Power of Attorney in Latvia
Power of Attorney in LatviaUpdated on Tuesday 31st January 2023
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A power of attorney is a written document that authorizes the representation of a person, called principal, grantor or donor, by another person usually named agent or attorney. In Latvia, the power of attorney submits to the Civil Law and must respect all the rules the Latvian law requires.
Issuance of a power of attorney in Latvia
In Latvia, the power of attorney can be issued for representation in legal matters, such as business or in private matters, such as medical cases. In Latvia, the power of attorney can only be issued by persons of legal age - the donor must be over 18 years old. Also the person providing the power of attorney must present himself or herself in front of a notary and he/she is required to carry an identification document.
The Latvian power of attorney must include the names and the addresses of both grantor and attorney. The attorney’s powers will be clearly stated in the power of attorney. The Latvian power of attorney must also contain the start date of the document and be signed in front of a notary. You are also welcome to get legal assistance from our attorneys if you are planning to apply for residency in Latvia. One of the benefits of residing in Latvia is the country's liberal financial laws and stable economy, which attract many European businesspeople to Latvian banks. At the same time, Latvian banks provide their customers with the widest variety of services at European-level quality. It should be mentioned that Latvian financial institutions have been working hard to build remote account management technologies in recent years.
Types of power of attorney in Latvia
Latvian powers of attorney can be general or temporarily limited. The limited or special power of attorney is usually used by Latvian companies and it is restricted to certain types of actions, for example signing a contract. The special power of attorney will usually be limited to a specific time frame, while the general power of attorney allows the agent to make general business or take personal decisions.
In Latvia a power of attorney can be revoked after the agent and all other interested parties have been notified. The notification must state the date the power of attorney will come to an end. Once the date has been reached, the power of attorney will expire and the agent’s authority will be null.
The Latvian power of attorney is available while the donor lives. After the donor’s death, all powers of attorney, regardless the type, expire and the agent is notified about the death of the grantor. As a general rule, a power of attorney is issued when the person granting it is mentally capable and must end when the donor becomes incapacitated, unless specified otherwise.
The donor has the possibility to introduce an expiration date on any kind of Latvian power of attorney and the document will expire at the specified date.
Our attorneys in Latvia can offer you advice about the power of attorney for different activities, such as company registration, and other services requiring legal assistance. Furthermore, you can also contact our lawyers if you need information about immigration to Latvia. We advise you to consider Latvia as a potential destination if you want to relocate to Europe. Living in Latvia has several benefits, like a healthy climate, exquisite food, no traffic, and no immigrants. in addition to quite affordable living expenses. You can get in touch with our lawyers for a list of other benefits you can get in this country.