Latvia has become a very attractive business center due to its stability and growth, registering one of the highest GDP indicator rates.  This country located in Eastern Europe joined the European Union in 2004 and, since January 1, 2014, the euro became the country's currency, replacing the Latvian Lats.

Latvian banks are characterized by not charging high fees for personal and corporate accounts.

Benefits of opening offshore bank accounts in Latvia

The procedure for opening a bank account is very simple. In principle, you should know that all the procedures for opening the bank account are handled remotely, by phone and by e-mail, although depending on the bank you choose you may be required to be present.

If you require immediate use of the account, you have the option to pay an additional fee in order to process the application within one business day.

Non-residents opening bank accounts are exempt from paying taxes.

The banking system in Latvia offers accounts available in different currencies EUR, USD, GBP, CHF, JPY, AUD or CAD. They also offer brokerage services for trading on global markets and asset management services.

In case you wish to open a corporate bank account we inform you that the requirements to be submitted to the bank are a copy of the certified legal documents of the company, notarized copy of the passport of all those natural persons related to the account and documents confirming the beneficiary of the company.

Attach a copy of a proof of residence not exceeding three months (utility bill, water bill, gas bill, telephone bill or bank statement), curriculum vitae of the beneficiary and a letter of recommendation from the bank translated into English. If the director, shareholder or secretary is a legal entity. Company documents must be submitted.

For more information on this topic or any requirement related to our services, you can contact us directly through info@fosterswiss.com