Latvia Business, Taxation and Offshore Information
This page was last updated on 7 July 2020.
Latvia is one of the three Baltic States that lie on the east coast of the Baltic Sea. Estonia is to the north of Latvia and Lithuania to south, the Russian Federation to the east and Belarus to the southeast.
Latvia has 531 km (330 miles) of coastline on the Baltic Sea and a total land area of 64,589km2 (24,957 sq mi.). The population is just under 1.9 million (April 2020). Latvian is the official language, with Russian, German and English widely spoken.
The president is elected for a four-year term by the Saeima, Latvia’s parliament; the current president is Egils Levits, who entered office on 8 July 2019.
Like most of the former USSR countries, Latvia has had to cope with the privatisation of most of its economy. However, Latvia’s geographical location has helped it remain a key transit point for north-south and east-west trade flows between the USA, the EU, the Far East, Russia and the rest of the Commonwealth of Independent States (CIS), making the transport sector one of Latvia’s most important. The country joined the WTO in 1999 and the EU in 2004. More »