|Local Time (LIVE):||10:47 PM|
|Local Currency:||$1 = €0.86|
|Business Language(s):||Latvian and Russian|
|Tax Year Dates:||1st January – 31st December|
Bordered by Estonia, Russia, Belarus, and Lithuania, Latvia is in an excellent position in northern Europe. The country boasts more than 300 miles of Baltic Sea coastline, the majority of which is sandy. This has led to Latvia’s growing popularity as a tourist destination, especially among those from neighbouring countries. In addition to tourism, much of Latvia’s income derives from its prime exports, which include sawn wood, broadcasting equipment, liquor, and wheat.
Riga International Airport is just over eight miles from the centre of the capital, and the journey takes around 30 minutes. From the airport, there are flights to 82 destinations in over 30 countries in Europe and the Middle East. Within Latvia, public transport comes in the form of regular trams and buses, which are most prominent in the large cities. There is also a considerable rail network across the country.
Those considering expanding their business into Latvia must not only be acquainted with local industry, transport, and social considerations, but they must also be aware of Latvia’s employment law. This can be a difficult realm to navigate, however, the experts at IRIS FMP have experience in a wide range of international HR and payroll legislation. Learn more about what to expect when employing individuals in Latvia.
Details correct at time of publication. You should not rely on these details without first seeking professional international advice.