Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the Latvijas Banka decision, including banking and payment rails.
Get an EMI license in Latvia.
The Baltic desk that publishes everything: Latvijas Banka licenses e-money institutions with free pre-licensing consultations, a €5,000 application fee - €450 for innovative services - a 15-day completeness check and a three-month clock. We build the file end to end.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Latvia in brief
The published-price Baltic alternative.
Latvia licenses e-money institutions through Latvijas Banka - the central bank absorbed the financial supervisor in 2023, so licensing, oversight and monetary authority sit in one institution. The process is published to the euro: a free pre-licensing consultation first, then the formal application under the Law on Payment Services and Electronic Money and Regulation No 270, a €5,000 examination fee - cut to €450 for innovative services - a completeness check within 15 working days, and a decision within three months of a complete file. Own funds of at least €350,000 for the full EMI; annual supervision runs €7,000 plus up to 1.4% of gross income (capped at €100,000), with innovative-service firms paying a flat €1,000 a year for their first three years. A registered - small - EMI route sits underneath for models below the licensing thresholds.
The desk is demonstrably open for business: Latvijas Banka has issued a steady run of new EMI and PI licences through 2024-2025, publishing each decision. Riga offers the Baltic cost base without the Vilnius queue, an Innovation Hub culture that discounts fees for novel models, and the same EU/EEA passport as any desk in the Union. Latvia's corporate tax completes the pitch: 0% on retained profit - tax falls due only on distribution. Realistic end-to-end: 8-14 months; we run the file from our Riga office.
Latvijas Banka licence: €350,000 own funds, €5,000 fee (€450 innovative), free pre-licensing consultation, 15-day completeness check, 3-month decision - all published.
Plus the Latvian tax model: 0% on retained profit, 20% only on distribution. The published-price Baltic alternative.
The two routes
Licensed EMI - or the registered route.
One supervisor, two entries: the full licence with EU passporting, or registration for models below the thresholds. We fix the route first, then build once.
Licensed EMI at €350,000 - or the registered route and the €450 innovative track.
01 - LICENSED EMI
E-money institution licence
The flagship Latvijas Banka authorisation: e-money issuance plus the payment-services list, €350,000 own funds, safeguarding and EU/EEA passporting. On a published fee schedule and clock.
The flagship Latvijas Banka authorisation: e-money issuance plus the payment-services list, €350,000 own funds, safeguarding and EU/EEA passporting. On a published fee schedule and clock.
- ✓E-money issuance and distribution
- ✓Full PSD2 payment-services list
- ✓€350,000 own funds · Section 35 capital
- ✓Safeguarding of client funds
- ✓EU/EEA passport on notification
- ✓€5,000 fee · 15 days + 3 months
02 - REGISTERED EMI · INNOVATIVE ROUTES
€450 for innovative servicesThe lighter routes
The registered EMI route serves models below the licensing thresholds. Latvia-focused, lighter file. While the innovative-services track cuts the application fee to €450 and supervision to €1,000 a year for three years.
Registered EMI below thresholds; innovative track €450 + €1,000/yr; upgrade path.
- ✓Registered EMI - below-threshold models
- ✓Innovative track - €450 application
- ✓Supervision €1,000/yr · first 3 years
- ✓Free pre-licensing consultation
- ✓Upgrade path to the full licence
- ✓Same Latvijas Banka supervision
Costs and timelines are confirmed for your case before any work begins. Fees are published: €5,000 examination (€450 innovative), €7,000 + up to 1.4% supervision. Capital, safeguarding and substance costs are itemised in your quote.
Why Latvia
Everything priced, everything published.
The framework is EMD2/PSD2 under the central bank. With the Baltics' most transparent fee schedule and an active, publishing desk.
✓
A published price list
€5,000 to apply, €7,000-plus supervision, €450 and €1,000 for innovative services. Latvijas Banka publishes the numbers other desks make you discover.Fees to the euro, in public.
✓
The innovation discount
Novel models pay a €450 examination fee and €1,000 a year for three years. A supervisor that prices experimentation in, not out.€450 to apply; €1,000/yr.
✓
An active, visible desk
New EMI and PI licences issued and published through 2024-2025. The queue moves, and the decisions are public record.2024-25 licences on record.
✓
Free pre-licensing consultation
The process starts with a conversation at no charge. Scope, expectations and file structure agreed before a euro is spent.Scope agreed before spending.
✓
0% tax on retained profit
Latvia taxes corporate profit only on distribution. An EMI reinvesting in growth pays nothing until shareholders take money out.Distribution-only taxation.
✓
PSD3-ready files
With PSD3/PSR close to adoption, e-money folds into the unified payment-institution regime. We structure Latvian files to convert rather than be rebuilt.Built to convert, not rebuild.
How it compares
How Latvia differs from other routes.
Latvia offers Baltic economics with published pricing. The side-by-side comparison is below.
Latvia vs other jurisdictions
| Feature |  Latvia | Other jurisdictions |
|---|---|---|
| Regulatory regime | PS & E-Money Law - Latvijas Banka | Same directives, other desks |
| Fee transparency | Published to the euro | Often discovered late |
| Innovation track | €450 fee · €1,000/yr | Rare |
| Timeline | 8-14 months realistic | 6-12 at the fastest desks |
Regulatory regime
LatviaPS & E-Money Law - Latvijas Banka
Other jurisdictionsSame directives, other desks
Fee transparency
LatviaPublished to the euro
Other jurisdictionsOften discovered late
Innovation track
Latvia€450 fee · €1,000/yr
Other jurisdictionsRare
Timeline
Latvia8-14 months realistic
Other jurisdictions6-12 at the fastest desks
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Latvia | EMI (Latvijas Banka) | 0% / 20% distributed | Published fees, active desk |
 Lithuania | EMI (Bank of Lithuania) | 17% CIT (2026) | CENTROlink, specialised desk |
 Poland | KIPE / KIP (KNF) | 19% · small 9% | Polish file, MIP on-ramp |
 Germany | EMI (BaFin) | ~30-33% effective | German file, dual supervision |
LatviaLicense typeEMI (Latvijas Banka)
Taxation0% / 20% distributed
RequirementsPublished fees, active desk
LithuaniaLicense typeEMI (Bank of Lithuania)
Taxation17% CIT (2026)
RequirementsCENTROlink, specialised desk
PolandLicense typeKIPE / KIP (KNF)
Taxation19% · small 9%
RequirementsPolish file, MIP on-ramp
GermanyLicense typeEMI (BaFin)
Taxation~30-33% effective
RequirementsGerman file, dual supervision
Before you apply
Requirements for the Latvijas Banka licence.Requirements for the licence.
Regulation No 270 sets the file; the pre-licensing consultation confirms it. The checklist below is what a passing application contains.
01
Latvian entity. A SIA with its registered office and management in Latvia.
02
Own funds. At least €350,000 for the full EMI, with Section 35 capital requirements modelled forward.
03
Fit and proper management and holders. Competence, clean records and ownership transparent to UBOs.
04
Programme of operations. Services, volumes and three-year financials the supervisor can interrogate.
05
Safeguarding. Segregated client-fund accounts or insurance, with documented reconciliation.
06
AML/CFT framework. KYC, monitoring and FIU Latvia reporting with a resident compliance officer.
07
IT and security documentation. Architecture, DORA-grade resilience and incident procedures.
08
Internal governance. Control functions, outsourcing register and conflicts procedures.
09
Fee discipline - €5,000 examination fee (€450 innovative) paid per the published schedule.
10
Consultation first. The free pre-licensing meeting taken, and the file built to what it established.
01
Latvian SIA, managed locally.
02
€350,000 own funds.
03
Fit & proper holders to UBOs.
04
Interrogable programme of operations.
05
Safeguarding with reconciliation.
06
AML with resident officer (FIU).
07
DORA-grade IT documentation.
08
Governance and outsourcing register.
09
Fees paid per the schedule.
10
Consultation taken, file built to it.
Reflects the Law on Payment Services and Electronic Money, Regulation No 270 and Latvijas Banka's published fees as of 2026.PS & E-Money Law + Regulation 270, as of 2026.
How it works
From free consultation to the licence.
01
Consultation and strategy
The free pre-licensing meeting with Latvijas Banka, prepared and taken. Route, capital and timeline fixed in writing.Free meeting, route fixed.
02
Latvian company and people
SIA formation, capital evidence and the resident officers the supervisor vets.SIA, capital, resident officers.
03
The application file
Programme, safeguarding, AML and IT documentation per Regulation No 270. Complete before filing, fee paid per the schedule.Complete, fee paid, filed.
04
Latvijas Banka review
Fifteen working days to completeness, three months to decision. Question rounds answered; 8-14 months realistic end to end.15 days + 3 months; 8-14 realistic.
05
Licence and launch
The published decision, passport notifications and the reporting calendar. Live from Riga.Published, passported, live.
Quick facts
RegulatorLatvijas Banka
Own funds€350,000 EMI
Application fee€5,000 · €450 innovative
Completeness check15 working days
Decision3 months from complete
Supervision€7,000 + up to 1.4%
Realistic timeline8-14 months
PassportEU/EEA on notification
The consultation is free and the clock is published. Arriving complete inside both is the entire game, and our job.
On the ground in Latvia
Run from our Riga office.
Prifinance - Latvia
Riga · Latvia
Riga, Latvia
01
Latvian company formation
SIA incorporation, capital placement and the corporate layer Latvijas Banka expects. Structured for the licence from day one.SIA + capital, structured for the file.
02
The consultation, used properly
The free pre-licensing meeting prepared like a filing. Scope and expectations locked before drafting, so the file lands complete inside the 15-day check.Scope locked before drafting.
03
The Latvijas Banka file
Programme of operations, safeguarding design, AML pack and IT documentation per Regulation No 270. Drafted by us and defended through the rounds.Per Regulation 270, defended.
04
Substance and staffing
Resident directors, compliance officer and MLRO from Riga's capable, affordable talent pool. Real substance the central bank recognises.Riga talent, real ops.
We also have offices in
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
Dubai
UAE
33 Level, Al Saqr Business Tower
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of payment companies in Latvia.
The Estonian model, Latvian edition: corporate profit is taxed only when distributed - 0% while it compounds inside the business.
0% on retained profit
No corporate tax while profit stays in the company. An EMI funding growth, capital and product from earnings pays nothing on them.Profit compounds untaxed.
20% on distribution
Tax falls due when profit is distributed - 20% of the gross distribution (25% effective on the net amount), planned rather than suffered.Tax only when paid out.
VAT-exempt payment services
Payment and e-money services are VAT-exempt financial services; the 21% standard rate touches only ordinary supplies.21% only on ordinary supplies.
A digital administration
Latvian tax administration runs digitally with English-workable systems. Filings and rulings are fast for a jurisdiction this size.Fast filings, workable English.
Riga's cost base
Compliance and engineering salaries price below Vilnius and far below Western hubs. The operating burn matches the startup phase.Below Vilnius, far below hubs.
Treaty network 60+
A solid treaty network across Europe and the CIS. Group structures above the Latvian entity model cleanly.Europe + CIS coverage.
Tax summary
Corporate tax - retained0%
Corporate tax - distributed20% gross · 25% net
VAT on payment servicesExempt
Standard VAT21%
DividendsTaxed at distribution level
Tax treaties60+
*Figures as of 2026 per the State Revenue Service (VID). Distribution planning is modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Latvian SIA, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed institution.
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Latvia · Latvijas Banka
Launch your payment project in Latvia with expert support.
Full-service assistance - from SIA registration to the Latvijas Banka licence, passporting and ongoing compliance.
Get a consultation →Free legal opinion
Is Latvia the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Latvian EMI licence - the questions we hear.
What licence does an e-money business need in Latvia?+
An e-money institution licence from Latvijas Banka under the Law on Payment Services and Electronic Money - €350,000 own funds, safeguarding and EU/EEA passporting. A registered (small) EMI route exists below the thresholds.
What does the process cost?+
The published schedule: €5,000 examination fee - €450 for innovative services - then annual supervision of €7,000 plus up to 1.4% of gross income (capped at €100,000), or €1,000 a year for the first three years on the innovative track.
How long does licensing take?+
Completeness is confirmed within 15 working days and the decision follows within three months of a complete file. Realistic end-to-end: 8-14 months. The free pre-licensing consultation, used properly, is the biggest accelerator.
What is the innovative-services track?+
Latvijas Banka discounts fees sharply for novel models - €450 to apply, €1,000 a year supervision for three years. If your product genuinely breaks pattern, Latvia prices that in rather than out; we make the case in the consultation.
What substance is expected?+
A Latvian SIA managed locally, resident fit-and-proper officers, AML reporting to FIU Latvia, real safeguarding arrangements and DORA-grade systems documentation.
How are payment companies taxed?+
Corporate profit is taxed only on distribution - 0% retained, 20% of the gross when paid out - with VAT-exempt payment services. Growth compounds untaxed inside the company.
Does the licence passport across the EU?+
Yes - the full licence notifies into every EU/EEA state. The registered route is Latvia-focused by design.
How does Latvia compare with Lithuania?+
Same directives, same passport, same Baltic cost logic. Lithuania has CENTROlink and the bigger cluster; Latvia has published pricing, the innovation discount and a desk visibly issuing licences. For fee-sensitive and novel models, Riga is the sharper pencil.
What changes under PSD3?+
PSD3 and the PSR - provisionally agreed in November 2025 and close to formal adoption - fold e-money institutions into a unified payment-institution regime. Files we build now are structured to convert.
Is the desk actually active?+
Yes - Latvijas Banka issued and published a steady run of EMI and PI licences through 2024-2025. The decisions are on the public record, which is itself the best evidence of a working queue.
What licence is needed?+
Latvijas Banka EMI - €350k own funds.
Cost?+
€5,000 fee (€450 innovative); €7,000+ supervision.
How long?+
15 days + 3 months; 8-14 realistic.
Innovative track?+
€450 + €1,000/yr for 3 years. Real.
Substance?+
Resident officers, real Latvian ops.
Taxes?+
0% retained; 20% on distribution.
Passport?+
EU/EEA on notification.
Desk active?+
Licences issued and published 2024-25.
PSD3?+
Agreed Nov 2025 - files convert.
Vs Lithuania?+
CENTROlink there; pricing and discounts here.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
“As a software development crew at FewMoreTaps OÜ, we've had the pleasure of working with Prifinance on some key financial moves.First of all, navigating the world of corporate banking and finance can be a maze, but Prifinance made it feel like a walk in the park. They helped us set up a corporate bank account without the hassle of jumping on a plane or drowning in paperwork. Everything was done remotely, smoothly…”
Google
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Google
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Google
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Google
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Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which Latvian route fits your project and what it will cost.
✓Written legal opinion within 2-5 business days - free of charge✓A clear recommendation on the right licence scope, not a sales pitch✓Transparent fixed fees, confirmed up front✓EN · RU · ES speaking team
Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of Latvijas Banka or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.