At our law firm “De civitate” we not only help descendants of Lithuanian emigrants to restore Lithuanian citizenship by descent but also we specialize in helping individuals obtain a Lithuanian residence through investment. In this article, we share the story of two brothers from India who approached us with a desire to start a new business venture in Europe and bring their families with them.
Benefits of the Lithuanian residence through investment
There are numerous benefits to obtaining Lithuanian residence by investment (or RBI in short):
- fast processing time: The application process for Lithuanian residency through investment is typically completed within 3-4 months,
- low investment threshold: The minimum investment amount required for Lithuanian residency through investment is €14,000, which is, probably, the lowest in the EU,
- access to the European market. The EU market is one of the largest and most developed in the world, offering a wide range of business opportunities for investors,
- access to the Schengen Area: Lithuanian residency allows visa-free travel to 26 countries in the Schengen Area, making it an attractive option for frequent travelers,
- path to citizenship: After holding Lithuanian residency for ten years, investors are eligible to apply for Lithuanian citizenship and an EU passport,
- affordable cost of living: Lithuania has a relatively low cost of living compared to other European countries, making it an ideal location for investors seeking a high quality of life at an affordable cost.
Last year we were contacted by an Indian citizen living in Australia, who was interested to open a business in the EU and relocate there together with his brother and their families. We explained the general requirements and opportunities offered by the Lithuanian investor residence permit program, including the ability to apply for two permits with an investment of just €14,000 per applicant. As the brothers were interested in starting a business together, this option presented an excellent opportunity for them.
After discussing all the details we proceeded to sign a contract and start working on their case. To facilitate their business venture, we helped the brothers acquire a small existing company with a history but no operations. We then added the brothers as new shareholders of the company, allowing them to take control of its direction and focus on their new venture. This purchase of an existing company instead of forming a new one allows the new owners to apply for a national visa immediately after the investment is done.
However, we encountered some challenges in the process, including resistance from the bank to change information about the company’s shareholders. We had to find a new bank and open a new account, which we were ultimately able to do. As you know it might be more difficult to open a bank account in Europe than to open a company, however because of our experience and network in this area we were able to find a suitable bank and even facilitate all the processes remotely.
Throughout the process, the brothers remained in their home countries of India and Australia, while our lawyers and team in Lithuania handled the necessary paperwork and procedures. With the company ownership in order, we were able to proceed with the necessary documentation for the brothers and their families to obtain residence permits in Lithuania. After a little over six months of work because of unexpected obstacles with bank accounts, we successfully brought the brothers and their families to Europe.
Usually, the whole process takes between 3 to 6 months, however, it largely depends on the speed of the client.
Are you interested in obtaining residency in the European Union through investment? Our team of immigration lawyers specializes in helping clients navigate the complex process of obtaining EU Residency by Investment.
Overcoming Challenges for Successful EU Residency through investment
Overcoming challenges is an integral part of the process of obtaining EU residency through investment. In this particular case, our clients faced a very rigid approach by the bank, but due to our experience, we successfully solved the issue. Knowing the details of bank requirements and potential alternatives significantly sped up the process of finalizing legal paperwork and getting residence permits for the brothers.
It is also important to choose the right type of company to buy from, analyzing it according to various criteria – date of establishment, transactional history, bank it is working with and others.
If you are interested in pursuing a similar opportunity for investment-based residence in Europe, we can help. Our experienced team of immigration lawyers can provide guidance on the process and assist with any challenges or obstacles that may arise. Contact us today to learn more.