Latvia's Ministry of Finance announced that the Saeima Budget and Finance Committee has backed proposals establishing a clear legal basis for payment accounts and new investment accounts for adulthood in a child's name, regardless of age. The amendments remain subject to approval by the Saeima in a final reading. For children under 16, one parent or another legal representative could open, close and manage a payment account without the involvement of both parents. From age 16, the child could enter into the account agreement and control the available assets independently, while parents could view balances and transactions but could not issue payment orders. Providers could set age appropriate limits and security conditions. An investment account for adulthood could be opened at a credit institution or investment brokerage firm from any age, including age one. The assets would belong to the child and could be invested only in uncomplicated instruments available to retail investors, while derivatives, contracts for difference, leverage and transactions creating liabilities above the account's value would be prohibited. Court approval would be required before age 18 for withdrawals, transfers, pledges, gifts or account closure, and the child would gain full control automatically at 18.
2026-09-08Ministry of Finance (Latvia)
Latvia's Ministry of Finance proposals for children's payment and investment accounts win committee backing
Latvia's Ministry of Finance proposals creating a legal framework for children's payment accounts and protected investment accounts have received committee backing, subject to final approval by the Saeima. One legal representative could manage a payment account for a child under 16, while the new investment account could be opened from any age and would restrict investments and pre-18 withdrawals to protect the child's assets.