OREANDA-NEWS. March 20, 2012. A new law on initial property declarations for private individuals, or the so-called "zero declarations" law, took effect in Latvia on December 15, 2011, which relates to a declaration of the property status and undeclared income of Latvia’s residents, reported the press-centre of Citadele.

Initial property declarations must be submitted with the State Revenue Service in the following cases: individuals who were citizens of Latvia as of 31 December 2011, non-citizens of Latvia and aliens who possess valid residence permits for staying in Latvia (who have received permanent residence permits or permanent resident certificates) and simultaneously are residents of Latvia, and whose property status at 24:00 hrs of 31 December 2011 met at least one of the mentioned criteria in the new law.

To make the process more convenient for you, we have prepared more extensive information at Guidelines to preparing private individuals’ property declarations (“Zero declarations”). The declaration must be submitted to the SRS by June 1, 2012 (inclusive).

Please follow information updates in your Citadele online banking profile, this is the platform where you can access information on your accruals, loans allocated with Citadele Bank in one place. Please note that you do not need statements confirmed by the bank in order to submit your declaration with SRS.

If you have additional questions or require more information from the bank to prepare your property declaration, not least in terms of financial instruments and their purchase value, please feel free to ring our 24/7 Client Support Centre on 6701-0000.