25.05.2016. Banks in Latvia applying new restrictions for offshore companies’ bank accounts

News

In 2016, various banks in Latvia have restricted bank account openings for the companies registered in the typical offshore jurisdictions. We made a summary of the banks we collaborate with.

1)Norvik bank
Starting from April 1, 2016 the bank has suspended to accept applications from any prospective clients registered in the following jurisdictions:
Anguilla, Antigua and Barbuda, United Arab Emirates, Commonwealth of the Bahamas, Belize, British Virgin Islands, Bouvet Island, Commonwealth of Dominica, Guernsey, Caymans, Republic of the Marshall Islands, Isle of Man, Papua New Guinea, Republic of Seychelles, Federation of Saint Christopher and Nevis, Saint Lucia, Saint Vincent and the Grenadines.
Bank recommended jurisdictions: Great Britain, (LLP, LTD, LP in Scotland), Cyprus, Malta, Liechtenstein, other EU member countries, Hong Kong, Canada.

2)Rietumu bank
Not opening bank accounts for companies that have been registered in typical offshore jurisdictions. Bank recommended jurisdictions: EU member countries, United Arab Emirates, both China and Hong Kong, Andorra, Georgia, Liechtenstein, Macedonia, Isle of Man, Serbia, Singapore, Monte Negro.

3) ABLV
Account opening for the residents of the following jurisdictions: EU member countries, Gibraltar, United Arab Emirates, British Virgin Islands, Guernsey, Republic of Marshall Islands, Isle of Man, Republic of Seychelles, Liechtenstein, Monaco, Hong Kong, Singapore, Canada, USA

4) Baltikums bank
Not opening bank accounts for companies that have been registered in: Belize, British Virgin Islands, Republic of Marshall Islands, Panama, Republic of Seychelles.

5) Expo bank
Currently no restrictions applied