According to the Deposit Guarantees Law of the Republic of Latvia every deposit with a Latvian commercial bank, including term deposits with Swedbank, in Easy Saver account, Majority savings account or a current account is guaranteed to receive a reimbursement equivalent to the amount of the deposit of up to EUR 100 000 per one depositor.
Basic information about the state-guaranteed deposit reimbursement.
A depositor becomes entitled to the guaranteed reimbursement if the credit institution with which their funds are held is found to face unavailability of deposits, i.e. the inability of the attractor of deposits to pay out deposits, if at least one of the following circumstances, or a combination thereof, has occurred:
Every individual is entitled to the guaranteed reimbursement for funds placed with a commercial bank (current account balance, term deposit, Easy Saver, Majority savings account) to the amount of the deposit.
The amount of the maximum guaranteed reimbursement is EUR 100,000 per one depositor.
The depositor is entitled to a guaranteed reimbursement of EUR 200,000 is the funds have been placed with the bank within the last three months and the deposit consists in:
In the event of deposit unavailability, the guaranteed reimbursement will be paid out to the depositor starting with the 21st business day as from the day of occurrence of deposit unavailability.In the event of deposit unavailability, the guaranteed reimbursement will be paid out to the depositor starting with the 21st business day as from the day of occurrence of deposit unavailability.
The guaranteed reimbursement is only payable in euro currency, balance in foreign currencies will be translated to euros.
For further information see the Deposit Guarantees Law.
From 1 January 2010, the amended Law on Personal Income Tax imposes a tax on income earned by individuals from capital.
With our customers' convenience in mind, Swedbank will withhold the personal income tax on interest income already starting from this 1 January.
Our depositors won't need to pay the tax themselves or file any tax returns with the State Revenue Service (except when declaring liability for taxation is required under the Law on Personal Income Tax).
Under the amended Law on Personal Income Tax, a number of our banking services is subject to tax on income from capital, therefore we would like to offer you an explanation of how the tax is levied and collected.
The customer must pay the personal income tax on income from capital gain:
* the number of months when the units were owned by the customer
** the number of months during which the fund units were owned by a customer after 1 January 2010
From 1 January 2010, income earned by individuals from disposal of capital assets like as equity and ETF units is also taxable. In law, such income is referred to as capital gain and represents a type of income from capital. In light of the fact that equities and ETF units are some of the most common types of securities in customer transactions, we have also included information on taxation of capital gain from such securities:
A new type of income from capital - income from investment account - is laid down in the Personal Income Tax Law since 1 January 2018. The investment account is a solution particularly suitable for more active investors which makes it easier to calculate the income tax, to declare payment of taxes from income earned from capital assets which are financial instruments and transactions with such capital assets.
* The explanations provided here are for information only, and Swedbank cannot be held liable for any expenses or loss incurred should explanations by the State Revenue Service or other competent authority differ from those provided here.For complete information on taxation of incomes, please seek advice from the State Revenue Service or your tax consultants.
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