Banking System in Latvia

About Latvia

Latvia is a country, situated in Northern Europe, which became independent from Soviet Union in the year 1991. The economy of Latvia has boomed in the recent years. Nordic banks dominate the commercial banking sector in Latvia. The Nordic banks also dominate a number of privately owned local lender agencies. Latvia is a member of European Union since the year 2004.

Banking System in Latvia

Latvia has euro as its currency. Latvia is a developed country and is an economy of high income people. Latvia’s economy depends on processed food and wood products, processed metals, textiles, pharmaceutical industry, railroad cars industry and manufacturing of synthetic fibres.

There are about 55 banks, operating in Latvia. The consolidated assets of the banks are estimated at 29,675.76 million Euros, which was calculated in the years 2016. It shows a decline of 7.89% from the previous year.

Latvia is a relatively new independent country with a developing banking and financing system, which is developing rapidly since 1991, the year of Latvia’s independence from Soviet Union.

Latvian banking sector is a relatively small sector. But it is a highly concentrated sector. The banks in Latvia are with high shares of foreign capital.

The maximum numbers of banks in Latvia, which are controlled by foreign country or by foreign capital, are basically originating from countries such as, Denmark, Finland, Norway and Sweden.

Most of the domestic banks in Latvia are owned by private owners. Maximum numbers of Latvian banks operate as Universal banks.

There are some specially developed and designed banks in Latvia, who solely focus on specialised tasks, such as management of wealth or doing corporate banking.

Latvian banking system is greatly involved in off shore banking. More than half of the banks in Latvia offer their products, as well as their banking services to non-residents of Latvia.

Latvia has one of the highest GDP in Europe. It is a member of World Trade Organization (WTO) and European Union (EU). Most of its sectors are privatized which contributes 68% of its GDP. It also has a strong infrastructure which accounts for almost 16% of its GDP. The country has some Special Economic Zones (SEZ) which provides tax reductions up to 80%.

Offshore Banking in Latvia

Banks Available at Latvia

This bank provides multilingual services in English, Latviski and Deutsche. The bank provides online services, corporate bank account, loans to individuals and corporate. Account maintenance fee is very less as compared to other regions. They provide special services for opening bank account for foreigners. There is no minimum capital required to open an account. Transactions can be made in a few global major currencies.

They serve majorly the private individuals and small and medium sized businesses. This bank has branches in other countries like Copenhagen, Helsinki, Kaliningrad, Luxembourg and Ukraine. This bank provides full security to the accounts of its customers. They are also very reliable bank to open your account as they maintain full privacy of its account owners. Online facilities are also available, however, they do charge for this facility.

It is one of the largest bank in Latvia which was formed after the merger of major banks in the Baltic region. It is also listed in major stock exchanges like Copenhagen Stock Exchange, Helsinki Stock Exchange and Stockholm Stock Exchange. They have a very sustainable internet banking through which it serves over a million customer.

Documents Required For Opening Bank Account

Banking Benefits in Latvia

  1. Latvia is a growing economy
  2. Good place to have your bank account and do business
  3. Ease of doing online transaction
  4. Full privacy given to owners of bank account
  5. 24x7 online banking access
  6. Stable banking and financial system
  7. Physical presence is not required for opening an account
  8. 3 weeks to open an account

Why form an offshore bank account with DNS?

We have been helping individuals and companies to open up their bank account in various offshore locations. We have a cumulative experience of over 25 years in forming bank account for our customers. The process is hassle free and you just need to share some basic documents with us after which our account manager will handle all the necessary paperwork.