PERSONAL BANK ACCOUNT IN ESTONIA

2024-12-12 Thompson&Stein

Geographical diversification of savings is one of the best ways to safeguard your finances. By holding several bank accounts in different jurisdictions, you can make yourself independent of the political and economic situation of the country where you live. If you conduct your business abroad, for example, in Estonia, holding a personal bank account in Estonia can also safeguard your finances. If you want to have a personal bank account in Estonia, our specialists will provide you with support at every stage of the process.

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Why is it worth having a personal bank account in Estonia?

Safeguarding your finances can be a key factor in your personal and professional success. We are increasingly hearing of cases where national administrative authorities freeze businesses and private accounts. By holding a personal bank account in Estonia, you minimise the risk of your funds being blocked and losing liquidity. A personal bank account in Estonia will also guarantee your safety in the event of an economic crisis in your home country. One cautionary tale is Greece, where citizens withdrew money on a massive scale to avoid having them blocked in their private bank accounts.

A personal bank account in Estonia is a safeguard against the national administrative authorities, the unstable economic or political situation in the country where you live, and against creditors from your home country. A foreign bailiff cannot seize funds deposited in an account in another country. To do this, it must go through a cross-border procedure and apply to the appropriate authorities in Estonia, which independently decide whether or not to block the funds in the account.

How to open a personal bank account in Estonia?

It is worth noting that holding a personal bank account in Estonia by a resident of the European Union does not require any special permission or documents. Therefore, you can open your personal bank account in Estonia without any obstacles. It will be helpful to open a personal bank account in Estonia if you have an Estonian e-residency and even more if you have a residence in Estonia, which our law firm’s specialists can help you obtain. When opening a personal bank account in Estonia, it is essential to remember that the standard banking procedure is based on AML regulations and an integral part – KYC (know your customer), and thus you may be required to be present in person at the bank to confirm your identity.

Why entrust us with opening a personal bank account in Estonia?

Thompson&Stein’s specialists have many years of international experience in serving clients interested in conducting their business abroad, including Estonia. We are able to provide support at every stage of opening a personal bank account in Estonia, becoming a resident or e-resident of the country. After granting a power of attorney, we always individually select a bank based on the client’s requirements. We are guided by customisation of needs such as ease of access to funds, availability of online banking, additional options offered by the bank, or the speed of the process of opening a personal bank account in Estonia.

How much does it cost to open a personal bank account in Estonia?

The cost of opening a personal bank account in Estonia is affected by several factors, which include:

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