The 60-second version
Latvian bank closure needs zero balance certificate, VID interest summary if applicable, EUR SWIFT to NRE, and non-residency letter before India tax residency.
Close bank after brokerage — not the reverse
Latvian retail banking at Swedbank, SEB, and Luminor often links to depot — liquidate brokerage first, then close EUR current account.
Export annual interest statement for VID and India Schedule FA interest disclosure.
Brokerage lane: Latvian brokerage guide.
Latvian bank wind-down
| Bank | Doc | Step |
|---|---|---|
| Swedbank | Closure cert | Zero balance |
| SEB Latvia | Interest stmt | SWIFT out |
| Luminor | Non-res letter | Close account |
| Linked depot | Closed first | Then bank |
Closure
Zero balance
Transfer all EUR.
Interest stmt
VID / India ITR.
SWIFT NRE
Wire proceeds.
Close account
Bank letter.
Schedule FA
Last FY balance.
Flow
Latvia bank kit
- IBAN.
- Interest PDF.
- Closure letter.
- SWIFT.
- Passport copy.
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US person
Latvian accounts count toward FBAR USD 10k aggregate — file FinCEN 114 if threshold met.
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Keep EUR account?
Possible as non-resident — India Schedule FA still applies.
Form 67?
Latvian interest WHT — treaty credit.
Brokerage first?
Yes — depot settlement funds bank closure.
Estonia neighbour?
Estonian bank guide if parallel account.
Dormant fee?
Close before monthly charge erodes balance.
Multi-currency?
Convert sub-accounts before closure.
Your NRE account redesignation has a deadline.
Banks don't remind you. You need the right account stack before salary, rent, and EMIs start moving. Get the exact sequence.