News

2020.01.20 14:00

Non-EU startups flock to Lithuania via visa waiver programme

LRT.lt 2020.01.20 14:00

Twice as many foreign startups chose Lithuania in 2019 than the previous year using the Startup Visa Lithuania programme, which waives certain capital or employment requirements to obtain a residence permit.

Since 2017, "40 startup companies controlled by foreign nationals began operating in Lithuania,” Economy Vice Minister Marius Skuodis said in a press release, adding that 20 of them wre established in the last year alone.

The Startup Visa Lithuania programme received a total of 274 applications in 2019, an increase of 57 percent since 2018, according to Startup Lithuania.

Seventy-one foreign startups met the programme requirements and were granted a certificate to relocate their business to Lithuania.

Lithuania is mostly chosen by fintech and software licensing startups, with an increasing number of green energy, health and education tech companies basing their business in the country.

There are more than 940 startups operating in Lithuania, which last year attracted more than 170.6 million euros of investment, according to Startup Lithuania.