The ISO code of Latvia is LV according to ISO 3166 standard. The local name of the country is Latvija. Riga is the capital city of Latvia. The official language of Latvia is Latvian. On 18 November 1918, Latvia emerged as a sovereign political entity. The largest city in Latvia is Riga.
Latvia is located in the UTC +02:00 time zone, which is also called Eastern European Time or EET. The internet country code top-level domain (ccTLD) for Latvia is .lv. Other domains assigned to Latvia are .eu. The International dialing code for Latvia is +371. People in Latvia drive on the right side of the road. Total land area of Latvia is 64 589 km2. Latvia is not a landlocked country.
Latvia is located in the northern part of Europe. Latvia is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Latvia faces various issues including a shift to service industries around 1990-2000, low quality drinking water, low hazardous waste management system, air pollution.
Doing business in Latvia
We offer various corporate services in Latvia jurisdiction. These services can serve both, people coming from Latvia and foreigners. If you plan on doing business in Latvia you might be interested in contacting us.
To find out about starting your business in Latvia click on company formation in Latvia.
To find out how to open a bank account in Latvia and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Latvia.
Choose preferred service below or continue reading to find out more about Latvia.
Demographics of Latvia
The total population of Latvia is 1 997 500 people. In Latvia, the population density is 31 people per square kilometer (81 per square mile). Because of this statistic, this country is considered to be sparsely populated. The ethnic diversity is divided according to a fractionalization scale which for Latvia is 0.5867. Latvia has 282 887 million foreign immigrants. The median age is approximately 41.4 years. In Latvia, 74 in every 100 people use internet. Latvia has a Human Development Index (HDI) of 0.81.
The main religion of Latvia is Christianity. Latvia is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Latvia.
Culture of Latvia
People in Latvia speak Latvian language. According to data on inbound tourists in Latvia, 1 536 000 tourists arrive in the country each year. The first McDonalds in Latvia was opened on 15 December 1994 One of the most popular national dishes of Latvia is sauerkraut. To read more click on culture of Latvia.
Geography of Latvia
Latvia is considered a mid-sized nation because of its total area. Its total land area is 64 589 km2 (approx. 24,938 mi2). Latvia is located in the northern part of Europe. Its capital city is Riga. Latvia has 4 neighbouring countries. Its neighbours include Belarus, Estonia, Lithuania, Russia. Total length of land borders of Latvia is 1150,00 kilometers (~715 miles).
The highest point of Latvia is Gaizinkalns with its official height being 312 m (1024 ft). Including land mass and EEZ, the total area of Latvia is approximately 93 041 km2 (~35,923 mi2). The most notable natural resources found in Latvia are peat, limestone, dolomite, amber, hydropower, timber, arable land. To read more click on geography of Latvia.
Economy of Latvia
The currency of the country is European euro. The symbol used for this currency is €, and it is abbreviated as EUR. 10% of population in the country are unemployed. The total number of unemployed people in Latvia is 193 757. Each year, Latvia exports around $12.67 billion and imports roughly $15.56 billion. The Gini Index of the country is 35.2. Latvia has a Human Development Index (HDI) of 0.81. The Global Peace Index (GPI) for Latvia is 1.695. Latvia has a government debt of 39% of the country's Gross Domestic Product (GDP), as assessed in 2013. Latvia is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are processed foods, processed wood products, textiles, processed metals, pharmaceuticals, railroad cars, synthetic fibers, electronics.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Latvia is $ 48 362 billion. Each year, consumers spend around $15 930 million. The ratio of consumer spending to GDP in Latvia is 62%, and the ratio of consumer spending to the world consumer market is 0%. The corporate tax in Latvia is set at 15%. Personal income tax ranges from 24% to 24%, depending on your specific situation and income level. To read more click on economy of Latvia.
Infrastructure of Latvia
Infrastructure quality in Latvia is rated to be at 3.03. In Latvia, 100% of the population has access to electricity. There are 359 604 internet hosts in Latvia. Latvia has 42,00 airports nationwide. The logistics performance index of Latvia is 3.4. Tracking possibilities for shipments are rated at 3.5. To read more click on infrastructure of Latvia.
Politics of Latvia
Latvia is a parliamentary republic. With regard to political and civil freedoms, Latvia is 1. The head of the government is Raimonds Vējonis.
According to the World Bank Group, the government effectiveness index of Latvia is 0.97. In Latvia, the legislative power is vested in a saeima. The Global Peace Index (GPI) for Latvia is 1.695. The strength of legal rights index for Latvia is 9. Latvia is a member of the United Nations (UN). On 17 September 1991, it joined the UN as a full member state. Latvia is a member of the European Union (EU). On 1 May 2004, it joined the EU as a full member state. Latvia is a member of the World Bank. To read more click on politics of Latvia.
Environment of Latvia
Latvia emits 3.8 metric tons per capita of CO2. 28 807 km2 of Latvia's territory is covered in forests, and forest land comprises 44% of all the land in the country. To read more click on environment of Latvia.
Company formation in Latvia
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Latvia.
When establishing a company in Latvia, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Latvia that will affect the establishment and growth of one's business. Contact us or click on company formation in Latvia to read additional information when setting up a business.
Bank account opening in Latvia
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Latvia. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Latvia, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Latvia or contact us.