Country Manual Private Banking
Latvia out of EEA
out of Bank’s Country of Establishment (Def, RS, BT & RT)
| Source of changes | Answers |
|---|---|
| Law / Regulation | Yes |
| New Position of the Authorities | No |
| Evolution of Expert’s Interpretation | No |
Regulatory Template, Regulatory Summary and Behaviour Template
Material changes
On 11 July 2025, the Latvian legislator introduced a new Article 60-1 into the Credit Institutions Act (Kredītiestāžu likums), establishing a comprehensive language framework for the provision of financial services by credit institutions. The new rule is applicable to business relationships with all types of prospects and clients, not only consumers.
This amendment gives clients in Latvia the right to receive financial services provided by credit institutions in Latvian language and the new article 60-1 of the Credit Institution Act obliges credit institutions to ensure that all core client-facing channels—including contractual documentation, standard forms, digital interfaces (such as websites and mobile applications), language-choice mechanisms, call-centre communication and in-person service are available in Latvian at all times.
The law also permits the use of other languages on the level of individual client relationships, but only under specific conditions:
EU and EU candidate country languages, such as English or Ukrainian, may be used if the prospect or client asks for it or agrees, and if the credit institution is both able and willing to communicate in that language. Consent may be given explicitly or implicitly, for example, where a contract is signed solely in English. However, prospects or clients cannot require the institution to provide services in a language it does not offer;
By contrast, the use of third-country languages, such as Russian or Chinese, are much more restricted. They may be used only in direct employee–client communication, whether oral or written if the employee agrees, but they cannot be used for contracts, digital platforms, or other official service infrastructure.
The overarching principle is that a Latvian language version is always available and offered as the primary option, while EU languages are permitted only as a consensual add-on, and third-country languages are tolerated only in informal communications.
The law foresees a gradual transition, with full implementation required by 30 September 2026. Contracts already concluded in a third-country language will remain valid after that date, but any amendments must be made in compliance with the new requirements, meaning in Latvian language or another EU language with Latvian available.
For more detail, see BRP Alert Latvia 1_2025.
Non-material changes
Some comments and content have been streamlined and/or reworded in the Country Manual, without introducing substantive changes. It has also been clarified that A consumer is generally entitled to unilaterally terminate a contract where the service provider fails to deliver the service within the timeframe prescribed by the contract.
For more information, please contact us: info@brpsa.com
Geneva, November 12th, 2025