The Lithuanian parliament has passed legislative amendments, put forward by President Dalia Grybauskaitė, that make it mandatory for parties to large transactions to get them attested by a public notary starting next year.
Notary's office
© DELFI (J.Markevičiaus nuotr.)

The initiators of the bill say that the notarization requirement will help combat illicit enrichment by preventing the use of fictitious promissory notes or share purchase-sale agreements to justify the origin of one's assets. However, critics say that additional requirements may undermine investments.

The Seimas passed the amendments by a vote of 58-14 with 30 abstentions.

It is proposed that transactions subject to mandatory notarization should include agreements by which 25 or more of shares in a private limited company are sold or which are worth more than 50,000 litas (EUR 14,500).

Leave a comment
or for anonymous commenting click here
By posting, you agree to terms
Read comments Read comments

Israeli cloud services integrator chooses Vilnius for European base

TeraSky, a leading Israeli cloud solutions integrator, has just announced the opening of its European...

The popular French fashion brand „Gémo“ enters the Baltic States: first store in Lithuania – in 2019

The popular French fashion brand „Gémo“ entered the Baltic States - the first regional store was...

International investors discover Šiauliai

In recent years, Lithuania has seen a large influx of foreign investors. Whereas Vilnius and Kaunas...

Hungary may consider buying gas from Lithuania - president

Hungarian President Janos Ader said on Tuesday that his country might consider buying liquefied gas...

New global sales trends have not bypassed Lithuania: “” has announced two-week sale festival

Traditionally, November is a very busy month for global trade sector as everybody looks forward to new...