Do Latvian Banks Accept Foreign Clients?

Before and After 2018: A Clean Break

To understand Latvia's current banking landscape, it's essential to put it in historical context. Before 2018, Latvia was known for having a banking sector that was relatively welcoming to non-residents and foreign capital, which had attracted many clients from the former USSR in particular. This reputation as an "Eastern banking haven" ended up costing the country dearly.

In 2018, the US Financial Crimes Enforcement Network (FinCEN) accused ABLV Bank, then Latvia's third-largest bank, of facilitating transactions linked to money laundering and violations of US sanctions targeting North Korea, among others. The bank was liquidated within a matter of weeks. In the aftermath, Latvia's Financial and Capital Market Commission (FKTK) massively tightened its regulatory requirements across the whole sector.

The result: Latvian banks significantly reduced their exposure to non-resident clients with no obvious business connection to Latvia, and invested heavily in their compliance teams. Today, Latvia is one of the strictest EU countries on KYC/AML.

"Latvia has gone from being an Eastern offshore banking centre to one of the most exemplary EU countries on anti-money-laundering standards. That's good for the country's reputation, even if it makes life harder for legitimate foreign entrepreneurs."

Swedbank Latvia

Swedbank Latvia is the country's largest bank, a subsidiary of the Swedish Swedbank group. It serves around 700,000 private clients and 80,000 businesses in Latvia. For non-residents looking to open an account for their SIA, Swedbank applies a strict but clear policy:

• The company must have a genuine economic connection to Latvia (Latvian clients, Latvian suppliers, local employees)
• The beneficial owner must be able to prove the source of their funds
• A branch visit may be required for non-resident applications
• The KYC file must be complete and consistent

Without a Latvian economic connection, Swedbank will generally decline the application, regardless of how strong the file otherwise is. This isn't discrimination — it's a clearly stated risk-management policy.

SEB Latvia

SEB Latvia, a subsidiary of the Swedish SEB group, is Latvia's second-largest bank. Its policy towards non-residents is similar to Swedbank's, with a few nuances. SEB is generally seen as slightly more open to international business clients, particularly companies trading cross-border within Europe. It offers a solid online interface and good digital tools.

For an international client looking to open an account for their SIA, SEB Latvia's criteria include a thorough review of the business's substance and expected financial flows. Digital service companies working with EU clients have better chances of being accepted.

Citadele

Citadele is a Latvian-origin bank, born from the nationalisation and subsequent restructuring of Parex Banka after the 2008-2009 financial crisis. It operates across all three Baltic states (Latvia, Lithuania, Estonia) and is today considered a solid, well-run bank.

For non-residents, Citadele is sometimes described as more flexible than its Scandinavian competitors, without being lax. It offers dedicated solutions for international companies and has a strong online banking platform. Our experience with clients shows Citadele is often the most accessible traditional Latvian bank for well-structured foreign companies.

Required Documents and Selection Criteria

Here are the documents generally requested by traditional Latvian banks to open an account after setting up your SIA:

• An extract from Latvia's business register (Uzņēmumu reģistrs) less than 3 months old
• The SIA's articles of association
• Passport or ID card for all beneficial owners (UBOs)
• A recent proof of address (utility bill, bank statement)
• A detailed description of the business's activity and model
• Expected financial flow forecasts (amounts, frequency, origin)
• References from clients or business partners if available
• Proof of the source of initial funds
• Founders' CVs, for some banks

Fintechs as a Credible Alternative

Given these constraints, fintech solutions have become essential for international entrepreneurs setting up a company in Latvia. This isn't a fallback option: for many activities (online services, consulting, e-commerce), a fintech like Wise Business, Paysera or Revolut Business offers features superior to traditional banks, often with lower fees.

Paysera deserves a special mention here: it's a Lithuanian electronic bank that has developed particular expertise serving Baltic companies and their non-resident shareholders. It's regulated by the Bank of Lithuania, a eurozone member, and its LT IBANs are accepted throughout Europe. For the vast majority of our clients, Paysera is the first recommended step for opening an account without residency.

Our Support for Opening an Account

Société Lettonie supports its clients in choosing and opening their banking solution. Our knowledge of the Latvian banking market and our relationships with the compliance teams at the main institutions let us point each client towards the solution best suited to their profile and their business.

If your business is mainly online or international, we'll guide you towards the most suitable fintech solutions. If you need a traditional bank for specific reasons (large transfers, financing, credit), we'll help you prepare a complete, convincing KYC file to maximise your chances of acceptance.