Latvia EMI and PI License in 2026: The Complete Latvijas Banka Guide
A 2026 deep dive into the Latvian EMI and PI licence: Latvijas Banka (formerly FKTK) authorisation, EUR 20k-EUR 350k capital, 3-month statutory clock, Latvian-language filing (other languages by agreement) and Baltic-market access.
Latvia as the quieter Baltic fintech jurisdiction
Since 1 January 2023 supervisory functions previously held by the FKTK (Financial and Capital Market Commission) have been integrated into Latvijas Banka, the Bank of Latvia. This consolidation makes Latvijas Banka the single supervisor for credit institutions, PIs, EMIs and investment firms.
Latvia is the less-hyped Baltic fintech jurisdiction compared to Lithuania but offers similar advantages: a 3-month statutory clock, EU passport, competitive cost base. A Latvian EMI or PI is a credible alternative when a founder wants substance in the Baltics without the Lithuanian fintech crowd.
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Capital, scope and process
- PI capital. EUR 20k / 50k / 125k per PSD2 Article 7.
- EMI capital. EUR 350k per EMD2.
- Small PI. Available as a domestic track under Article 32 PSD2 with Latvian national thresholds.
- Incorporation. Latvian SIA (private limited) or AS (joint-stock). By law the executive board and the registered office (legal address) must both be in Latvia.
- File preparation. Business plan, governance, AML/CFT (Latvian AML Law), safeguarding, ICT/DORA framework, outsourcing register, fit-and-proper files.
- Submission. Electronic filing. Documents go in in Latvian, the official language; individual documents can be filed in another language, such as English, if agreed with Latvijas Banka.
- Statutory clock. Latvijas Banka decides within 3 months of receiving all the necessary documents.
- Real timeline. About 3 to 6 months end to end for a well-prepared file, longer if Latvijas Banka asks for corrections or extra documents.
- Substance. Executive board based in Latvia, real office, local AML officer.
Ship a Latvian EMI or PI product with Crassula
Crassula Core keeps the ledger, client accounts with virtual IBANs, SEPA and SEPA Instant flows and the audit trail. Cards come through pre-integrated issuers you contract with directly, and identity checks run through connected verification providers. Transaction monitoring, sanctions screening, safeguarding and regulatory reporting to Latvijas Banka stay with you and your chosen providers; Crassula supplies the ledger balances, transaction exports and, as your ICT provider, the incident and outsourcing information you need for DORA.
FAQ
Latvijas Banka (Bank of Latvia) since 1 January 2023, consolidating the former FKTK functions. Single supervisor for credit institutions, PIs, EMIs and investment firms.
PI EUR 20k/50k/125k depending on PSD2 services; EMI EUR 350k. Paid up in a Latvian credit institution.
By law, 3 months from receipt of all the necessary documents. Plan for about 3 to 6 months end to end.
Partly. The law requires documents in Latvian, the official language, but individual documents can be submitted in another language agreed with Latvijas Banka. Agree this early, for example in the pre-licensing consultation.
Crassula Core runs the ledger, client accounts and IBANs, SEPA rails and the audit trail. Cards, identity checks, transaction monitoring and sanctions screening plug in through connected providers, and Crassula gives you the data and ICT-provider information for your safeguarding checks, DORA duties and reporting to Latvijas Banka.
