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Latvijas Banka supervises Latvia’s banks, payment institutions and e-money institutions and runs the Deposit Guarantee Fund. The State guarantees 100,000 euros to each client in each Latvian bank or credit union, legal entities and non-residents included, so an SIA owned from abroad is covered; Section 23 of the Deposit Guarantee Law lists the exceptions. One trap: deposits at the Latvian branches of Luminor, Bigbank, OP Corporate Bank and TF Bank fall under their home countries’ schemes, which for Luminor, a bank registered in Estonia, means the Estonian Guarantee Fund.
On 23 February 2018 the European Central Bank found ABLV Bank failing or likely to fail, after the US Treasury’s FinCEN had proposed on 13 February to name it a primary money laundering concern; the bank was wound up under Latvian law. On 26 April 2018 the Saeima banned banks, payment and e-money institutions and investment firms from serving shell companies. Section 21.1 of the anti-money laundering law bars a relationship with a legal person that has no link to real economic activity, with nothing on file to prove otherwise, and is registered in a country that does not require financial statements.
A Latvian SIA must file annual statements with the State Revenue Service, so the ban targets offshore entities, but it still matters when one sits above the SIA as shareholder: Swedbank asks for a registry certificate no older than 30 days for each company registered abroad in the ownership structure.
Each large bank asks why a company needs a Latvian account. SEB calls a connection with Latvia its main condition, Swedbank wants companies registered abroad to document the need, for example with contracts with business partners, and Citadele targets Baltic-registered companies with transparent ownership whose core business is in the region.
In September 2024 Latvijas Banka published guidelines after reviewing every bank in Latvia. It found situations in which banks applied the strong-link requirement for legal entities without assessing the real reasons for the account, called automatic refusal over one characteristic poor practice, and counted as good practice reading the link broadly, even for an investor still planning to establish one. Refusals and closures most often hit services, transport and logistics, and construction companies.
| Bank | Published condition | Remote route |
|---|---|---|
| Swedbank | Ownership documents; for a company registered abroad, proof of the need for a Latvian account | Remote signing only by a sole signatory with a passport or ID card issued in Latvia |
| SEB banka | Connection with Latvia | Remote or in a bank; temporary account by e-signature |
| Citadele | Registered in the Baltic States, core business in the region | Only with a Latvian citizen’s or non-citizen’s passport or ID card and a qualified e-signature |
| Luminor | Main planned business in the Baltic States | Video call with a Latvian document; non-residents visit a branch |
| Rietumu Banka | No nationality rule published | Head office in Riga, qualified e-signature, or a notary-certified signature |
| BluOr Bank | Individual risk assessment | Online application and remote identification |
The Register of Enterprises requires an SIA’s equity capital to be paid in full before registration and, for cash contributions of any amount, into a payment account opened in the name of the company being founded. It refers to a payment service provider, not specifically a Latvian bank. Latvian banks offer temporary accounts for the purpose: SEB opens one remotely with an e-signature and certifies the payment for the register, Swedbank and Luminor offer them too, and Citadele’s remote version is limited to companies whose founders, five at most, all live in the Baltic states.
If the SIA you buy already holds an account, the account is the company’s and continues after the share sale; the bank, though, reassesses the company once the new owners, board members and signatories are known, and can then keep it, ask for documents or close it. Expect the tests a Latvian bank applies to a new customer: a documented link with Latvia and an ownership chain it can follow to the end.
We can form a company through company formation in Latvia or sell you an SIA from our Latvian shelf companies, and prepare what a Latvian bank asks for, including evidence of the link with Latvia. Where we know someone at a suitable bank we can make an introduction, though whether to open the account is for the bank to decide. See the Latvia overview and our guide to banking a ready-made company.
Company law lets a non-resident own and manage an SIA, but the account turns on bank policy. SEB requires a connection with Latvia and Citadele targets companies doing their core business in the Baltic region. The remote routes at Swedbank, Citadele and Luminor need a Latvian identity document, so most owners abroad should plan a branch visit or use Rietumu’s notary route.
Not by statute. The Register of Enterprises requires the capital to be paid in full before registration and, for cash, into a payment account opened in the name of the company being founded; it refers to a payment service provider rather than a Latvian bank. In practice SEB, Swedbank, Citadele and Luminor offer temporary accounts to founding companies.
The Deposit Guarantee Fund, run by Latvijas Banka, guarantees 100,000 euros per client in each Latvian bank or credit union, legal entities and non-residents included, with exceptions in Section 23 of the Deposit Guarantee Law. Deposits at the Latvian branches of Luminor, Bigbank, OP Corporate Bank and TF Bank fall under their home countries’ schemes.
Only in some cases. Swedbank allows remote signing by a sole signatory holding a passport or ID card issued in Latvia, Citadele’s remote route needs a Latvian citizen’s or non-citizen’s document and a qualified e-signature, and Luminor sends non-residents to a branch. Rietumu Banka accepts a notary-certified signature or a qualified e-signature obtained by video identification, and BluOr Bank describes remote identification for online applications.