Lithuania will start issuing visas to businessmen establishing startups in the country faster as of July 1, the country's Ministry of Economy and Innovation has announced.
© DELFI / Modesta Meškė

The visa issuance period for such foreigners will be cut from 30 to 15 calendar days, and the period will be shortened from 30 to 5 days for startups invited to join venture capital and private equity funds.

The Migration Department will make the final decisions on residence permits after taking into consideration documents submitted by Lithuania's export-promotion agency Versli Lietuva (Enterprise Lithuania).

Launched in 2017, the Startup Visa program provides the opportunity for foreigners to undergo all migrations procedures faster to get residence permit from the Migration Department. The goal of this program is to attract startup creators and their investment to Lithuania and to ensure smooth relocation procedures.

The program has received 101 applications this year, and 31 were approved. The startup database shows 612 startups now operate in Lithuania.

It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.

Sources: Lithuania is offered EUR 97 mln to shift to climate-neutral economy

The European Commission offers to provide 97 million euros to Lithuania to help it transition toward...

Suspicions brought against Grigeo Klaipeda's three employees over pollution

Suspicions of possible pollution of the Curonian Lagoon have been brought against Grigeo...

Counting its chickens: twice as many foreign start-ups chose Lithuania last year

While competition between start-up ecosystems in Lithuania and other countries is growing rapidly,...

Scientists: circular economy is not only about recycling

Lithuania, like other small open economies in Eastern Europe, is often characterized by linear...

EIB opens regional office in Vilnius

The European Investment Bank (EIB) Group has today officially inaugurated its regional...