Head of International Corporate Law and Fintech Practice
Expert in fintech, crypto, and international corporate law with over 20 years of experience. Specializes in crypto licensing (VASP/CASP), iGaming business support, and international structuring, asset protection, and OSINT analytics for risk assessment and due diligence.
Opening a bank account in Sweden
Sweden remains one of the most attractive jurisdictions in Scandinavia for doing business and managing assets. A stable krona, developed fintech infrastructure and a high level of trust in the banking system create ideal conditions for international transactions. However, opening a bank account in Sweden for a non-resident (legal entity or individual) has become a procedure with increased compliance requirements.
Lawyers of “Prikhodko & Partners” have analyzed the current situation on the market and prepared a step-by-step algorithm of actions.

Why do Swedish banks refuse non-residents?
The main change in recent years is total digitalization. The vast majority of Swedish banks (Swedbank, SEB, Handelsbanken) are focused on clients who already have a personal number (Personnummer) or at least a coordination number (Samordningsnummer). Without this identifier, it is practically impossible to open an account remotely.
In addition, after the strengthening of the EU AML directives, Swedish financial institutions are extremely cautious about structures with an opaque chain of ownership. If the ultimate beneficial owner (UBO) is registered in jurisdictions with increased risk, the bank will either require the personal presence of top management or refuse without explaining the reasons.
Step-by-step account opening strategy
Determining the account type and purpose
Before contacting a bank, the client must clearly understand the business structure. For a Swedish “subsidiary” (Aktiebolag), the procedure is simpler than for opening an account for a foreign company. Non-resident individuals can open a basic payment account (betalkonto), but without the possibility of overdraft and complex investment instruments without a residence permit.
Application and KYC
Swedish compliance is the most difficult stage. The bank will order extracts from trade registers (the Ukrainian Unified State Register, if it is a company from Ukraine, must be notarized and apostilled). We recommend immediately preparing a full package:
- Documents confirming the source of capital;
- Business plan or description of activities (for new companies);
- Documents for the KBV (passport, confirmation of address).
Personal presence or remote identification
Some banks (for example, Nordea) are starting to introduce video identification, but in practice, for companies from Ukraine, a personal visit to a branch in Stockholm, Gothenburg or Malmö remains the only alternative. The exception is smaller banks or specialized neobanks, which will be discussed below.
Alternative solutions: neobanks and branches
If large banks refuse due to lack of Swedish ID, it is worth considering:
- SBAB Bank – often more loyal to EU residents and Ukrainians with temporary protection;
- Lunar or Rocker – Scandinavian neobanks that provide IBAN in Sweden, but with lower limits;
- Branches of foreign banks that have a representative office in Sweden, but the head office is located in another EU country.
Important: an account in a neobank will not replace a full-fledged corporate account for large turnovers, but is an ideal start for freelancers and small businesses.
Tax implications of opening an account
Opening an account in Sweden does not automatically create tax residency. However, the Swedish Tax Agency (Skatteverket) considers the existence of an account as an economic presence if transactions with Swedish counterparties are carried out through it. This may require registration as a VAT payer (F-skatt). Our experts always advise conducting a tax audit before opening an account to avoid double taxation.
Sweden is a reliable but closed banking system. Unlike the Baltic countries, there is no massive “portfolio” service for non-residents. Success is guaranteed only when the client has a legitimate business goal, a transparent ownership structure and a confirmed origin of funds.
Prikhodko & Partners provides full support: from choosing a bank for a specific business case to negotiations with the compliance department and preparation of the KBV dossier. We don’t just open accounts – we build a bridge between Ukrainian business and the financial system of Scandinavia.
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Do you have open accounts in the EU?
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Do you have proof of origin of funds in Ukraine or the EU?
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