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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). In other EU countries the licencing procedure can take 12 months or longer.
- 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.
- Sandbox environment (no regulatory sanctions) for FinTech startups during the 1st year. Companies operating in the regulatory sandbox are able to offer innovative financial products and test business solutions in the real marketplace, with real customers by being closely overseen by the regulator. The Bank of Lithuania is ready to offer consultations on the go.
- Newcomer Programme. The Bank of Lithuania follows the one-stop-shop principle when meeting and consulting potential financial market players. Prior to setting up a company or launching a financial product, investors can check whether their plans are in line with the applicable regulatory requirements.
- Remote video based KYC.
- Specialised banking licence. The initial capital requirement for setting up a bank in Lithuania offering the usual range of banking services is the smallest in the Eurozone and amounts to EUR 1 million. This is five times less than the requirement applicable to banks offering a full range of banking services, including investment services.
- 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
By creating an innovation-friendly space, we aim at ensuring the best possible conditions for the further development of financial technologies, creating the most favourable environment for Fintech companies in the whole of the Nordic and Baltic region.