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.

BNS
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