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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 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
Research and Higher Education Monitoring and Analysis Centre, 2018
- 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 for FinTech startups during the 1st year, with the focus on helping startups comply with regulatory requirements rather than enforcement action provided that they deal with issues openly with the regulatory: firms remain required to comply with all relevant rules applicable to the activity they are undertaking. 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)
- 7th from least expensive cities in the EU
Mercer Cost of Living Ranking, 2018
- 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 - 2017 Overview
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.
January 10, 2018 The Bank of Lithuania to launch blockchain sandbox platform-service
November 17, 2017 Destination EU2018: Lithuania and Singapore Forge New FinTech Bridge between Europe and Asia
September 29, 2017 Singapore FinTech Start-up InstaReM Arrives in Vilnius
September 12, 2017 FinTech Revolut Settles in Vilnius With Local Office And Team
August 11, 2017 Vilnius Fintech startup announces yet another multi-million dollar investment
August 7, 2017 Lithuania takes another step in the field of Fintech: Create your own sandbox
August 2, 2017 Forbes outlines Lithuania’s ambition to establish Vilnius as a Fintech hub in Europe
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