If a good offshore bank that has no bank reference requirements and that provides confidential, multi-currency accounts with 24/7 online access to your account information and support is what you’re looking for, then offshore banking in Latvia may be a good idea.
Latvia is the most stable country in the Baltic States and has the largest banking centers of Eastern Europe. The bank secrecy laws are strictly enforced in Latvia providing customers with complete and anonymous banking services. this is an added bonus to the previously mentioned fact that no banking references are required. This helps keep offshore banking accounts in Latvia highly secretive.
Banks in Latvia also offer high tech services and excellent online banking. They even allow you to hold multi-currency offshore accounts enabling you to exchange currencies in real time usually. Visa, MasterCard, and secured debit cards are also available through Latvia’s Banks. Special Forex Broker accounts can be set up and many options are made available to investors who make money exchanging currencies on a daily basis.
The country of Latvia has more than 20 large and stable banks that allow individuals, companies and governments from other countries to open accounts. Opening accounts with these banks usually require very little paperwork. to open an account through a Latvian Banking Institution, the only documents required are notarized copies of a passport. Certain institutions require an extra apostil on the notarizations or a signature card for the bank account application both signed and notarized. Corporate bank accounts of course must have all the corporate documents including the articles of Incorporation and Certificates of Incorporation. Power of attorney is also required to grant power to the person whose signature is on the account.
Latvia’s Banking sector is one of the country’s most successful and controversial industries. This is because of a large number of major banks entering the country due to its liberal banking laws from the early 90s.
The main advantage to Latvian banks is the level of secrecy that surpasses most other offshore banking centers.
Article 64 of the law on credit institutions passed in October 1995 states the following:
“Criminal proceedings in due course of law shall be instigated against any person who has deliberately or inadvertently disclosed, to the public or to unauthorized persons, information on the accounts of and financial services rendered to customers which has been entrusted or has become known to such a person as a result of his/her holding shares or stocks of a credit institution, being a chairperson or member of the board, executive board, or audit commission or in the capacity of their proxy, an employee of a credit institution, the Bank of Latvia or some other state institution, or a representative of external auditors. ”
This and the Fact that the country is a tax haven and is one of the leading offshore banking centers in the world make Latvia a good place to look into for offshore banking services.