The same rules that apply to local residents would apply to a non-resident wishing to open an account with any bank in Latvia. The only difference is the requirement for the banks to verify the non-resident – the banks will check whether you have had accounts with other banks in Latvia or abroad to clarify whether you do not 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 apersonal identification document issued outside the European Union, the European Economic Area or Switzerland.
Likewise, the rules that apply to you with regard to borrowing (including a mortgage loan for purchasing of a home) from banks in Latvia are the same that apply to local residents:
- your legal income for last 3 months will be verified,
- the credit guarantor may be someone from your household (family members) – a local permanent resident or a foreigner who has a bank account with the respective bank and whose credit history the bank will verify (in Latvian and foreign banks).