Latvia

Overview:

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.

 

Languages:

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!