How to open an account in Latvia

About three years ago, Latvia experienced a devastating banking crisis, after which the approaches to servicing non-residents changed. At the same time, the situation is gradually stabilizing, and a foreign client may well open an account in Latvia . Country continues to be an attractive financial jurisdiction, as it is part of the eurozone, and is also characterized by economic and political stability.

Lawrange Law Firm did not stop cooperating with Latvian banks due to the 2018 crisis. Now we are well versed in the nuances of Latvian banking and the peculiarities of the work of local bankers with foreigners. Our clients can benefit from this.



Peculiarities of the Latvian banking sector development

For your information! Since the 1990s, the country’s liberal banking legislation has attracted foreign entrepreneurs from the post-Soviet space. But in 2018, the US Treasury Department for Combating Financial Crimes (FinCEN) released a report in which the Latvian bank ABLV was accused of money laundering, deals with corrupt officials from Russia and Ukraine, and arms trade with North Korea.


On May 9, 2018, a “law on fictitious companies” was adopted, after which a chain reaction was launched to close and block non-resident accounts. Some banks have failed to stay afloat amid the crisis. The banking system of Latvia, and then of the rest of the Baltic states, has undergone changes.


At the same time, Latvian banks did not refuse to service foreign capital, but reoriented to work with those companies that are associated with local business circles, and can also prove an impeccable reputation. To open a bank account in Latvia, a non-resident must meet the stringent requirements of bankers and go through compliance.


*** Note: Business ties of a non-resident with the country are proved by the presence of an office, warehouses, contracts with counterparties, and so on.



Why is it profitable for a non-resident to open a bank account in Latvia?

Despite the tightening of the rules for working with foreign clients, a bank account in Latvia remains a profitable option for entrepreneurs from the post-Soviet space. The benefits go far beyond the presence of Russian-speaking staff in financial institutions and an understanding of the mentality of the Baltic people.


Important! Among the arguments “for” registration of a corporate account in this country:

  • Latvia is a member of the European Union;
  • availability of not only SWIFT, but also SEPA payments;
  • assignment of an IBAN identifying payments in Europe;
  • convenient client-banking;
  • availability of multicurrency accounts;
  • storage of funds in the account without conversion to local or other currency;
  • express transactions – day to day;
  • affordable rates compared to the cost of servicing bank accounts in other EU countries.


For your information! Any of our clients can order a package service – business registration + opening an account in a Latvian bank. In a similar way, the issue of proving the existence of business interests in the country is removed.



Required documents for opening an account in Latvia

Latvian banking institutions adhere to general customer identification and due diligence policies. Along with this, the nuances of the requirements may differ. To open an account in Latvia for an individual or a company, you should first study the information provided on the website of a banking institution. At the same time, you can delegate the execution of this task to the experts of Lawrange JSC, and not worry about the result.


List of documentation for corporate invoice registration includes:

  1. corporate documents, in particular – confirmation of registration of a legal entity in Latvia;
  2. document proving the identity of the applicant, proof of his residential address;
  3. Certificate of Good Standing under an apostille, if more than a year has passed since the registration date;
  4. protocol on the appointment of officers;
  5. evidence that the person is entitled (authorized) to manage the funds of the enterprise.


*** Note: In the process of considering an application, the bank may request additional documents and information, which it is desirable to provide promptly.


Important! Often the procedure of invoicing is carried out in the presence of the client. At the same time, there are options for opening a Latvian account remotely (in particular, you can pay attention to the account in the payment system).



Cost of the service of opening an account in Latvia

Lawrange JSC specialists recommend to clients AS LPB Bank (Pasta Bank) as an affordable and profitable opportunity to resolve the issue of an account in Latvia. The cost of opening an account with this bank starts from 500 euros.


Banking institution Latvijas Pasta Banka has the following features:

  • start of activity – 2008, now it is one of the most successfully developing financial structures of the country;
  • focuses on opening accounts for IT and marketing companies;
  • the best option for payments in euros;
  • opening times are two to four weeks;
  • can offer customers service with Russian speaking staff.


We can also help with opening accounts in such banks as JSC Rietumu Banka, Industra Bank (formerly AS Meridian Trade Bank), Baltic International Bank, Signet Bank (formerly M2M Europe AS), AS Expobank. The list of banks working with non-residents is constantly updated. To receive up-to-date information on the cost of opening an account with a particular bank, you can send us a request.


Attention! On the pages of some resources, you can still see information about banks that have been liquidated or their activities are suspended. For example, please note: ABLV Bank has been liquidated, PNB Banka (formerly Norvik Bank) has been closed.


If the issue of opening an account online (without a visit) is fundamental, then you can consider the option of working with the payment system. Our company recommends the Latvian PayPugs payment system as a proven and reliable option. The cost of opening is 900 euros , the terms are from five days.




Latvia continues to be a promising jurisdiction. The Financial sector has stabilized after the crisis. Now an account in Latvia for a non-resident can be an excellent platform for mutual settlements with European counterparties.




How to open an account in Latvia online?

First of all, contact Lawrange JSC to choose a bank where such a service is available, or a payment system.



Which is the safest bank in Latvia?

The level of stability and reliability of each operating bank complies with European standards.



What are the terms for opening an account in Latvia?

From two weeks in the bank, and from five days in the payment system.