Head of practice
Head of Corporate Law and Fintech Practice. Expert in the creation and reorganization of companies, support of M&A transactions, as well as legal support for opening and running a business in the EU, Asia, and North America.
Opening a bank account in Latvia
Latvia, as a member of the Eurozone and the European Union, offers one of the most dynamic, technologically advanced and regulated banking systems in Eastern Europe. Opening an account in this Baltic republic gives non-residents, including Ukrainians, direct access to the EU single financial market, simplifies international transactions and provides a high level of asset protection. However, the process, especially for legal entities, is associated with strict compliance with the requirements for business reputation (Due Diligence) and the origin of funds (KYC – Know Your Customer). The law firm “Prikhodko & Partners” provides a full range of services to support this procedure, minimizing the risks of refusal and ensuring the legal purity of transactions.
Why do clients from Ukraine choose Latvia?
In addition to the obvious advantages of European integration, Latvian banks have a long history of working with clients from the post-Soviet space, which is reflected in multilingual service (often including Russian) and understanding of regional business realities. The infrastructure is ideally adapted for international transactions: fast SEPA transfers in euros, work with exotic currencies, developed Internet banking and trading platforms. For residents there are special lending and investment conditions, for non-residents – clear procedures and the possibility of remote service after account initialization. It is important to understand that after recent changes in the global fight against money laundering, Latvian financial institutions have become even more demanding, but also more transparent and safe for clients.
Detailed algorithm for non-resident individuals
The process begins with choosing a bank: large international (such as Swedbank, SEB) or more niche private banks. Further steps:
- Preparation of a basic package: a foreign passport with a valid visa or residence permit (if personal presence is required); a document confirming the address of residence (driver’s license, utility bill from a foreign address with an apostille); evidence of a legal source of income (employment contract, service contracts, statements from other accounts, tax returns).
- Filling out the questionnaire: a detailed description of the goals of opening an account (savings, receiving a pension, investing, paying for education). The amounts and regularity of expected transactions should be realistic and consistent with income documents.
- Interview (in person or online): a bank representative conducts an interview to eliminate any remaining doubts. The presence of a criminal history or connections to high-risk jurisdictions may lead to a refusal.
- Initial deposit: some banks set a minimum threshold, especially for premium service packages.
Legal support at this stage consists of a preliminary check of documents for compliance with the requirements, advice on goal formulation and preparation for an interview.
A comprehensive procedure for legal entities (business accounts)
This is a much more complicated process, where the role of a lawyer becomes critical. Latvian banks consider non-resident companies with increased attention.
- Registration documents: a full package of company documents (certificate of registration, articles of association or partnership agreement, extract from the trade register) legalized with an apostille and with a professional translation. If the company is Latvian, our specialists help with its incorporation.
- Identification of beneficial owners (UBO): the bank will require disclosure of all persons who directly or indirectly own more than 25% of the capital or control the company. For each such person, passport data, confirmation of address and source of origin of funds invested in the business are required.
- Information about management: documents for directors, board members, authorized signatories.
- Business profile: detailed description of the company’s activities, industry, geography of work, main counterparties (suppliers/clients). Contracts, invoices, business plan, income statements are provided.
- Forecast of operations: expected turnover on the account, sources of income, purpose of payments, currency of operations.
The bank conducts a thorough check of the entire chain, often using international databases. Any discrepancies or attempts to hide information lead to a negative decision.
Specific challenges and solutions from Prikhodko & Partners
- Rejections due to “suspicious” transactions: a common problem for businesses with high turnover or working with multiple jurisdictions. We help create the most transparent structure and document the legitimacy of the business.
- Difficulties with proving the origin of funds for beneficiaries: if the capital was formed many years ago or received as an inheritance, we develop a confirmation scheme using existing documents.
- Taxation: we advise on taxation of non-resident income in Latvia and opportunities to avoid double taxation based on international agreements.
- Changes in legislation: we constantly monitor changes in Latvian financial and corporate law, informing clients about new obligations or opportunities.
Opening a bank account in Latvia is not a technical procedure, but a complex legal process, the success of which depends on the depth of preparation, business transparency and professional dialogue with the financial institution. “Prikhodko & Partners” provides comprehensive support: from choosing the optimal banking program and preliminary audit of documents to full support of negotiations and further consulting on financial and tax reporting issues.
Our goal is to provide you with safe and easy access to European finance, saving you time and resources.
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 proof of the origin of the funds in Ukraine?
You may also need:
call back
during the day
Compensation for moral, material damage
Protection of honour, dignity, and business reputationContract Development for Business and Legal Entities
Licensing of business activities
Compensation for moral, material damage
Legal services in the field of cryptocurrency and blockchain
REGISTRATION OF COMPANIES AND OPENING OF BANK ACCOUNTS
Sale and purchase of ready-made firms
Grants and attracting investment
Business registration and support in Great Britain
Business registration and support in Switzerland
Business registration and support in the EU
Business Registration and Support in the Gulf Countries (GCC)
Business registration and support in Turkey
Business registration and support in USA
Lawyer for administrative cases
Legal services for medical businesses and doctors
Protection of honour, dignity, and business reputation
Real estate transaction support
Escort of the tender participant
Trial lawyer: support and defense in court
European Court of Human Rights (ECHR)

