From 1 January 2021, amendments to the Law of the Republic of Lithuania on the Legal Status of Aliens will come into force. They will establish the status of an electronic resident of the Republic of Lithuania (hereinafter – e-resident). The amendments to the law aim to attract foreign investments to Lithuania in the fields of business and service development. The legalization of e-resident status will contribute to the development of electronically (remotely) provided administrative, public and commercial services of the Republic of Lithuania, as well as create preconditions to expand their offer to foreigners, thus improving investment and other environment promoting new technologies, other economic or social development relevant innovations.
These amendments to the law are essentially the first stage of development of the e-resident concept in Lithuania. The aim will be to increase the possibilities and scope of the e. resident’s use by expanding them further in the field of financial services.
Granting of e-resident status:
E-resident status will be granted upon registration in the foreigners Register.
The e-resident status will not be granted to a foreigner if:
- because of him, another Schengen State has entered an alert for refusal of entry in the central second-generation Schengen Information System;
- he is included in the national list of foreigners who are prohibited from entering the Republic of Lithuania.
Opportunities:
The status of an electronic resident will enable foreigners to establish companies electronically, open bank accounts, declare taxes or use other administrative, public, or commercial services provided electronically (remotely).
A foreigner who has been granted the status of e-resident will be issued an electronic identification and electronic signature means with a certificate of identification of the e-resident in the electronic space and a qualified electronic signature certificate of the e-resident entered therein. This will facilitate access to services for foreigners.
Supplement to the law of a new e-resident status and the legalization of such status is very welcome and we believe it will contribute to a more favourable environment for establishing a business in Lithuania. Validating this status will allow data exchange faster and more conveniently remotely.
ECOVIS ProventusLaw lawyers are ready to help promptly if you have any questions regarding migration law, so feel free to contact us.
Prepared by assistant attorney at law Lina Bulovienė
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