Lithuania is going to start its E-Residency program in late February or March this year. The new e-residency program will allow many foreigners to start their businesses in the country without entering physically there.
The new e-residency program of Lithuania will follow the steps of Estonia which has already started this program and there have so far 75,000 foreigners already set up 15,000 businesses/companies in six years. Lithuania’s e-residency program will allow foreigners:
- to open bank accounts
- set up companies
- declare taxes online
According to Loreta Tumalavičienė, a representative of Lithuania’s Migration Department LRT English The program was due to launch in January 2021. Unfortunately due to technical issues of launching the program, it is late. In July 2019, the Lithuanian parliament passed a law establishing an e-residency scheme. The initial cost of the ID has been set to €90 only.
E-Residency of Lithuania is not a Schengen visa or a work permit. It does not allow you to enter any EU state without a visa.
WHO CAN APPLY FOR E-RESIDENCY?
Generally speaking, everyone can apply for this card, but the focus is on the following by the Lithuanian government:
- Freelancer
- Digital Nomad
- Startup Company
- EU Company
Lithuania is a country in the Baltic region of Europe.
Capital: Vilnius
Dialing code: +370
Population: 2.794 million (2019) Eurostat
Currency: Euro
BENEFITS OF E-RESIDENCY
There are a lot of benefits to applying for an E-Residency in Lithuania which allows you to:
- start an online business in Lithuania
- register an EU-based company entirely online
- operate your business remotely as the residency card can be attached to a laptop and you can access all business apps online to start the proceedings whilst traveling
- settle abroad in any EU country after establishing the business online
- own your company without being present in Lithuania
- pay all payments through PayPal
- sign, authenticate, encrypt, and send documents digitally
- file taxes online to the Lithuanian government
- discover many new ways to grow in the EU market online
The final application steps will be announced by the immigration department of Lithuania. The main features and requirements of applying online for the ID could be:
- a government-issued ID of your country
- a passport-sized photograph
- a credit/debit card to pay the fees of €90 online
- a motivational letter that why you want to apply for E-Residency
- Once all is done, you will receive an email confirmation
- Once everything is confirmed, you will be notified to collect your E-Residency from the location you have chosen while filling out the online form or receiving it by post