Sep 29, 2016

Personal Account Opening With Multi Currency Accounts In Latvia Bank Which Is Well Regulated And Fast Account Opening.

The Offshore Pro Group offers you the ability to open a personal account in Latvia with a bank that offers the following benefits:

  • Well regulated European bank
  • Multi currency account as standard
  • Competitive minimum deposit
  • Fast account opening
  • Comprehensive range of services for asset growth and diversification
  • Wide range of card services
  • Highly personalized service
  • EU Deposit Guarantee Scheme

Contact us via email [email protected] for totally professional advice about opening a private account with this bank in Latvia. It is highly recommended that you initially go through the steps on this page Free Professional Advice On Choosing A Foreign Or Offshore Bank Account.

The Jurisdiction Of Latvia

Latvia is a Republic and is located in the Baltic region of Northern Europe. It has a population of just over 2 million people and is a democratic country with a parliamentary system. Latvia became a member of the European Union (EU) in 2004 and the Euro is the currency of the country.

The World Bank has rated Latvia as a high income country and it is on their list. To be on this list, countries have to have a gross national income per capita that is higher than $12,475. The economy of Latvia has rallied well since the 2008/2009 financial crisis and their GDP per capita has been rising steadily since 2011. In fact it has one of the fastest growing economies of EU member states.

The Latvian government is working hard to make the country more financially transparent and has agreed with the OECD to participate in the Automatic Exchange of Information (AEoI) program. They will provide information regarding their financial institutions, reportable accounts, due diligence procedures and reportable income.

The Latvian government is committed to enhancing the reputation that its international banks have and the Financial and Capital Market Commission (FCMC), which is the financial regulator in the country, is increasing its supervision of financial institutions through the performing of large scale tests.

The banking laws in Latvia have been tightened up by the FCMC and in particular money laundering activities and funds for terrorism have been under the spotlight. The FCMC now imposes more severe penalties on banks for violations of these laws. There are now much stiffer penalties in place. The maximum penalty for violations has been enhanced from 10% of the bank’s net income to 10% of the bank’s total turnover. Before this change the maximum penalty was only 142,300 EUR and now it is 5 Million EUR.

The changes in Latvia are all helping the country to position itself as a top international banking center that only caters to legitimate activities. In the past it may have had a reputation for hiding assets but these days are long gone. It is a good jurisdiction now for the protection of your capital as well as diversification and growth.

Latvia has now implemented the Deposit Guarantee Scheme as it is a member of the EU. The scheme is in place provide coverage to protect bank deposits made by investors. In the unlikely event that a Latvian bank was to go into default and couldn’t meet its payable obligations, then the scheme will guarantee to cover up to 100,000 EUR in client deposits. You can obtain more information about the Deposit Guarantee Scheme from your professional international banking consultant at the Offshore Pro Group.

The Latvia International Bank

This international private bank in Latvia was founded in 1992 and is one of the largest banks in the Baltic region. It was one of the first private banks in Latvia and has a focus on high net worth individuals. The bank has been operating for over 20 years in the Baltic States as well as Russia, Ukraine and other European markets.

There are representative offices of the bank in the Ukraine, Romania, Russia, Kazakhstan and Belarus. There are private banking services on offer that include a wide range of capital growth and savings programs.

The bank has a liquidity ratio of less than 80% and a capital adequacy ratio of over 20% which means that your deposits will be safe with this bank. It recorded an audited profit of over 51 Million Euros between January and June 2016.

This bank will really get to know you well as a client. You will be assigned a personal manager when you open an account and as a high net worth individual you will receive a high degree of attention. The bank has an “individual approach” when it comes to decision making.

There is a competitive minimum deposit requirement to open a private account with this bank. Once you personal account is opened you will have access to a comprehensive range of other financial products to protect and grow your capital.

Private Account In Latvia For The Protection And Growth Of Your Assets

This bank will allow non resident clients to open a personal account for the protection, diversification and growth of their assets. The bank can process standard payments in all of the world’s major currencies on the same day and does not charge additional commissions for this. The bank will work closely with you to create a tailored solution that will help you achieve your financial goals.

All new private accounts with the bank are multi currency as standard so this means that there is no requirement to convert currencies for payments received. The bank has a wide network of correspondent partners and payments can be made in over 90 different currencies. It is able to process international express payments in either US Dollars (USD) or Euros in a business hour.

The bank has a subsidiary asset management company which will advise you on investments and provide capital management services. These are stable long term investments and the asset management company specializes in innovative analytical models with a high degree of competency using the integrated platforms of the bank.

The asset management company will discuss your financial goals and tailor a solution to meet them. Once your investments are in place you will have 24 hour a day access and immediate and accurate reporting. The investment process is totally transparent and your investments can be augmented if you require this.

The investment management team at the bank, along with their associations with other professional investment managers, will ensure that your assets will accumulate in a stable manner. The diversification and management of your assets will always be a high priority.

The bank has a state of the art online banking system where you can access your account from anywhere, 24 hours a day. This is a reliable and convenient service that is very secure and complies with the latest international bank security standards.

When you use the online banking service you will be able to view your account balance, recent transactions and full statements. You can use the service to transfer funds and to monitor your investments and savings.

There is a comprehensive range of payment and credit cards available from this bank. The cards are branded by Visa and MasterCard and offer attractive benefits to the cardholder. Such as travel discounts and VIP passes at airports.

The minimum deposit required to open a private bank account with this bank depends upon where you are a resident.  If you are a resident of an EU member country, the CIS, OECD as well as China (includes Hong Kong), Andorra, Georgia, Liechtenstein, Macedonia, Serbia, Singapore and Montenegro then you will be in Plan A. If you reside in another country then you will be in Plan B.

For Plan A clients the minimum deposit required is 5,000 EUR and you will need to maintain a balance of at least 5,000 EUR in your account at all times. For Plan B clients the minimum deposit required is 10,000 EUR and you will need to maintain a balance of at least 10,000 EUR in your account at all times.

The transaction fees that are levied by this bank can change at any time. It is essential that you check the current fees with your professional Offshore Pro Group international banking consultant. Your consultant will provide advice and guidance so that you can achieve the most preferential rates.

The Process That You Must Follow To Open A Private Account At This Bank In Latvia

In order to be successful in opening a non resident private account with this Latvian bank it is essential that you follow this step by step procedure:

  1. Contact us via email [email protected] for totally professional advice about opening a private account with this bank in Latvia. It is highly recommended that you initially go through the steps on this page Free Professional Advice On Choosing A Foreign Or Offshore Bank Account.

It is vital that you fully understand the risks of non resident banking in today’s climate and strongly consider opening a second foreign bank account.

  1. We will provide total professional assistance to you in opening a private account at this bank in Latvia, and for this you will need to pay a fee of 499 EUR. You can pay by credit card, bank transfer, Money Gram, Western Union, Web Money or even Bitcoin.
  1. The bank will require all proposed account signatories to supply comprehensive and certified documentaion in English (or translated into English) to open a private account. This will include:
  • Copy of passport page with photograph and signature or copy of national ID card
  • A proof of address document such as a utility bill which clearly states name and address that is less than 3 months old

The beneficiary must provide as many of the following certified documents in English as possible:

  • A personal CV
  • A utility bill not more than 3 months old
  • A professional reference from an employer or professional
  • Copies of academic certificates (diplomas etc)
  • Copy of employment record book
  • Income details (salary and dividends)
  • A recent tax return
  • Certificates of extracts issued by Land Registrar or other property registrars
  • Certificates issued by corporate register, which includes information about shares and interests
  • Information from custodians and other public and closed regsitrars
  • Agreements with company partners
  • Documents that provide evidence of donations or accession in heirship
  • References from credit institutions
  • Bank references
  • Information about beneficiary from public sources (Internet etc)
  • Any other relevant documentation

Important Note: You will be required to attend a meeting with a bank representative prior to opening an account. This is normally done in Latvia but the bankers do travel around a lot and could arrange a meeting with you in the EU or the CIS.

Before opening an account with this bank we recommend visiting them personally. Although this is not required, we believe that nothing can replace a personal meeting, and the procedure of opening an account will be much simpler. You are welcome to schedule a meeting in advance. Latvia is an EU Member state, and direct flights to Riga are easily available from most European cities.

Once you have submitted all of the required documents we will check them thoroughly and pass them on to the bank as quickly as possible. You will need to arrange to visit the bank and then wait for 7-10 business days for your Latvia private foreign account to be opened at the bank.

To begin the process of opening a private account at this Latvia bank, please contact us by email [email protected]