Lithuanian Parliament approves revisions for application of startup visa

The Lithuanian Parliament on 30 June gave a go-ahead to the migration law revisions which would ease procedures to allow citizens belonging to non-EU countries wanting to launch innovative ventures to apply for a permanent residency for in Lithuania. It is said that the ‘Startup Visa’ would most likely be effective from January 2017.

The Startup Visa revision was mooted by Startup Lithuania along with other state agencies. If enforced, the legislation will do away with much of the bureaucratic hurdles for entrepreneurs and skilled employees wishing to migrate to Lithuania. Applications will be judged by a panel consisting of investors, government officials and Startup Lithuania depending on the sustainability and viability of the business plan. A one-year residency permit will be granted to selected candidates and the same could be extended if a startup shows satisfactory progress and generates reasonable earnings. Precise requirements and processes would be put in place in the later part of this year.

As of now, seven member states of the European Union have a startup visa system enforced on the national level. They are Denmark, France, Italy, Ireland, Spain, the UK and the Netherlands. Now, Estonia, Lithuania, Portugal, Finland and Slovakia have also jumped onto the bandwagon by implementing definite plans for the same type of scheme.

Digjitale.com quotes Startup Lithuania project manager, Ugnius Zasimauskas, as saying that they took pride in the fact Lithuania would be the first country in the Central and Eastern Europe (CEE) and the Nordic region to approve startup visa guidelines. It comes with a massive responsibility to develop the environment more in a bid to make it attractive for startups looking for places to migrate to and develop their businesses, adds Zasimauskas.

If you are also one of those entrepreneurs or skilled workers who would like to migrate to a country in the CEE like Lithuania, do come to Y-Axis whose staff will help you file for the appropriate visa.