7 Ways having Lithuanian dual citizenship boosts your business

BusinessLegal

  • Author David Tan
  • Published April 10, 2022
  • Word count 907

If you are a business person, you likely have big plans and a solid drive to expand your company and succeed. So here’s our two cents— all of your ambitious business goals will get a considerable boost when you restore Lithuanian citizenship.

Restoring citizenship is an avenue worth exploring— not just for the sentimental and identity value of being connected to your ancestral roots but to obtain some genuine business benefits along with your Lithuanian dual citizenship..

One of the first lessons an entrepreneur learns is this: it’s always a good idea to have options. A plan B that can be acted upon at a moment’s notice is an asset when your business comes to a tough spot.

Can you restore Lithuanian dual citizenship?

Lithuanian law outlines a specific scenario in which you can obtain citizenship. First, you need to have a Lithuanian ancestor, and the process is about restoring Lithuanian citizenship by descent, aided by documents that prove your family tree.

Then, there’s the three-generation rule. If your parent, grandparent, or great-grandparent was a Lithuanian national, you might be eligible to restore Lithuanian citizenship. Any further back (great-great-grandparents, etc.), and it’s no longer possible.

7 Business benefits of restoring Dual citizenship Lithuania

Now that you know whether you’re eligible to restore Lithuanian citizenship let’s jump into the details.

  1. A timely alternative

The most important thing about having a plan B is that it needs to be set up in advance. It’s no use rushing to the consulate when things go awry, everyone is trying to get a dual Lithuanian passport, and the process gets swamped.

And recent events have shown that things can go awry fast— think pandemics, political and economic instability.

The wisest course of action is to restore Lithuanian citizenship as soon as possible so that, should the need to emigrate become real, your business will be prepared to face the storm.

  1. Uncomplicated set-up of an EU business

People without an EU passport face many restrictions when setting up a company in Europe. The long-winded process involves red taping, substantial capital requirements, and many visa paperwork.

But with Lithuanian citizenship, you get EU-citizen rights. This means you can start your business as you would in your home country, keeping the local regulations in mind.

  1. Relocation and freedom of movement

Because Lithuania is a member of the EU, when you get Lithuanian citizenship, you obtain the rights of every EU citizen.

Among these the freedom to move across European borders and relocate to any of the countries in the block. Of course, each country has regulations that you should check. But overall, it is much simpler to relocate within the EU as a member state citizen than as a non-EU national.

Besides, the Lithuanian passport is ranked 11th in the entire world. This means you get visa-free or visa-on-arrival access to 181 countries— think of the mobility benefits it brings to your business travel.

  1. Keeping your finances safe

The common perception is that European banks are, above all, safe— and it’s true. Securing your (or your company’s) money in an EFTA or EU bank gives you peace of mind.

There’s only one hitch: if you are not an EU citizen or legal resident, recent AML (anti-money-laundering) laws make it very hard to open an account there.

On the other hand, if you have Lithuanian citizenship, you can open an account with more ease and fewer restrictions or paperwork.

  1. More lenient business taxation

What is the tax regime like in your current home country? If you are heavily taxed when you set up a company or when your organization is still trying to take off, the appeal of enterprise decreases.

Setting up your company in Europe can be attractive, especially if you want to run an international business. Not only does the free trade agreement within the EU facilitate operations, but some nations in the block apply only very light taxation on companies and innovators.

The Netherlands, for example, rewards movers-and-shakers by imposing only a 7% tax as long as your company derives at least 30% of its profits from a self-developed patent. Lithuania itself only taxes companies at 5%-15% (depending on the revenue generated), closely outmatched by Ireland (12.5%) and Hungary (9%).

  1. Better personal taxes

Some European countries (which, as we’ve established, you can relocate to) are famous for their gentle approach to personal taxation. If you choose to move to Andorra, you’ll pay no tax on investment income or transfers and only 10% as a resident or company, and your capital will be grateful.

  1. Improving your business image

In a competitive business environment, you need to seize every advantage you can. And being an EU national is undoubtedly an advantage. Common biases in your favour mean you’ll be perceived as more cosmopolitan, professional, and savvy. Because these biases do exist, it’s in your power to even out the field by getting Lithuanian citizenship.

Summing up

If you think you’re eligible for Lithuanian citizenship by descent— go through the process now. Being an EU citizen gives your company enormous advantages and the best chances to succeed. Be prepared.

If you have Lithuanian descent and want to restore your citizenship? Write to us at info@lithuaniancitizenship.com. We support you through document acquisition, application preparation, translation, and guide you until the passport is granted. Email us today so we can assess your eligibility for a Lithuanian passport.

David Tan is an experienced writer in immigration and travel blogs. Currently, he is working with the De Civitate group and writes their blog about Lithuania Citizenship laws. He has spent more than a decade writing travel blogs. Apart from writing, he has a passion for animal welfare.

Website: https://www.lithuaniancitizenship.com/eligible-lithuanian-citizenship-descent/

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