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Temporary residence permit in Lithuania on the basis of business

Lithuania is becoming an increasingly attractive country for foreign entrepreneurs seeking to develop their activities in the European Union. One of the opportunities for a foreigner to establish himself in Lithuania is to obtain a temporary residence permit in the Republic of Lithuania on a business basis.

 

Basic conditions for the company

 

In order for a foreigner to apply for a temporary residence permit in Lithuania, his company must meet the following criteria:

  • The company must operate in accordance with the business plan for at least 6 months prior to the date of submission of the application for a temporary residence permit and comply with the following conditions for at least all this time;
  • Citizens of Lithuania, other EU or EFTA countries or foreigners permanently residing in Lithuania must work full-time in the company. The salary paid to them must amount to at least 2 average gross salaries in the country (according to the latest data of Statistics Lithuania).
  • The company's equity capital must be at least 28,000 euros.

Requirements for a foreigner

 

A foreigner wishing to obtain a residence permit in Lithuania on a business basis must be:

  • or a manager and shareholder of the company whose shares represent at least 1/3 of the authorized capital of the company);
  • or a shareholder of the company whose shares constitute at least 1/3 of the authorized capital of the company).

Investment is also mandatory:

  • In the case of UAB/AB – to own shares with a nominal value of at least EUR 14,000.
  • In the case of an IĮ, MB or TŪB, to make a contribution (monetary or other assets) in the amount of at least EUR 14,000.

Expiry date of authorization

 

A temporary residence permit in Lithuania on a business basis is issued for a period of 2 years. After this period, it can be extended if the company and the foreigner continue to meet the requirements set out in the law.

Our law firm advises foreigners and companies on all issues related to obtaining residence permits in Lithuania, preparing documents and complying with legal requirements. If you are interested in a more detailed consultation, we invite you to come at our office and contact our team.