In 24/48 hours Dedalos Banking Department will send you the bank application to be signed, and a report and doubts that we can face with the Bank.
  • It depends on the nationality of the applicant and the place where the company is registered, we might require further documentation.
  • You will mail the bank application form to us, which we will take to the Bank.
  • If everything is ok, in ten working days the bank account will be activated.
  • The procedure to open a bank account in Latvia can vary depending on the banking entity chosen by the client.