In order to open offshore bank account, one does not have to seek the distant exotic islands.It is enough to discover the banking opportunities of the Baltic countries, where the banking sector of Latvia is the most attractive.
The Latvian banking system has a two-tier structure and consists of national banking institutions and foreign banks’ branches. The banking system of Latvia has been demonstrating stability during the last 15 years. Today almost all offshore banks in Latvia are characterized by increasing profitability, and this also increases their attractiveness for businessmen from around the world.
Why open bank account in Latvia
Latvia is a small state located in northeastern Europe on the coast of the Baltic Sea. This country attracts businessmen not only for its convenient geographical location but also for being a member of the European Union which facilitates legitimate international activities. In addition, Latvia is a party to the Schengen Agreement and NATO and has recently joined the Organization for Economic Co-operation and Development (OECD).
Opening an offshore bank account Latvia is quick enough, but the procedure is very serious since it meets all European standards. In addition, opening an account in Latvia remotely is not so simple. All banks in Latvia initially want to see their customers. But in this matter, banks in Latvia are also more loyal than all other banks in Europe.
All documents that banks require to open an account can be divided into two groups: standard and additional. The standard package includes all documents that are requested always. And the additional ones usually include certain documents about the company itself, co-owners, financial solvency, etc. Such documents allow a financial institution to better verify a foreign client.
Also, in order to open an account in offshore bank Latvia, it will be necessary to completely fill out all the issued bank forms, indicating only reliable data, as well as to be checked by the compliance department. All this aims to identify and fully verify the future owner of the account.
Benefits of Latvia offshore bank account
Among the advantages of the opening bank account in Latvia for a non-resident are the following:
- The prompt procedure for obtaining a bank account.
- A non-resident is eligible to open Latvia offshore bank account; some banks open accounts even for offshore companies.
- There are no restrictions on the number of operations.
- The account could be remotely managed.
- Minimum service fees among all countries of the European Union.
- Multicurrency accounts.
- Guaranteed state compensation of deposits in the amount of up to 100 thousand Euros.
An account opened in a Latvian bank is assigned an IBAN number that complies with international account numbering standards for European countries.
Which Latvian banks you can choose
The first thing to do to get offshore banking in Latvia is to choose a suitable bank. It must work with non-residents. These include:
Latvian BlueOrange bank can open an account for an offshore company registered in Nevis with history and real business. The Latvian LPB Bank, Rietumu Banka and BlueOrange are suitable for partnerships, Singaporean, Hong Kong and European companies.
However, the company’s activity type deserves special attention. Of course, this is not the rule, but certain financial institutions prefer to deal only with companies of a certain profile, so the business should be suitable for the requirements of the bank.
Fees of Latvian banks
Latvian banks are financial institutions that value their banking licenses and strive to build trusting and lasting relationships with their customers. Therefore, if you want to find a reliable financial partner in the Latvia offshore banking sector, be prepared for bilateral cooperation. Latvian banks adhere to the KYC (Know Your Customer) principle.
And this means that the bank will surely be interested in your business not only in the process of opening an account but also throughout all further cooperation. In accordance with international standards, the bank will be interested in and ask for documentary evidence for large payments, as well as monitor your account transactions. However, there is a good side to this. Banks are actively fighting all cases of fraud, and fraudulent transactions conducted in your account can be detected in a timely manner, which will protect you from financial losses.
Bank accounts for non residents
Although bank account Latvia can be opened for both residents and non-residents, the stricter requirements are usually made for non-residents. Why is that? This is due to the fact that banks want to be sure that their client has not been involved in and does not engage in the financing of terrorism or money laundering (this is a requirement of international law). That is why in certain cases, a financial institution may request information or documents that would confirm the origin of your funds. They may also ask for data about the type of business activity of the company and the personal information of the founders.
How to open bank account in Latvia
Those who are looking for a universal product, both for business and personal purposes, an offshore account in Latvia is the perfect solution. In addition to the reliable protection of your money, it also provides an opportunity to invest it and actively use it at acceptable bank charges. To learn about all the possible difficulties, be well-prepared, increase the chances of success and avoid additional costs when opening an offshore Latvia bank account, you can use the service offered by our dedicated specialists.
Our experienced professionals will advise you on the specifics of a particular Latvian bank, analyze the relevance of your chosen financial institution and provide professional advice. Our competent staff will help you save your time on preparing a package of necessary documents, arranging a meeting with a bank representative and avoiding various possible difficulties in the process of opening Latvia offshore bank account.
Types of bank accounts you can open in Latvia
Latvian banks offer a variety of services to their customers. As a rule, the banking institutions of this region position themselves as settlement focused, but most of them also allow to open a traditional savings account. Some of them also provide investment or investment savings accounts and asset management services.
Bank accounts in Latvia can be opened by both residents of this country and non-residents. At the same time, offshore banking Latvia is oriented equally to both individuals and corporate clients.Atrium Business Solutions
Also, Latvian banks are actively developing their electronic services, both for e-commerce and Internet bank account management. Latvian banks offer a remarkable opportunity not only to check your account or card balance, but also open a deposit, use investment products, order a new card, and activate it without visiting a bank and many other services.