Personal accounts: Latvia

Updated 6 October 2026

An honest assessment before work starts, the quote is fixed in writing.

Latvia is an EU country using the euro, and its banks are supervised by the Bank of Latvia and European banking supervision. After 2018 Latvian banks sharply cut services for non-residents and banned work with shell companies, and since 2022 EU sanctions rules for Russian and Belarusian citizens have been added to their checks. So a personal account here is realistic for those who live in Latvia: with residence, work and a declared address.

Can you open an account in Latvia without residence and without visiting

The law does not require residence for an account, but without it Russian citizens are almost never given one in practice. Residence answers most of the bank's questions and often decides the outcome: without it the bank will ask about your address, tax residency, source of income and the account's purpose, and will refuse in most cases.

Non-resident accounts are not opened remotely; an in-person meeting is needed. And since 19 September 2022 Latvia has not admitted Russian citizens on tourist Schengen visas, so you can come to the bank only with residence, a national visa or another legal ground.

Which banks accept Russians

• Large banks of Nordic groups open accounts for Russian citizens only with Latvian residence and a clear source of income.
• Local banks consider applications case by case, with work in Latvia, residence and a clean payment history.
• Payment institutions sometimes open a payment account for Latvian residents, but they do not replace a bank for salary and large sums.

Banks strictly check links to Russia and Belarus: payments, counterparties and the source of money.

Documents for the account

Timing and account fees

With residence, a declared address and documented income an account is usually opened within one to two weeks. If the bank has questions about money from Russia, the check drags on. Latvian banks charge a monthly account and card fee, while euro transfers within the EU are fast and cheap.

Deposit protection and the restriction for Russians

Deposits are insured up to 100,000 euros, about $112,100, per depositor per bank. Under EU sanctions a Russian citizen without citizenship or residence in an EU country cannot hold deposits above 100,000 euros at a bank. With Latvian residence this restriction does not apply.

Taxes for Russian tax residents

Latvia's tax treaty with Russia ceased to apply on 1 January 2024, so Latvian tax cannot be credited in Russia. A Russian tax resident declares interest on a Latvian account themselves and pays Russian tax: 13%, and 15% on the part of deposit and investment income above 2.4 million rubles a year. For those who have moved and become Latvian tax residents, Latvian rates apply.

Tax data exchange and the Russian tax notice

Latvia is in the EU and takes part in the automatic exchange of tax information, so the bank will ask about your tax residency. A Russian tax resident notifies the tax service within a month of opening a foreign account and then files a cash flow report by 1 June each year. For accounts in Eurasian Union countries and automatic exchange countries the report is not filed if no more than 600,000 rubles, about $7,100, came into the account during the year or remained at year end. The obligation does not apply to those who spent more than 183 days outside Russia in the calendar year. The fine for an unfiled notice is about $50-60 per account for individuals. The procedure and form are in our article on notifying the tax office of a foreign account.

Latvian resident taxes

A declared address in Latvia or 183 days in the country in any 12 months makes you a tax resident; under the days rule status applies retroactively from the first arrival in the year. Deposits are insured up to €100,000, about $112,100, per depositor per bank.

How to open a personal account: the steps

1. A residence permit or other grounds for stay.
2. Declaring an address in Latvia.
3. A bank visit with your passport and income documents.
4. Answering the bank's questions about links and payments.

Common refusals

• no residence and no declared address in Latvia;
• undocumented income or savings;
• payments from Russia or Belarus and sanctioned counterparties;
• an expected balance above 100,000 euros without EU residence;
• contradictions in the tax residency form.

What we do

We assess the chances before the bank visit, choose a bank for your status, prepare documents on income and source of funds, calculate taxes with the 183-day rule in mind and support the bank meeting. If you are relocating, we tie the account to your residence. The decision stays with the bank, but we prepare the application so that it has real chances.

This topic in other countries

• Personal account in Georgia
• Personal account in Turkey
• Personal account in Armenia
• Personal account in Serbia
• Personal account in Uzbekistan
• Personal account in Switzerland
• Personal account in Singapore
• Personal account in Hong Kong
• Personal account in Germany
• Personal account in Kyrgyzstan
• Personal account in the USA
• Personal account in Spain
• Personal account in Portugal
• Personal account in Thailand
• Personal account in Argentina
• Personal account in Paraguay
• Personal account in Uruguay
• Personal account in Cyprus
• Personal account in Panama
• Personal account in Montenegro
• Personal account in Lithuania
• Personal account in Estonia
• Personal account in Malaysia

For this country: moving to Latvia, Latvia residence, taxes in Latvia.

All countries and bank requirements for Russians are in our overview of opening a bank account abroad in 2026.

What we do

• Personal account - opening assistance

See also

Company formation · Business account · Investment property · Country taxes · All country programs

FAQ