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Once you will come to Latvia and plan to work here. It is highly recommended that you have an account at the local bank. Many banks provide their services for non-residents.

The requirement for the banks would be to verify the non-resident – bank will check whether you have had accounts with other banks in Latvia or abroad and clarify whether you have a negative credit history (debts).

The primary verification of documents may last several days and it will be necessary to pay the commission fee for this (the period of verification and the commission fee is determined by each bank individually). The commission fee should be paid by the persons, who have not been issued a permanent residence permit in the Republic of Latvia. The opening of a current account will cost customer about 200 EUR on average. It is necessary to bring a personal identification document issued outside the European Union, the European Economic Area or Switzerland.

It would be highly recommended when you chose the bank where you would like to open an account to call them and ask if they could provide more detailed information about your possibilities and their conditions.

More information on Taxation and Social Security in Latvia