Lithuania is a Baltic country located in the northeastern part of Europe. It is one of the three Baltic states, along with Latvia and Estonia. The capital and largest city of Lithuania is Vilnius. The country has a rich historical and cultural heritage, with a history dating back to the medieval Grand Duchy of Lithuania. Lithuania declared its independence from the Soviet Union in 1990 and has since become a member of the European Union and NATO.
Geographically, Lithuania is characterized by flat and rolling terrain, numerous lakes, and dense forests. The Baltic Sea coastline to the west adds to its geographical diversity. The country has a population that embraces its traditions, including a unique language, Lithuanian, which is one of the oldest languages in the world still spoken today.
Economically, Lithuania has undergone significant development since its independence, transitioning to a market economy. It has become known for its technological advancements and a well-educated workforce. The country is also a member of the Eurozone, having adopted the euro as its official currency in 2015.
Tourists are drawn to Lithuania for its charming medieval architecture, UNESCO-listed Old Town in Vilnius, picturesque landscapes, and vibrant cultural scene. The Hill of Crosses, a pilgrimage site covered in thousands of crosses, stands as a powerful symbol of resilience and national identity. Overall, Lithuania offers a mix of historical, cultural, and natural attractions, making it an intriguing destination in the Baltic region. Keep in mind that there may have been developments or changes since my last update in January 2022.
We work with 2 different banks in Lithuania, each bank has different eligibility requirements, types of accounts available and onboarding processes.
We invite you to carefully review each banks requirements and services to better understand if their banking services meet your needs.
The Republic of Lithuania, situated in the Baltic region of Europe, stands as a testament to resilience and progress since gaining independence from the Soviet Union in 1990. Having joined the European Union (EU) and NATO in 2004, Lithuania has become a key player in the European political and economic landscape. Bordered by Latvia to the north, Belarus to the east, Poland to the south, and the Baltic Sea to the west, Lithuania boasts a strategic geopolitical positioning.
Home to approximately 2.8 million people, Lithuania's capital and largest city is Vilnius. The official language is Lithuanian, but there are also communities that communicate in Russian.
The adoption of the euro (EUR) in 2015 replaced the Lithuanian litas (LTL) as the official currency, contributing to the country's economic cohesion with the Eurozone. Lithuania's commitment to responsible fiscal policies is evident, with public debt maintained at a prudent level relative to its GDP.
Lithuania has positioned itself as an attractive destination for tech-related industries, showcasing strengths in areas such as fintech, cybersecurity, software development, and systems integration. The nation's telecommunication and digital infrastructure provide a solid foundation for businesses, both domestic and international, seeking to leverage cutting-edge technologies.
In the spirit of fostering global connections, Lithuania has embraced the concept of e-residency. This innovative approach allows non-residents to obtain a digital identity card, facilitating access to a range of online services provided by the Lithuanian government.
In recent years, Lithuania has taken steps to enhance its business-friendly environment. The registration of companies is a streamlined process, allowing non-residents to establish businesses efficiently. The nation's tax system is designed to encourage investment, with favorable conditions for reinvested profits. These factors have positioned Lithuania as an attractive destination for both local and international businesses.
Lithuania's commitment to economic liberalism, coupled with its technological prowess and strategic geographical location, positions the country as an emerging force in the European economic landscape. As Lithuania continues to harness innovation, embrace digital transformation, and cultivate a favorable business environment, it stands poised to make significant contributions to the global economy.
Our banking support service is not just a mere introduction to the bank. We assist you in filling out the business questionnaires appropriately and help you understand and provide business details, commercial information and purpose/use of the bank account that a given bank wants to know in order to approve your account application. Banks want certainty and clarity on how the account will be used. Everything must be watertight. We will work with you to make sure there is minimal 'back and forth' and a smooth account opening process.
Bank Account opening requirements are subject to change at the discretion of the bank. There might be additional fees charged by the bank itself. Bank account opening is not guaranteed and is subject to the bank policies and compliance department. There might be restrictions on UBO nationalities, business activities and/or jurisdictions. A refund is available if the account is not successfully opened subject to our terms of service (20% to partly cover service and payment processing and administrative costs apply).