Eternity Law International — News — Get a Trust License in Latvia

Get a Trust License in Latvia

Published:
July 5, 2024

Obtaining such official permission as a trust license Latvia depends on the specific activity that the entrepreneur is engaged in. The issue of licensing trust organizations in Latvia is regulated by the Financial Services Law and the provisions of the EU Directive, which was adopted in the jurisdiction in 2009. As follows from the legislative norms, any company participating in trust transactions acts as a financial link in the country’s economy, which entails the obligation of compulsory licensing of its activities. The regulation regarding trusts in Latvia has flexibility, which makes this jurisdiction an attractive option for foreign investors when the goal is to legally deal with third party assets in the EU. Latvia offers two options: register a legal entity or buy an already registered company – a pre-established organization with a work permit (with or without a bank account). Below we will look at the main features of the establishment, functioning and licensing of trusts in Latvia.

Our team provides advisory and practical assistance in registering and launching businesses. We provide Latvia trust services with full support at all stages. We also have many options for ready-made trusts for sale.

Trusts in Latvia: regulation, functioning and licensing features

There are no specific regulatory requirements for trusts except that a private trust company must be registered as an international business corporation rather than as an LLC. A trust firm in this jurisdiction can freely act as a trustee of any trust created in Latvia or anywhere in the world (in accordance with local law).

According to Latvia trust law, these structures are organizations created for the sole purpose of acting as a trustee. Such a company can store and manage monetary assets and real estate of one or several clients at once. The trust provides fiduciary services similar to those provided by an individual and institutional trustee. These services may also include investment advice, asset management for profit, administrative services, etc. In particular, small trust firms can also open and manage offshore bank and brokerage accounts as a fiduciary on behalf of the master trust.

Trust organizations in Latvia offer the opportunity to create long-term trust agreements for clients in the same way as a corporate trustee would, but without the oversight and formalities of a financial institution. Such ongoing arrangements are not possible with individual trustees. A trust company usually allows clients to change trust services and change them over time to suit changing needs. Trust firms in Latvia are also required to provide clients with the opportunity to participate in key investment, management and investment decisions.

Our experts will help you choose the most suitable jurisdiction for obtaining a trust license. Trust license cost Latvia varies depending on the specific characteristics of the business and is calculated individually by our managers before the start of cooperation. We also provide qualified assistance in opening trusts in Luxembourg, France, Germany, Austria and other countries around the world.

So, how to get trust license in Latvia? As part of trust license requirements Latvia, a potential licensee must comply with the following.

  1. Registration of a legal entity in the jurisdiction. The best option would be a limited liability company, but a joint stock company or cooperative may also be suitable.
  2. The director and founder of the company must have a good business reputation. (You may be required to present a certificate of no criminal record or any criminal activity).
  3. Availability of sufficient financial capital to ensure the stable operation of the company and fulfill its obligations.
  4. Development of a business plan, description of the equipment and software of the project.
  5. The candidate has the appropriate experience and knowledge to obtain trust license Latvia.
  6. Compliance with legislation to combat illicit circulation of funds, the main purpose of which is to prevent illegal monetary transactions and ensure the protection of the confidentiality of customer information.

First of all, the regulator needs to submit a pre-prepared package of documents for all founders and pay the state fee. Trust license fees Latvia required to pay range from 1.5-2 thousand euros. The regulator will need to provide the following documents.

  1. Trust license application Latvia.
  2. National passport/identity document.
  3. International passport.
  4. Resumes and diplomas of directors.
  5. Business plan of the company.
  6. Corporate documents.
  7. AML-policies adopted by the firm.

Advantages of Latvia for obtaining a trust license

  1. Strategic geographical location. Latvia serves as a bridge between Western and Eastern Europe, providing easy access to both markets.
  2. Member of the EU and Eurozone. As part of the EU and Eurozone, Latvia provides businesses with access to the huge single market.
  3. Competitive tax system. Latvia offers one of the most competitive corporate tax rates in the European Union.
  4. Skilled workforce. The country has a highly educated and multilingual workforce with specialists in various industries.
  5. Business-friendly environment. The government has simplified trust business rules for foreign entrepreneurs and is offering support to new businesses, especially start-ups.
  6. Modern Infrastructure Latvia has a robust infrastructure, including ports, roads and IT infrastructure, suitable for various business needs.

Our company is ready to provide you with specialized professional trust services Latvia with full support, regardless of the complexity and complexity of the case. We offer a variety of ready-made trusts licensed for sale in Hong Kong, Vanuatu, Cyprus, Australia, Canada and other countries. Our lawyers are aimed at achieving the most effective and promising results for you. Contact us now.

You could be interested

MSB license in Dubai

In recent years, Dubai has emerged as a global hub for enterprise and finance, attracting entrepreneurs and investors from around the world. The city’s strategic location, modern infrastructure, and enterprise-friendly environment make it an ideal destination for various industries, including economic services. In this article, we will delve into the concept of Money Services Business...

Benefits of choosing Switzerland for doing business

Today, choosing a place to do business is one of the most important points in a competitive economy. We propose to consider such a jurisdiction as Switzerland. This country is on the market as one of the most developed jurisdictions and with a unique territory with many advantages for entrepreneurs. Switzerland has a strategic position...

Ready-made company in Hong Kong

Shelf-firm is an organization that was registered for further sale. The procedure of purchasing a ready-made company is quite easy, usually you just need to do the ownership change and prepare relevant documents for this. Shelf-firms are registered already with a company name, but it can be changed after sale.Our company assists clients to change...

Company formation for non-residents in Canada. Ontario General Partnership registration

 Ontario General Partnership registration with the participation of Non-Resident Partners. The Ontario General Partnership is a form of business registration in Canada that combines the reputational benefits of Canadian jurisdiction with the offshore component, making it beneficial to Non-Resident Partners. The main aspects of this business structure include: Canada’s authoritative onshore jurisdiction, whitelisted by the...

Opening a brokerage company

Opening a brokerage company is a good option with the possibility of impressive earnings for a confident and progressive person. For successful work, it is worth getting acquainted with all the requirements in detail. First of all, determine the type of launch: resort to the help of White Label or solve all issues from the...

Seychelles Authorised Crypto Companies

The rise of technology-driven finances has transformed cross-border finance, creating fresh prospects for organisations and financiers. In this dynamic landscape, this state has claimed itself as a prime direction for raising and functioning with cryptocurrency ventures. Known for its trailbase legislative scheme and commercial-friendly sphere, this region suggests  notable pluses to those seeking to participate...

Discover our services

The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.

Ready-made companies for sale

Companies with a bank account around the world

Banks for sale

Established Banks for sale

Ready-made licenses for sale

Forex, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Licensing

Forex licenses, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Offshore company registration

Expert advice on the acquisition of an offshore company

Open a bank account

Open bank accounts in more than 120 banks around the world
Fill the blank:

Zurich

Dreikonigstrasse, 31A, Stockerhof
+41 435 50 73 23

Kyiv

Baseina street, 7
+38 094 712 03 54

London

Grosvenor Gardens, 52
+44 203 868 34 37

Washington

+1 (888) 647 05 40 Toll Free

Vilnius

Gediminas Avenue, 44A
+370 52 11 14 32

Tallinn

Kesklinna linnaosa, Tuukri 19
+372 880 41 85

Edinburgh

Lochrin Square, 1
+44 203 868 34 37

Nicosia

Jacovides Tower, 5 floor
+371 665 550 51

Riga

Esplanade, 7 floor
+371 665 550 51

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai
+852800938622 Toll Free

Singapore

Level 42, Suntec Tower Three, 8 Temasek Boulevard
+6531594300

Sydney

20 Martin Place
+61 2 888 00 365

Porto

2609 Avenida da Boavista
+351 800 500 206 Toll Free
Calls are made only from Portugal

Tbilisi

Revaz Tabukashvili Str., N 45, area N 7
+995706070360