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Open bank account in Lithuania
Lithuania is a small country that attracts a large number of investors, businessmen and private individuals that consider establishing a company or use banking services in this country. Currently, there are 6 commercial licensed banks and 9 branches of international banks in Lithuania. International banks are extensively presented by largest Scandinavian banks. With this variety of banks, it is possible to find any banking product to fit needs of every customer.
Lithuania is the member of the EU and its official currency is Euro. Most of the banks communicate in English and Russian and open accounts for non-residents.
The economic situation in Lithuania is stable. Recently, reputable rankings have marked that the Lithuanian bank’s asset quality is expected to improve in the near term.
The main monetary authority in Lithuania is the Bank of Lithuania which is responsible for maintaining price stability, implementing monetary policy and monitoring financial institutions.
What bank services are offered by banks in Lithuania?
Banks in Lithuania provide a wide range of banking, financial and private capital management services to private individuals and business customers. Banking products include corporate and private accounts, deposits, credits, loans, mortgages, cash operations, payment cards, e-banking, foreign exchange, factoring, leasing services. Foreign branches of Scandinavian banks primarily offer its services to local and Scandinavian customers.
Can non-resident entities open a bank account in Lithuania?
Non-residents may open a bank account in Lithuania. It is rather quickly and easy to open a bank account in Lithuania. Lithuanian banks open accounts for companies established in offshore and traditional jurisdictions. The documents for opening a bank account can be sent remotely, but in practice Lithuanian banks require personal presence on the date of account opening if documents are approved. As in other countries, it is recommended to get advice from consultants for introduction to the bank.
As an alternative it is possible to open a virtual bank account to make all payments online.
What are the benefits of opening a bank account in Lithuania?
The benefits of banking in Lithuania are:
- Lithuania has a stable economic environment;
- Lithuanian banks serve in English, Russian and other foreign languages;
- All deposits in Lithuania are protected up to 100,000 Euro;
- Activation and maintenance fees on accounts are comparatively low;
- The process of account opening in Lithuania is quick and easy;
- Bank accounts can be opened by offshore and other companies;
- Accounts can be managed online 24/7 through secure internet banking tools.
What are the requirements for opening a bank account in Lithuania?
Every bank has its own required set of documents. Generally, banks require the following documents:
For individuals a bank requires the following:
- notarized copy passport or ID;
- valid visa;
- permit of permanent residence in Lithuania (if applicable).
Corporate clients present the following documents:
- certificate of incorporation or extract from a company register;
- charter or articles of association or memorandum;
- card of signature and stamp samples (if applicable);
- power of attorney (if applicable);
- document confirming appointment of director;
- passports of director and shareholders.
All documents are required to be translated into Lithuanian. Translation shall be notarized and apostilled (if applicable). Documents are submitted originally or as notarized copies. All documents shall be validated in Lithuanian Foreign Affairs Ministry or embassy, unless a foreign country is a member of the Hague Convention.
Lithuanian banks are protective of their reputation and monitor any suspicious activities. All documents are carefully considered.
In most instances, banks require to present a short description of a company’s business and provide other important information. Lithuanian banks open account to offshore companies, but apply strict control.
What are the major banks in Lithuania?
The top banks in Lithuania are:
- Citadele Bank
Citadele Bank is a Latvian bank operating through a subsidiary in Lithuania. It offers banking services for individuals and corporate clients. Its banking products include bank accounts, payment cards, deposits, Internet banking, etc. Private banking is offered for wealth management of resident and non-resident clients. The bank serves clients in Lithuanian, English and Russian.
- Danske Bank
Danske Bank is a stable bank offering services to corporate and individual customers. Accounts are opened to residents and non-residents in Lithuania.
- DNB Bank
DNB Bank is a Norway bank having a full range of banking products available for corporate and individual customers.
Handelsbanken is a reputable bank with a high credit ranking score (AA). The bank serves corporate and individual customers that can be both residents and non-residents.
- Medicinos Bankas
Medicinos Bankas provides full range of banking services to private and corporate customers. Its banking products include time and saving deposits, loans, e-banking, cash payment services, cash transactions, etc.
- Pohjola Bank
Pohjola Bank is a part of the leading financial institution established in Finland. The bank serves corporate and individual customers, both resident and non-resident.
- Šiaulių bankas
Šiaulių bankas is a commercial bank offering a full range of banking services for private and corporate clients. The bank products include time deposits, saving deposits, investment, loans, payments cards, cash operations, leasing services, etc. The bank serves in Lithuanian, English and Russian.
How can I close an account in Lithuania?
An account in a Lithuanian bank can be closed remotely upon termination notice. All funds can be safely transferred to any account opened in a local or foreign bank that has a SWIFT.