Lawyer
Expert in financial and international corporate law. Extensive experience advising FinTech and licensed companies across the EU, UAE, US, and East Asia. Focused on AML/KYC compliance, M&A transactions, company registration and licensing, and regulatory and banking interactions.
Opening a bank account in Latvia
A bank account in Latvia may be needed to receive income, make everyday payments and settle with counterparties. For a foreigner, the application procedure depends on the place of residence, documents, connection with the country and planned transactions. A personal account and a company account require different preparation.
Prikhodko & Partners helps determine the bank’s requirements and prepare documents and explanations for consideration of the application. Before applying, it is important to clarify the available identification method, required currencies and future servicing conditions.
How can a non-resident open an account in Latvia?
Foreign citizenship does not automatically mean non-resident status. A Ukrainian who lives and works in Latvia and an applicant who resides abroad may go through different procedures.
In particular, Swedbank states in its requirements for non-residents that documents confirming identity and residence status are required and, where necessary, evidence of a connection with Latvia. Acceptance of the specific document package should be clarified before visiting a branch.
For preliminary preparation, it is advisable to collect:
- a valid passport and documents confirming residence or stay;
- information about the address and tax residence;
- an explanation of the purpose of opening the account;
- evidence of employment, studies or another connection with Latvia;
- documents confirming income and source of funds.
This is an indicative package, which is adjusted to the bank’s requirements. For example, Citadele requests an identity document and an employment or study agreement for an in-person meeting. The bank may additionally request tax returns for two years, statements for at least the previous 12 months and other evidence of income.
Can an account be opened online in Latvia?
Remote account opening is available only to applicants who meet the conditions of the particular bank. Having an app or an electronic signature does not in itself confirm that the entire procedure can be completed from abroad.
For example, for standard remote opening of a personal account, Swedbank requires a passport or ID card issued to a Latvian citizen or non-citizen and Smart-ID QES or eID. For applicants holding a residence permit, the bank provides for account opening at a branch. Latvian non-citizen status is a separate legal status and does not mean any foreign national.
If opening without travelling is required, the availability of remote identification based specifically on your documents should first be checked. A preliminary online application and an opened account are different stages.
Which bank is best for opening an account in Latvia?
The choice depends on the client’s status and future transactions. For an individual, card services, transfers and access to cash are important; for a company, work with counterparties, currencies and employee authorities are relevant.
| Bank | What can be considered | What to clarify before applying |
|---|---|---|
| Swedbank | Personal and corporate accounts, digital banking | Non-resident documents, connection with Latvia, identification method |
| SEB | Current accounts, cards and multi-currency options | Conditions for the applicant, available currencies and fees |
| Citadele | Personal banking with review of documents and income | Evidence of employment or studies, additional package for review |
Information on products and procedures is provided based on the banks’ official pages. Final conditions depend on the applicant’s profile.
Account in Latvia for an individual
A personal account is selected for receiving a salary, paying for housing, making purchases and holding savings. Before opening one, the overall cost of use should be compared: package fees, card fees, transfers and cash withdrawals.
For significant incoming payments, it is advisable to prepare documents explaining the source of funds. Depending on the situation, these may include a property sale agreement, inheritance documents, an employment agreement or bank statements. Citadele expressly provides for the possibility of requesting such evidence.
If you plan to stay abroad after opening the account, clarify the procedure for restoring access, updating documents and receiving a card. Entrepreneurial income should also be discussed with the bank in advance in order to select an appropriate product.
Account in Latvia for a business or company
A Latvian company with a foreign owner and a company registered outside Latvia have different statuses. Registration of a local legal entity does not remove the requirement to review its owners, representatives and activities.
For preparation of a corporate application, it is advisable to collect:
- the company’s registration and constitutional documents;
- documents of the manager and authorised representatives;
- the ownership structure with information on ultimate beneficial owners;
- a description of the activities and their connection with Latvia;
- agreements, expected turnover and explanations of sources of financing.
This list is adjusted depending on the bank, country of registration and business structure. Before ordering translations, it is advisable to agree the requirements for certification and document validity.
A company in the process of incorporation may require a temporary account for contributing capital. Swedbank separately describes such an account and its subsequent conversion into a current account. The bank also provides for a fee for the initial review of documents for certain categories of companies with a foreign element; it is non-refundable if the bank refuses to establish a business relationship.
After opening an account, the company may also require accounting support for business in Latvia.
Foreign currency account in Latvia
For payments in other currencies, a multi-currency account may be considered. For example, SEB allows currencies to be added to a current account and credited funds to be held in the relevant currency.
When selecting an account, it is necessary to check availability of the required currency, exchange rates and international transfer fees. Possible correspondent bank charges and the rules for debiting funds during card transactions should also be taken into account.
Having a foreign currency account does not guarantee that any international payment will be processed. If the account is being opened for a specific contract, it is advisable to agree the transfer destination in advance and the documents that may be required to execute it.
What is included in legal support?
Prikhodko & Partners helps prepare the application taking into account the applicant’s status and future use of the account. Support may include:
- analysis of the client’s needs and bank requirements;
- review of document completeness;
- assistance with completing questionnaires;
- preparation of explanations regarding business activities and source of funds;
- handling additional requests from the bank.
The lawyers’ task is to ensure consistency and clarity of the information provided. The decision on opening the account is made by the bank based on the results of its review.
How we support the opening of an account in Latvia
- We clarify the objective. We determine the type of account, applicant’s status, currencies and payments.
- We review the conditions. We determine the requirements for documents and the application method.
- We prepare the package. We work through the questionnaires, supporting documents and explanations.
- We support the review. We help respond to requests until a decision is received.
The timeframes and cost of legal work are determined after assessing the situation. Bank fees, translations and document certification are calculated separately.
Advantages of legal support
- The requirements are clarified before travelling and preparing documents.
- The package is prepared according to the specific applicant’s status.
- Information about income, owners and payments is reviewed for consistency.
- The client receives assistance during additional checks.
Are you planning to open a personal or corporate account in Latvia? Contact Prikhodko & Partners to determine the available application procedure and prepare the documents for your situation.
Calculate the cost of services
1 question
Are you located in Latvia?
2 question
Do you have open accounts in the EU?
3 question
Do you have documents confirming work, studies or residence in Latvia?
4 question
Has a Latvian bank previously refused to open an account for you?
Does legal support guarantee the opening of an account?
No. Lawyers help prepare the documents and guide the application process, but they cannot replace the bank’s decision or waive its requirements.
Is the document review fee refunded if the application is refused?
This depends on the bank’s tariffs. For example, Swedbank provides that the fee for the initial review of documents for relevant categories of corporate applicants is non-refundable. The conditions should be clarified before payment.
Do all documents need to be translated into Latvian?
There is no universal requirement for all documents and banks. Before ordering translations, the language, method of certification and list of documents concerned should be agreed.
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