Opening bank accounts in Latvia

Opening a bank account in Latvia a couple of years ago was the most popular solution for non-residents, because the country did not have strict requirements and allowed opening accounts remotely (online). But, with the strengthening of compliance requirements in the Baltics, Latvian banks weeded out some of the foreign clients who were not related to the country. Now it is possible to open an account in Latvia for a non-resident individual or legal entity remotely only if there are connections with the country. Business connection means the presence of a local office, employees, warehouse, contractors, partners, or other business activities in Latvia. And for a personal account, the presence of children or relatives in the country, the prospect of obtaining a residence permit, the acquisition of real estate or educational activities are taken into account. In addition, some Latvian banks may require a personal meeting of the client with a bank representative in Ukraine for physical identification and signing of bank forms. Despite this, the account opening procedure itself remains remote.

In the banks of the Baltic States, it is beneficial to open accounts for operational activities (numerous transactions and operations), because the banks of this region position themselves precisely as settlement ones. But for those clients who pursue investment goals, of course, there are also suitable solutions. Latvian banks have not lost their advantages for those who have a connection with the country, so they should be taken into account, both for personal and corporate purposes.

For individual selection of a Latvian bank, assistance in preparing documents and organizing a remote account opening, please contact our lawyers.