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Authorities at both national and municipal levels have shown strong levels of commitment to this sector, creating a FinTech-friendly regulatory environment that offers companies direct access to SEPA via Lithuania's central bank and the ability to issues their own IBANs, plus a one-year sandbox period of friendly regulation for start-ups. This environment, combined with our cost competitiveness and dynamic young talent, is why a company like Barclays chose Vilnius for one of only 7 international Rise hubs for FinTech start-ups.
- 31,500 IT specialists in Lithuania
IT in Lithuania, 2016
- 14,500 developers in Lithuania
Statistics Lithuania, 2016
- 3 months to get an e-money or payment license (1 week pre-approval)
- Remote video based KYC
- Sandbox environment (no regulatory sanctions) for FinTech startups during the 1st year
- Direct technical access to SEPA via the Bank of Lithuania (for non-banks) and ability to issue your own IBANs via the Bank of Lithuania API are available
- Well-connected to the global FinTech start-up ecosystem (Rise Vilnius is one of Barclays’ seven global FinTech hubs)
- One of the 5 least expensive cities in the EU
2015 Mercer Cost of Living Index
- Our corporate tax rate (0-15%) is 3rd lowest in the EU and our personal income tax rate (15%) is the 2nd lowest.
State Tax Inspectorate
Office rental costs (€/sq.m.):
Source: European Office Market, BNP Paribas Real Estate Report 2015
May 9, 2017 Singapore-based fintech investor accessing EU payments system through Lithuania
April 18, 2017 Israeli Fintech Simplex establishing Lithuanian branch
April 6, 2017 Lithuania launches fastest fintech licensing regime in EU for Israel
March 29, 2017 Regulators grant license to Lithuanian branch of Hong Kong fintech company
March 3, 2017 Financial consultant giant to develop their first fintech product in Lithuania