INTERNATIONAL TAX: Latvia includes Russia in list of offshore countries

That's according to Delfi, which cites the Latvian Ministry of Finance, Ukrinform reports.

In addition to Russia, the list of offshore jurisdictions also includes the British Virgin Islands, Costa Rica, and the Republic of the Marshall Islands.

The Ministry of Finance of Latvia urged taxpayers to pay special attention to transactions with persons located, established or registered in these countries and territories.

These countries have been added to the list of offshore jurisdictions because they do not cooperate with the European Union (EU) in the field of taxation. The EU updated the list on February 14, 2023.

Under the current regulations on low-tax or tax-free countries and territories, these are the territory of the United Kingdom of Anguilla, the territory of the United States of Guam, the territory of the United States of Samoa, the territory of the US Virgin Islands, the Commonwealth of the Bahamas, the Republic of Fiji, the Republic of Palau, the Republic of Panama, the Independent State of Samoa, the Territory of the Turks and Caicos Islands, the Republic of Trinidad and Tobago, and the Republic of Vanuatu.

As Ukrinform reported, the Latvian Foreign Ministry suspends acceptance of documents from Russian citizens for all types of visas starting June 26 due to the unpredictable internal political situation in Russia.