E-Residency gives foreigners the ability to apply for a digital residency in Estonia even if they don't actually live there.

When a person signs up for Estonian e-Residency, this person receives a government-issued smart ID card that provides digital identification. Person can digitally sign important documents, access secure services and make secure transactions - even if a person doesn't live in Estonia.

E-Residency allows an Indian entrepreneur to establish an Estonian company from Singapore to serve clients based in Italy. He'd also be able to use his digital signature to sign contracts throughout the EU. All would be done online remotely.

How does it work?
E-Residents are given ID card that contains special chip. This card enables them to use Estonian public and private sector services, sign documents and encrypt files remotely.

The program has become a success story all over the world. Media outlets swarmed as soon as the program started allowing people to be notified of an official launch. Within hours, people in different countries signed up for a notification. Then more than 6 000 people applied.

Some of the world's biggest names are among the list of Estonian e-Residents like Japanese Prime Minister Shinzō Abe, former Apple evangelist Guy Kawasaki, and Timothy Draper from the venture capital firm Draper Fisher Jurvetson.

E-Residency is a new concept. Idea of a government-issued digital ID card is not. Estonians have been using these cards for a long time. Since Estonia is often called e-Estonia because of technological advances, it made sense to expand this ID service to the rest of the world. By extending every public and private sector transaction to people in other countries, Estonia created a long-term value in the idea of secure digital identities.

Why E-Residency?
The main goal of the e-Residency is to make life and business easier for freelancers, digital nomads, business owners, international partners, and any other non-residents. If a person want to start a business, expand business, make investments or study in the EU - Estonian e-Residency makes it simple.

e-Resident is be able to:

Create and run a company online
Conduct banking online
Access international payment service providers
Digitally sign documents
Verify the authenticity of documents
Encrypt documents securely
Declare taxes online
Benefits of E-Residency in Estonia
A person will be able to digitally identify himself - a person can digitally sign documents, authenticate documents, and encrypt documents for three years. A person will be able to enjoy all of the convenience that Estonian residents have been taking advantage of.

A personal Estonian e-Residency card is not a physical ID card - it can't be used for travel. E-Residency will not grant a person citizenship, tax residency, residence permit or entry into Estonia or the rest of the European Union.

But why would a person want to run a personal business in Estonia?

Person will benefit greatly from switching a business to a country with minimal bureaucracy, fewer administrative hassles, and an infrastructure that is easy to use remotely.

Specifically, a person will get:

A presence in the EU market
Access to international payments providers
A trusted and transparent business entity
Access to a simple and fair tax system
Full remote control
Paperless administration
Digital signature and encryption
In a world where businesses, people and money can move with relative ease, having a competitive tax code has become even more important to economic success. Estonia has the most competitive tax system in the OECD and shares a place at the top of list for Internet Freedom.

Estonia has a unique income tax where corporate tax is charged on profit distribution only, and is capped at 20%. As long as a person keeps profits within the company, a person will not have to pay any corporate income tax.

Application process
All a person has to do is to fill out the online application. Then Estonian Police and Border Guard will do a background check. Once a personal application is approved, a person will choose where to pick up a digital ID card. A person can select one of the 38 Estonian embassies and consulates around the world.

Once a digital ID card arrives at pickup location a person will need to show valid travel documents for a country of nationality and submit fingerprints for verification.

The whole process should take to four weeks, depending on the location and the number of waiting applicants.

According to the Estonian Commercial Code there are six forms of business entities in the Republic of Estonia. Foreign investors have equal rights and obligations with local entrepreneurs. All foreign investors may establish a company in the Republic of Estonia in the same way as local investors; no special restrictions are made.

Prior to establishing an enterprise it is essential to assess and choose the type of an undertaking which is the most appropriate for you in legal and economic terms. This choice will affect not only the amount of necessary equity capital, but also the legal status of the enterprise and other business related issues.

The most popular types of legal entity being set up by foreigners in Estonia are the so called private limited liability company (OÜ) and the public limited liability company (AS).

private limited liability company (OÜ)
public limited liability company (AS) or joint stock company
general partnership (TÜ) and limited partnership (UÜ)
sole proprietorship (FIE)
branch of foreign company
It is mandatory to register the company with the Commercial Register of Estonia in order to commence business and operate in Estonia.

Swedbank is a modern bank firmly rooted in Swedish savings bank history. An inclusive bank with 8 million private customers and more than 600 000 corporate and organisational customers.

This makes Swedbank the Sweden's largest bank in terms of number of customers and thus gives a leading position in banking markets of Estonia, Latvia and Lithuania. As a major bank.

Swedbank is a significant part of the financial system and plays an important role in the local communities they serve. Dedicated to helping our customers, our shareholders and society as a whole stay financially sound and sustainable.

In 1992 year Swedbank was founded in Latvia

Bank account
We provide services to open bank account for non-residents in Latvia. We serve corporate and individual customers.

Shareholders
Over 50% of shares are held by Swedbank AB (Sweden).

Contacts
Official name is Swedbank JSC (in latvian - AS) Following are contact information of Swedbank.

European Union member state Lithuania has a legal framework to acquire crypto licence for corporate entity. Regulation regarding crypto assets in Lithuania is sufficiently flexible to make it an attractive option where the goal is to have crypto legally in European Union.

There are two options: registering a brand now legal entity or purchasing a ready-made solution - a shelf company with crypto authorisation setup (with and without bank account available).

Shelf company with cryptocurrency licence and an optional bank account
Expected expense for full setup at glance.

With a bank account 15000€
Without a bank account 12500€
Contact us with detailed explanation of what’s included in each option and what are the requirements. However, if ready-made solution is not what you’re looking for – keep reading to find out the other option of registering a brand-new company in Lithuania (European Union).

Crypto Exchange or Crypto Wallet licence
Lithuania has established excellent environment for FINTECH business. The jurisdiction has a start-up environment whereby it has introduced two types of cryptocurrency licence – Crypto Exchange (Crypto currency exchange operator licence) and Crypto Wallet (Crypto currency depository wallet operator). Current regulation has greatly simplified the procedure to acquire a crypto licence.

Crypto Exchange licence in Lithuania
A company, branch or incorporated legal representative holds the right to exchange between digital currencies and receive a commission for exchange services in addition to providing services regarding fiat currency exchange to cryptocurrency and vice versa.

Crypto Wallet licence in Lithuania
A company, branch or incorporated legal representative holds the right to manage and safekeep cryptocurrency depository wallets owned by consumers and other third parties.

Licence registration
Companies or branches can apply for the Lithuanian crypto licence. This is regardless of the fact if the entity is a resident or non-resident of the EU.

The Central Bank of Lithuania aims to strictly separate traditional financial institutions and cryptocurrency service providers – companies buying, selling, storing, or exchanging cryptocurrencies. However, digital assets can be show in turnover of traditional market players.

Latvia is characterized by its business-friendly real estate market. The average rental price for A-class office space in Riga is 14 EUR/m2 - the lowest of all Baltic countries. For B-class offices, the average price is EUR 10, again the cheapest among the Baltic capitals. The average price of apartments in Riga is around EUR 664/km2 for medium-sized housing estates, and the average price for high-end housing in the center of Riga is around EUR 1 063/km2.

Buying real estate

Buying property in Latvia as part of the market entry process is a simple and straightforward task. The only thing worth noting here is that the property in question must be purchased separately from the land on which it is built. The acquisition of real estate by foreigners must be approved by the local government, with each acquisition case being examined separately.

Before buying a property in Latvia, the title of the property must be checked by the relevant authorities. It is an online procedure and costs either EUR 2.85 (online) or EUR 4.27 (in person).

When buying a property, the buyer and seller sign a preliminary contract. When both parties are happy with it, they sign the contract and the buyer pays 10% in advance as a deposit. The buyer's legal advisor (lawyer) then draws up the purchase contract. Both parties sign this final contract in the presence of a notary, after which the property is sold to the buyer.

Registration of real estate

Before a purchased property is legally transferred to the buyer, he must register it with the National Real Estate Cadastre of Latvia. The process is fairly simple, but it can take up to 10 business days. There is also a property registration fee, which consists of several parts:

14.23 EUR

title registration fee

7.11 EUR

registration certificate fee

2% of either the real estate price or the purchase price, whichever is higher

title registration stamp duty; cannot exceed 42 686.15 EUR

It should be noted that land and buildings are registered separately, the same as it is with selling them.

Real estate construction

If a business intends to build its own premises in Latvia, it must first acquire a building permit from the local municipality. The government will then decide if you building-to-be corresponds to the general layout and the planning of the city and does not violate any rules of that particular area. If the permit is issued, it will come together with technical requirements for the premises.

Then, there is a number of requirements, approvals and permissions to be acquired from the related specialist institutions:

technical requirements from the Latvian Environment Agency

technical requirements and design approval from a water and sewage company

an approval of the building design of the premises

an approval of the building conditions

After all the clearances have been acquired, the premises must be connected to the water and sewage system.

In the process of building, there will be three inspections from government agencies: the Latvian Environment Agency, the Fire Safety and Rescue Department, and the Acceptance Commission at the very end. The Acceptance Commission will issue a certificate, proving that the new building correspond to all the government standards. After that, the building must be registered with the National Real Estate Cadaster of Latvia.

Before World War II, the economy was based on agriculture and a growing industrial sector similar to that of Finland. Butter, milk and cheese were well known in Western European markets. The main markets were Germany and the UK, and the USSR accounted for only 3% of total trade.

The annexation of Estonia by the USSR and subsequent destruction by the Nazis and the Soviets crippled the Estonian economy. The Sovietization of life after the war continued with the integration of Estonian economy and industry into the USSR. Before the war, Estonia and Finland had a similar standard of living. By 1987, capitalist Finland's GDP per capita was $14,370, while communist Estonia's GDP per capita was $2,000.

After Estonia's late departure from communism and becoming an independent capitalist economy in 1991, it became a pioneer of the world economy. In 1994, it was one of the first countries to introduce a non-income-related flat tax with a uniform tax rate of 26%. From 2005 and 2008 the income tax rate was reduced to 21%. Estonia received more foreign investment in the second half of the 1990s than any other country in Eastern Europe. The country caught up quickly. According to the World Bank, it is already classified as a high-income country. The country's GDP per capita was $23,631 in 2012 according to the World Bank. Due to its economic performance, Estonia is referred to as one of the Baltic Tigers.

Banking system
The Bank of Estonia is an independent central bank. Estonia is part of the euro zone and the core tasks of the bank are to help shape the monetary policy of the European Community and to implement the monetary policy of the central bank. Eesti Pank holds and manages Estonia's foreign exchange reserves and overall financial stability and maintains well-functioning payment systems. The Bank of Estonia is responsible for cash circulation in Estonia.

Developments in the banking sector have been rapid and inviting to foreign capital. After a relatively stable period in the 2000s, the banking sector was restructured as a result of privatization and bankruptcy. The banking sector is dominated by two commercial banks, Swedbank and SEB. These banks control about 62% of the financial market. There are no state commercial banks or other credit institutions in Estonia.

During the transition to a market economy, Estonia took a position on the development of private banking. Episodes of the banking crisis in the early 1990s led to tighter regulation to encourage oversight of the financial sector. This led to the establishment of the Financial Inspectorate, which exercises supervision over all Estonian financial institutions.

The financial system is largely bank-based and the local stock markets play a minor role. The small size of the economy, the monetary environment together with the full convertibility of currencies, the free movement of capital since the early years of the transition and the low level of public debt with prudent fiscal policies have all had their impact on the financial sector. The banking sector has been mostly foreign-owned since the 1990s when major Swedish banking groups took over two large Estonian banks. This has created a need for cooperation between home and reception authorities in the Nordic-Baltic region.

Investment institutions
Mutual funds offer a range of investment opportunities. A total of four types of investment funds are authorized in the country. Contract investments and mutual funds are the main types of funds used for investments. Most mutual funds are managed by commercial banks. The activities of the pension funds build on the pension reform implemented in 2003.

Contributions to the pension fund are compulsory for young people. Others can join the system, but cannot cancel the contract afterwards. The contribution to compulsory pension insurance is 2% of salary, to which the state adds 4%. Mandatory pension funds have become popular. Voluntary insurance companies offer classic insurance services such as life insurance. There are tax incentives where individuals can contribute up to 15% of their income exempt from income tax.

Venture capital institutions are becoming increasingly accessible. Access to finance from the EBRD and other programs has become easier. The amount of venture capital tied to Estonia is still small compared to developed countries. The capital is usually of foreign origin, although many local banking entities are also involved in investment activity by providing private equity financing.

Baltic Legal provides useful advice and quality legal support for obtaining temporary residence permits in Latvia and Lithuania through investments. It is possible to obtain a residence permit for up to 5 years in Latvia and for up to 1 year in Lithuania, which can be renewed at the end of this period. Obtaining a residence permit in a member state of the Shengen Agreement grants its holder the opportunity to travel visa-free within the Shengen area under the same conditions as for citizens of said member state. Latvia and Lithuania are current member states of the Schengen Agreement. Along with the main investor, the residence permit can also be obtained by his spouse and minor children.

The process of obtaining a residence permit is relatively complicated and requires knowledge of local legal and procedural issues. Our lawyers provide the necessary advice to choose the best type of investment and take care of preparing all the necessary documents and obtaining the residence permit.