Latvia used to be a prime offshore banking and commercial centre connecting Eastern and Western Europe. Following much political pressure in 2018-2019, Latvia is generally no longer an attractive jurisdiction to open an offshore bank account.

Some exceptions would be offshore e-commerce services, which have developed well in Latvia in recent years.


Target clients:

Russia and CIS goods trading and personal investment companies, including offshore companies where UBO is from this region. Western European clients. One bank works with US clients.



English, Russian.


Specific features:

  • Russian internal passports accepted for clients who do not have international passports.
  • Wide network of rep offices in Russia/CIS territory.


Plastic cards:

Visa and MC full range.


Documents and Account Opening Process:

  • Standard set of documents with apostille, plus proof of address.
  • Proof of source of funds.
  • Bank reference not required.


Deposit requirements:

No minimum.

For further information on procedures and fees for opening your Latvian offshore bank account, contact Offshore Pro Group today!