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Latvia will switch to euro currency on January 1

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La Lettonie passe à l'euro

Latvia shows excellent growth and is preparing for full euro integration on January 1 2014, despite of low public support. It gives extra opportunities to build a business in this country.

After tough financial environment Latvia is experiencing significant economic growth:

Latvia, a Baltic country with a population of two million people, joined the European Union in 2004, and from January 1st 2014 will be eighteenth full member of the eurozone. Latvia’s neighbors should follow suit in 2015. To remedy its financial position and compliance with the Maastricht criteria, Latvia passed recession and tough economic environment, which led to a drop in GDP for 25% in 2008-2009. In recent years, annual GDP growth was over 5% y/y in 2011 and 2012, and in 2013 is expected to show growth in the country more than 4% y/y.

Adoption of the euro in Latvia does not have support of people:

Prime Minister Valdis Dombrovskis said that the introduction of the euro currency will help the Latvian economy, primarily through trade facilitation and, secondly, strengthening investor confidence. Latvia, with its attractive onshore tax status is already a destination of choice for many investors and entrepreneurs. Nevertheless, the government is struggling to convince its people that the currency change will not lead to higher prices.

According to surveys, only 20% of Latvians support the adoption of the euro and 58% opposed.

Opportunities for business in Latvia:

Latvia offers an extremely attractive tax conditions, especially for companies in the European Union, which is characterized with low tax rates. In Latvia, you can also create a holding company and optimize your tax activities. Indeed, Latvia is part of the EU, this status may comprise any society in Europe and preserve the benefits without deduction. Latvian holding will then transfer profits from subsidiaries to offshore, where the profits will be taxed at the offshore zone rates. The shares of holding may be owned by the company in Ras Al Khaimah (Syria). As an additional benefit for the creation company in Latvia.

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