Latvian Banks to slowly move away from Offshore banking, Rietumu, Ablv and Baltikums bank under the spot.
Contributed by Fidusuisse
27 October, 2015
It comes as a massive surprise that Latvian Banks has taken a step to stop offering bank accounts for offshore companies. They have drafted a non-formal list of "accepted" and "non-accepted" jurisdictions also called the exotic and non-exotic offshore places.
Make it short, Baltikums Bank no longer accepts Seychelles, Belize, B.V.I, Panama, Saint Lucia, Anguilla and other jurisdictions that in most case has no existing business set-up in the countries they are registered for account opening, however they keep on accepting all European offshore companies such as Malta, Cyprus, Scottish LP. As of today clients holding Offshore accounts are holding their breath to know if they will suddenly be closed their accounts or be kept. The bank has not made it official on it's website so far but it's private bankers are informing their agents by emails, thus making it official.
Rietumu Banka another leading Latvian bank and the biggest privately owned bank in the country has been more transparent about such decision by communicating a new tariff plan which is different based on the country your company is registered. Hence, if you have a Belize or Seychelles company you may expect immediately to have much higher accounts maintenance fee and a higher minimum deposit.
As for the on-going existing bank accounts the bank is conducting an analysis of its accounts and closes all accounts that are "purely offshore" in other words, if the transactions are 'from' and 'to' Offshore you should expect that your account will be closed in a near future.
The trend is exactly similar with ABLV Bank the second private bank of the country, useful to note that Citadele and Nordea bank has earlier completely stopped it's non-residents accounts opening.
Fidusuisse maintains relationship with most of Latvian banks, if you ever had or currently face troubles with Rietumu, ABLV, or Baltikums bank accounts we shall be happy to help you solving it and opening an alternative bank account smoothly.
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