The current unpredictable economic situation in Belarus, Russia and Ukraine forces businesses to seek a safe haven for their money and ideas in the West. From year to year, the number of companies that have moved from the CIS countries to Lithuania is increasing, Invest Lithuania, the country's investment promotion agency, reports.
© Shutterstock nuotr.

Last year, the Lithuanian migration bodies issued nearly 15,000 residential permits to Russians, Belarusians, and Ukrainians. In most cases, foreigners ask for permission to live in Lithuania in order to work here. Sviatlana Kandratovich, head of a consulting company, notes that Lithuania is a great launching pad to enter Western markets, says Belsat.

In 2014, Lithuania was 28th in the world ranking of competitiveness by IMD. Businesses are not deterred by the fact that a foreigner's company must have a minimum capital of EUR 14,000 and hire three Lithuanian citizens: manufacturing, logistic, wholesale firms are moving to Lithuania.

Startups are also settling in the Baltic states. Raman Ulasau began to develop computer games in Minsk, but he and his three associates decided to found the studio Jet Cat Games in Vilnius. "Lithuania is young, the state helps, it is trying to build something. It is interesting, there are no things of that kind in Russia and Belarus," Raman Ulasau says.

Prime Minister expects LNG terminal charge to be cut in December

Lithuanian Prime Minister Saulius Skvernelis expects that the Energy Ministry 's row with Achemos...

UK-based tech firm establishing developer team in Vilnius

The rapidly growing UK -based tech firm Velocity Black is establishing a developer team in its...

Central bank has no info on Swedbank's links to Syria's chemical weapons

The central Bank of Lithuania says it has no information to confirm claims by Swedish media about...

Vilnius to buy 50 new buses for EUR 19 mln

Vilnius will buy 50 new low-floor buses for 19.39 million euros from Adampolis , the Lithuanian...

Viciunai establishes enterprise in Tbilisi hoping to double sales

Viciunu Grupe (Viciunai Group), a business group controlled by Visvaldas Matijosaitis, mayor of...