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Tax Engineering

Bank account in Latvia

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Open an offshore bank account in Latvia and pay the receipts through SEPA system in any bank of the European Union.

Reference: CB00266LV


Open an offshore bank account in Latvia

IBAN bank accounts in Latvia are characterized by using SEPA receipts direct debit protocol. Being expertise in offshore banking services, they offer resident and non-resident clients any kind of financial services asking only for few requirements to approve it.

Account maintenance rates in Latvian offshore banks are quite low. Many entrepreneurs and European Union countries specialized in E-Commerce and Technology choose this country to open their bank account. Like in the rest of EU jurisdictions, Latvian banking infrastructure is quite sophisticated and used to create multi-currency accounts and online banking, thus facilitating investments to other countries made by its clients. Any client visiting Latvian banks can be treated in English, German or French and customer support is offered 24 hours every day of the year. Latvian banks are the most valued banks in the European Union for their treatment, discretion and professionalism in all their services. If you want to establish your IBAN bank account and deposit receipts through SEPA in all accounts in the European Union, Latvian bank is a highly recommended option.

Banking secrecy and automatic exchange of financial account information 

By now Latvia has signed 53 bilateral agreements of automatic exchange of financial account information. Latvia together with other countries is committed to eliminate bank secrecy for individuals and companies that hold non-resident bank accounts in the banks of all participating countries. What does this mean? On 29th of October 2014, in Berlin an agreement was signed with the purpose to exchange automatically the information on bank accounts opened by non-residents in other countries. By now the automatic exchange of information agreement has been signed by more than 100 countries (the countries that have signed information exchange agreement), however it doesn´t mean that the bank account information will be exchanged between all of them. That is, if two countries do not show a mutual interest in sharing banking information of their citizens between them and therefore do not sign a bilateral agreement, the OECD cannot force them to proceed with the joint exchange of information. For example, Latvia has signed the automatic exchange of information agreement but will not exchange financial account information with all other participants and will only do so with the countries with which it has signed an additional bilateral agreement. Currently Latvia has signed this agreement with 53 countries. You can see the updated information following this link (bilateral automatic information agreements).

The bilateral agreements signed by Latvia will affect the citizens of 53 jurisdictions, in particular those who hold non-resident bank accounts, eliminating completely the idea of financial secrecy and anonymity. The banking confidentiality of the rest of the countries that have not signed the bilateral agreement with Latvia will not be affected, that is, the foreign banks will never report their financial information to the tax authorities of their resident country. The new regulations for the exchange of information have created many problems for and between some of the countries. The intention of European Commonwealth countries such as Germany, Spain, France, Italy and the United Kingdom was that all countries signed bilateral agreements with each other, but after all things did not go that way. In a real world it is hard to imagine Israel signing a bilateral agreement for the automatic exchange of financial information with Lebanon, Saudi Arabia, Indonesia or the Arab Emirates. Due to the "non-fiscal conflicts" that exist between these countries it makes it very difficult or even impossible for them to work together on elimination of banking secrecy.

Bilateral agreements with Latvia

Year 2017Andorra, Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, Canada, Colombia, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Faroe Islands, Finland, France, Germany, Gibraltar, Greece, Greenland, Guernsey, Hungary, Iceland, India, Ireland, Isle of Man, Italy, Japan, Jersey, Korea, Liechtenstein, Lithuania, Luxembourg, Malta, Mauritius, Mexico, Monaco, Holland, Norway, Poland, Portugal, Romania, San Marino, Seychelles, Slovakia, Slovenia, South Africa Spain, Sweden, Switzerland, United Kingdom, Uruguay.
Year 2018No bilateral agreement has been signed in 2018.

It is completely legal to open an offshore bank account in Latvia. An individual or a company that wants to develop an international business or simply to move its money offshore in order to achieve more security will not be committing any crime. If a physical person is a citizen of a country that has signed a bilateral agreement with Latvia, it is advisable for him/her to inform his/her tax authorities about the intentions to open a non-resident account in Latvia, and then through double taxation agreements deduct the income taxes in his country of residence. If, on the other hand, the bank account has been opened by a resident company (registered in Latvia) or non-resident company (for example, registered in Belize) the beneficial owner will not be obliged to repatriate the dividends of the company annually and therefore will be able to keep all the generated earnings on his offshore bank account in Latvia without paying income taxes. The owner of the company will have to pay the income taxes only when he transfers the money to his country of residence but in case if he wants to keep it on the account for further business investments or just as a security deposit legally the generated profits will still belong to the company and the beneficial owner doesn’t have to pay tax on this amounts. With time the company might go through the international expansion requiring corresponding expenses. Consequently, the dividends would decrease and logically the income taxes that the beneficial owner will have to pay in his country of residence would decrease correlatively.

Advantages of opening a bank account in Latvia

The main advantages of opening a bank account in Latvia are the following:

  • Opening an offshore bank account Latvia is legal.
  • Bank secrecy and anonymity are guaranteed for the citizens of those countries that did not sign a bilateral agreement with Latvia.
  • The possibility to open business and personal offshore bank account in Latvia remotely.
  • High expertise level, online banking platforms with the possibility to request any type of financial service: foreign currency accounts, credit cards, letters of credit, accounts to invest in the stock market, payment gateways, credits.
  • Professional financial advises for great fortune owners.
  • Low maintenance rates
  • Banks in Latvia are extremely regulated.
  • Once the requirements are fulfilled it takes 13 days to open the account.

Bank commissions in Latvia

Approximate bank commissions and minimum deposit
Maintenance of bank account
200 Euros/year
Wire Transfer IBAN/SEPA
4 Euros
Wire Transfer SWIFT
40 Euros
Debit or Credit card
60 Euros/card
Customer support in following languages
English, French, German, Chinese, Russian
Minimum deposit
300 Euros

*The customer can open a bank account in any international legal currency they want, (Euro, Dollar, Canadian Dollar, Australian Dollar, British Pound, Japanese Yen, Swiss Franc etc)

*All the management at the opening of bank account do not need a physical presence in the country, all efforts will be made through e-mail and / or registered mail.

    in Latvia
    with or without physical presence
    with online banking 24/7 included
    in the name of the individual or company
    in English, Latvian, French
    to any part of the world
    certified by a notary
    certified by a notary
    electricity, water, gas, telephone or bank statement
    in English
    Articles of incorporation of the company, memorandum of association, register of directors, registered shares certificates and for companies registered more than one calendar 1 year ago "Certificate of good standing"
Julian Brizzi

Good afternoon, Can you open a business bank account on SEPA for a Panama based company? Thanks and kind regards.

Dear Julian, Yes, we work with the banks that can open SEPA bank account for a company based in Panama. We will need to know more about your commercial activity and the background of the shareholders and director. Please contact our team for further information and we will do our best to provide you with the best service.

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