The document discusses doing business in Lithuania and provides information from the Baltic Law Firm LEXTAL. It summarizes that LEXTAL is a law firm operating in Estonia, Latvia, and Lithuania with about 30 lawyers speaking 12 languages. It provides legal services across practice areas and acts as a one-stop shop for clients in the Baltic countries. The presentation also covers topics like investing in real estate, types of companies, taxation, and visa and residency permits in Lithuania.
This presentation was made by Marie-Pierre Calmel & Jean-Paul Milot, France, at the 19th OECD Senior Financial Management and Reporting Officials Symposium held at the OECD Conference Centre, Paris, on 4-5 March 2019
Presentation. Are you the beneficial owner of the income? And is substance adequate? How much substance is need? Cyprus as a case study. Automatic Exchange of Information. Christos Theophilou - Taxatelier Ltd, Cyprus.
Financial Transaction Tax as a Resource for the Covid-19 Crisis ? University of Ferrara
This presentation has been delivered on November 19th 2020 at the University of Lyon 3 "Jean Moulin" during my visit as research fellow. I argue that FTT could be an optimal and sustainable revenue generator for the state which are battling the crisis and its aftermath.
The Norwegian market offers great business opportunities for foreign enterprises within various areas.
The guide "Doing Business in Norway" provides an introduction to the legal aspects in Norway and answer key questions companies may have whilst establishing or developing business in Norway. The 2018 edition includes one new chapter on public procurement law.
This presentation was made by Marie-Pierre Calmel & Jean-Paul Milot, France, at the 19th OECD Senior Financial Management and Reporting Officials Symposium held at the OECD Conference Centre, Paris, on 4-5 March 2019
Presentation. Are you the beneficial owner of the income? And is substance adequate? How much substance is need? Cyprus as a case study. Automatic Exchange of Information. Christos Theophilou - Taxatelier Ltd, Cyprus.
Financial Transaction Tax as a Resource for the Covid-19 Crisis ? University of Ferrara
This presentation has been delivered on November 19th 2020 at the University of Lyon 3 "Jean Moulin" during my visit as research fellow. I argue that FTT could be an optimal and sustainable revenue generator for the state which are battling the crisis and its aftermath.
The Norwegian market offers great business opportunities for foreign enterprises within various areas.
The guide "Doing Business in Norway" provides an introduction to the legal aspects in Norway and answer key questions companies may have whilst establishing or developing business in Norway. The 2018 edition includes one new chapter on public procurement law.
Future of treaty formed holding companies and preferential Harm J. Oortwijn
Past present and future developments in holding and preferential tax regimes - what once was appropriate is now perceived inappropriate... and the perception continues to evolve!
Fscal Transparency - Richard Adorjan, Hungary (English)OECD Governance
This presentation was made by Richard ADORJAN, ministry of Finance, Hungary, at the 9th OECD MENA-SBO meeting held in Kuwait City on 12-13 October 2016
In the last few challenging months we have received inquiries or demands relating to Clients concerned with their succession planning.
Please note that wills are considered an important and urgent act that Portuguese notaries, according to our experience, are still performing in spite of all Covid 19 restriction measures.
We would like to highlight the key topics on this subject:
Tax
- Inheritance and gifts are subject to Stamp Tax in Portugal. However, inheritance and gifts between close family (spouses, living partners, children, grandchildren, parents and grandparents) are exempt and assets outside Portugal are not even territoriality liable to Stamp Tax. Only in the case of gifts of Portuguese real estate between close family is there a 0,8% tax on its taxable value. Even when tax is due on the Portuguese assets (between siblings, cousins, uncle and nephew, etc.) it is so at a low rate – 10% in the case of an inheritance / 10% plus 0,8% in the case of a gift of Portuguese real estate is concerned.
Legal
- By default Portuguese inheritance law applies to Portuguese residents, irrespective of the place where they decease. However, it is possible to voluntarily opt-out from this rule and choose the law of ones’ nationality to govern one’s succession.
RPBA’s Information Note below may be of interest to you concerning the choice of law governing succession in case of death. It provides you a quick overview of the applicable rules as well as your options as a resident of Portugal. Although this is not a tax issue there may be tax implications of the law chosen to govern your succession. For instance, in a case where a person that has recently left his State of nationality and became a Portuguese resident dies, choosing the law of his/her nationality to govern his/her succession may be an indication of subjective attachment to that prior State, which may be viewed as relevant for inheritance tax purposes in some jurisdictions.
We have the know-how to assist and support our private clients on this matter. Partition of assets during one’s lifetime, wills, life insurance with or without death coverage, family foundations and trusts are the main instruments that can be used.
In case you would like to discuss the details of your specific specific situation please contact your usual RPBA lawyer or: ana.isabel@rpba.pt
1st Citizen provides Visa & excellent immigration services UK residence cards, EEA family permits, UK Ancestry visa settlement or asylum decision, legal advice has an extensive knowledge of every aspect of immigration.
The Brexit transition period ends on 31 December 2020. If you want to keep servicing your customers, you need to prepare for the period post-Brexit. In this presentation, I highlight the possibilities from a Dutch perspective. Please contact me by sending me a message through my LinkedIn page should you need any advice or assistance.
Last year provided important decisions and evolution of competition law on key topics for Norway. On public enforcement the European Commission adopted recently (in 2018) a decision in the largest ongoing cartel case addressing Norwegian companies in the Maritime Car Carriers Case and the EFTA Surveillance Authority has launched an investigation in the largest ongoing antitrust case involving a Norwegian business sector in the so-called e-payment case related to the financial sector. The evolution of private enforcement in Norway is unhurriedly moving along, with one key case being the Henrik Kristoffersen case recently litigated in the EFTA Court. Grette is proud to recognize that our services have been retained in all these cases.
Investments and Trade in Spain - October 2015TAG Alliances
Bufete Escura is one of the most well known and respected Law firms in Barcelona. A client centered service, coupled with high quality ethical standards form the basis of our mission. Our longstanding service ethic has resulted in us becoming the reference Law firm for a wide range of business associations who trust our firm as the Law firm they recommend to their associates. Bufete Escura delivers legal services to a great number of global companies, who trust in us to supervise and advise their subsidiaries due to our specialist knowledge of the regulatory and business framework both in Catalonia and throughout Spain. We must emphasize our special relationship with Italian companies based or willing to be based in the Barcelona area, given that we have several collaboration agreements signed with different Italian Chambers of Commerce.
Future of treaty formed holding companies and preferential Harm J. Oortwijn
Past present and future developments in holding and preferential tax regimes - what once was appropriate is now perceived inappropriate... and the perception continues to evolve!
Fscal Transparency - Richard Adorjan, Hungary (English)OECD Governance
This presentation was made by Richard ADORJAN, ministry of Finance, Hungary, at the 9th OECD MENA-SBO meeting held in Kuwait City on 12-13 October 2016
In the last few challenging months we have received inquiries or demands relating to Clients concerned with their succession planning.
Please note that wills are considered an important and urgent act that Portuguese notaries, according to our experience, are still performing in spite of all Covid 19 restriction measures.
We would like to highlight the key topics on this subject:
Tax
- Inheritance and gifts are subject to Stamp Tax in Portugal. However, inheritance and gifts between close family (spouses, living partners, children, grandchildren, parents and grandparents) are exempt and assets outside Portugal are not even territoriality liable to Stamp Tax. Only in the case of gifts of Portuguese real estate between close family is there a 0,8% tax on its taxable value. Even when tax is due on the Portuguese assets (between siblings, cousins, uncle and nephew, etc.) it is so at a low rate – 10% in the case of an inheritance / 10% plus 0,8% in the case of a gift of Portuguese real estate is concerned.
Legal
- By default Portuguese inheritance law applies to Portuguese residents, irrespective of the place where they decease. However, it is possible to voluntarily opt-out from this rule and choose the law of ones’ nationality to govern one’s succession.
RPBA’s Information Note below may be of interest to you concerning the choice of law governing succession in case of death. It provides you a quick overview of the applicable rules as well as your options as a resident of Portugal. Although this is not a tax issue there may be tax implications of the law chosen to govern your succession. For instance, in a case where a person that has recently left his State of nationality and became a Portuguese resident dies, choosing the law of his/her nationality to govern his/her succession may be an indication of subjective attachment to that prior State, which may be viewed as relevant for inheritance tax purposes in some jurisdictions.
We have the know-how to assist and support our private clients on this matter. Partition of assets during one’s lifetime, wills, life insurance with or without death coverage, family foundations and trusts are the main instruments that can be used.
In case you would like to discuss the details of your specific specific situation please contact your usual RPBA lawyer or: ana.isabel@rpba.pt
1st Citizen provides Visa & excellent immigration services UK residence cards, EEA family permits, UK Ancestry visa settlement or asylum decision, legal advice has an extensive knowledge of every aspect of immigration.
The Brexit transition period ends on 31 December 2020. If you want to keep servicing your customers, you need to prepare for the period post-Brexit. In this presentation, I highlight the possibilities from a Dutch perspective. Please contact me by sending me a message through my LinkedIn page should you need any advice or assistance.
Last year provided important decisions and evolution of competition law on key topics for Norway. On public enforcement the European Commission adopted recently (in 2018) a decision in the largest ongoing cartel case addressing Norwegian companies in the Maritime Car Carriers Case and the EFTA Surveillance Authority has launched an investigation in the largest ongoing antitrust case involving a Norwegian business sector in the so-called e-payment case related to the financial sector. The evolution of private enforcement in Norway is unhurriedly moving along, with one key case being the Henrik Kristoffersen case recently litigated in the EFTA Court. Grette is proud to recognize that our services have been retained in all these cases.
Investments and Trade in Spain - October 2015TAG Alliances
Bufete Escura is one of the most well known and respected Law firms in Barcelona. A client centered service, coupled with high quality ethical standards form the basis of our mission. Our longstanding service ethic has resulted in us becoming the reference Law firm for a wide range of business associations who trust our firm as the Law firm they recommend to their associates. Bufete Escura delivers legal services to a great number of global companies, who trust in us to supervise and advise their subsidiaries due to our specialist knowledge of the regulatory and business framework both in Catalonia and throughout Spain. We must emphasize our special relationship with Italian companies based or willing to be based in the Barcelona area, given that we have several collaboration agreements signed with different Italian Chambers of Commerce.
INVERSIONES Y NEGOCIOS EN ESPAÑA
ESCURA tiene una larga tradición en la prestación de servicios a empresas extranjeras en España, apoyándolas en la defensa de sus asuntos, así como en la creación de filiales y sucursales.
En este sentido tenemos constituidos varios Desk, es decir, departamentos especializados por países.
Muchos clientes nos hacen llegar sus necesidades de servicios, habiendo detectado que muchas empresas necesitan un acompañamiento inicial para su implantación en España.
Conscientes de esta necesidad, hemos creado el International Service Hub (ISH).
El ISH agrupa un conjunto de servicios que requieren las empresas muy especialmente en su fase inicial de implantación. Servicios que van de disponer de unas oficinas y un domicilio, hasta recibir servicios de asesoramientoen todas las áreas que sean requeridas.
La guía "Investments & Trade in Spain" introduce el conocimiento a los inversores sobre las particularidades jurídicas, fiscales y laborales, de España y por extensión de Cataluña, siendo ésta la mejor región para invertir al sur de Europa, con un contenido focalizado en:
- Información General del País.
- Sistema Legal.
- Sistema Fiscal.
- Regulación Laboral.
- Sistema de procedimientos civiles.
- Legislación Contable.
Sherman Nigretti - Norway corporate and tax highlights 2016Gianmauro Nigretti
Financial statements must be submitted in Norwegian and should be in NOK.
Accounting records should be kept in Danish, Swedish, Norwegian or English.
Branches/ Norwegian registered foreign companies are also required to keep and file
separate financial accounts for their Norwegian operations (regardless of any tax
liability status).
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Exploring Patterns of Connection with Social Dreaming
Lina Siksniute. Doing Business in Lithuania 07.06.2013
1. The Baltic Law Firm/ www.LEXTAL.eu
Law Firm LEXTAL
Tallinn-Riga-Vilnius
DOING BUSINESS IN LITHUANIA
June 2013
Attorney at law/ managing partner
Lina-Šikšniutė-Vaitiekūnienė
2. The Baltic Law Firm/ www.LEXTAL.eu
Estonia
Population: 1.34 million
Latvia
Population: 2.06 million
Lithuania
Population: 2,9 million
3. The Baltic Law Firm/ www.LEXTAL.eu
THE BALTIC LAW FIRM
Law Firm LEXTAL
• 3 Baltic jurisdictions – Estonia, Latvia, Lithuania.
• ~30 lawyers and 12 working languages.
• Provides full scale of services in all practice areas.
• Acts as one-stop shop for clients in any Baltic country.
• Employs uniform procedures to guarantee the same
service standards across the Baltics.
4. The Baltic Law Firm/ www.LEXTAL.eu
THE MAIN TOPICS OF THE
PRESENTATION
• Investing in real estate and what is FEZ
• Mostly used types of companies to be set up in Lithuania
• Taxation;
• Visa, temporary and permanent EU residency permits.
5. THE MAIN FACTS OF LITHUANIA
Size: 65,300 km2. Lithuania is the largest of the 3 Baltic
States in terms of population, territory, and economy.
Population: 2,98 million
Dominant foreign
languages:
English, Russian, German, Polish.
GDP at current prices, EUR
mlrd. 2011/2012/2013
(forecast)
2011 – 30,6; 2012- 32,6; 2013 – 34,6
GDP growth (annual), %
2011/2012/2013 (forecast)
2011 – 5,8%; 2012- 3,6%; 2013 – 3%
Annual inflation, %
2011/2012/2013 (forecast)
2011 – 4,1%; 2012- 3,2%; 2013 – 3%
The Baltic Law Firm/ www.LEXTAL.eu
*Source: Lithuanian Department of Statistics
6. INVESTMENT ENVIRONMENT
• Strategic location. Lithuania is locates on the crossroads of 3
huge markets (Scandinavia, Western Europe, Russia);
• Lithuania is world leading in ICT (infrastructure of information
and communication technologies);
• Advanced business infrastructure (business friendly
environment);
• Lithuania has made the highest jump in the competitiveness
in the EU during the last two years;
• The high economic growth;
• There is a high level of educated, qualified and quite
inexpensive workforce.
The Baltic Law Firm/ www.LEXTAL.eu
8. The Baltic Law Firm/ www.LEXTAL.eu
INVESTMENT IN REAL PROPERTY
OF LITHUANIA
There are no restrictions for foreign investors to
invest into the real property in Lithuania except for
the following:
Certain land is under exclusive ownership right of the state
and shall not be for sale;
Agricultural and forestry land shall not be for sale for
foreign investors until 01/05/2014;
Area of agricultural land acquired by purchase by natural
persons or legal entities shall not exceed 500 ha;
Term of lease of privately owned land shall not exceed 100
years and the state land – 99 years.
9. The Baltic Law Firm/ www.LEXTAL.eu
ACQUISITION
OF REAL PROPERTY
Contracts on transfer of title in real property must be
concluded before a notary public;
Title in real property is transferred by way of title
conveyance, which must be recorded;
Title transfer shall be enforced against third persons only if
registered with the real estate register.
10. The Baltic Law Firm/ www.LEXTAL.eu
ISSUES FOR CONSIDERATION
WHEN ACQUIRING REAL PROPERTY
Is the title registered? Are there any restrictions?
What tax implications are attributed to a particular
acquisition?
Structure the deal considering tax implications.
11. The Baltic Law Firm/ www.LEXTAL.eu
REGULATIONS OF FREE ECONOMIC
ZONES (FEZ)
12. The Baltic Law Firm/ www.LEXTAL.eu
FREE ECONOMIC ZONES
IN LITHUANIA
• Free economic zones (FEZ) are the designated areas in
which companies are taxed very lightly or not at all in order
to encourage economic activity.
• There are seven free economic zones in the Republic of
Lithuania (located at Klaipėda, Kaunas, Šiauliai, Kėdainiai,
Panevėžys, Akmenė, Marijampolė)
• Prior permit of managing company of FEZ shall be obtained
• Manufacturing, building, wholesale trade, warehousing,
transport are allowed.
• The retail trade is permitted only for internal need of the
companies in FEZ.
13. The Baltic Law Firm/ www.LEXTAL.eu
TAX ADVANTAGES IN
FREE ECONOMIC ZONES
Zone companies which invest into capital of zone company
1 mln. EUR make use of these tax advantages:
– Relief of profit tax for 6 years;
– After the term of 6 years, profit tax rate is decreased
50% for 10 years;
– No real estate tax;
- 0 VAT on goods imported to or placed to FEZ.
14. The Baltic Law Firm/ www.LEXTAL.eu
AREAS OF FEZ IN LITHUANIA
FEZ AREA PLANNED TOTAL
AREA
Kaunas FEZ 294 ha 534 ha
Klaipėda FEZ 260 ha 412 ha
Šiauliai FEZ 218 ha 218 ha
Kėdainiai FEZ 131 ha 131 ha
Panevėžys FEZ 47 ha 47 ha
Akmenė FEZ 99 ha 99 ha
Marijampolė FEZ 78 ha 78 ha
15. The Baltic Law Firm/ www.LEXTAL.eu
COMPANY TYPES
Individual activity without incorporation of a legal entity
Individual (personal) Enterprise
General Partnership
Limited Partnership
Small Company
Public Company, Private Company
Permanent establishment
The Co-operative Society
The Agricultural Company
Branch
Representative Office
16. The Baltic Law Firm/ www.LEXTAL.eu
DIFFERENCES OF PRIVATE AND
PUBLIC COMPANIES
Private Public
Statutory capital EUR 2,900 EUR 43,450
Number of
Shareholders
Up to 249 Not established
Registration of Shares Not applicable Mandatory
Public sale of securities Prohibited Allowed
18. The Baltic Law Firm/ www.LEXTAL.eu
TAXATION IN LITHUANIA
Corporate income tax 15% or 5%
VAT 21% (standard rate)
Social security tax 28,5% - 32,6% (varying for different
categories of insured persons)
Personal income tax 15%, 20 % for dividends
Land Tax 0.01% - 4% (depending on local
municipalities)
Real estate tax 0,3% - 3% for legal entities (depending on
local municipalities);
1% from the part of value of property
exceeding 1 mln. LTL (for natural persons).
Dividends General rate is 15% for legal entities;
20% for natural persons.
State land rent 0,1% - 4% depends on the average market
value of the land.
19. The Baltic Law Firm/ www.LEXTAL.eu
AVOIDANCE OF
DOUBLE TAXATION
Convention between Lithuania- Russia on 01/01/2006
The existing taxes to which this Convention applies are the
following:
Lithuania Russia
Corporate income tax Corporate income tax
Personal income tax Personal income tax
Real estate tax Corporate property tax
Interest on state capital usage Personal property tax
21. The Baltic Law Firm/ www.LEXTAL.eu
SCHENGEN SHORT-STAY VISA
• Prior to entry into Lithuania an alien should receive a visa;
• Schengen short-stay visa entitles to stay in Lithuania for
up to 3 months during 6 months period counting from
the date of first entry;
• In order to get a Schengen short-stay visa an alien shall
fill in the application and present the documents evidencing
possession of medical insurance, sufficient financial funds
for stay in Lithuania, verified invitation letter and etc.
• The decisions regarding the issuance of visa is made within
15 days after receipt of the application. In special cases
the term may be extended to 60 calendar days.
22. The Baltic Law Firm/ www.LEXTAL.eu
UAB
owner
and
director
Owner, whose
stay is necessary
to attain the aims
of enterprise
director
co-owner, whose
stay is necessary
to attain the aims
of enterprise
The authorized
capital
14 500 EUR
The authorized
capital
2900 EUR
Respective part of the
authorized capital
owned by the alien
14 500 EUR
The authorized
Capital
14 500 EUR
23. The Baltic Law Firm/ www.LEXTAL.eu
TEMPORARY
RESIDENCE PERMIT
• Required documents:
• valid travel documents;
• completed application form;
• document proving that an alien has or receives sufficient
income for living in Lithuania (290 EUR per month).
• document, proving that an alien has premises for residing
or rents premises;
• a valid document confirming possession of medical
insurance (5 800 EUR)
• other.
• A temporary residence permit is usually issued for a period of
one year.
• The respective decision is adopted not later than within 6 months
upon receipt of the application (2 months period is for the
replacement of a temporary residence permit).
24. The Baltic Law Firm/ www.LEXTAL.eu
PERMANENT RESIDENCE PERMIT
• A permanent residence permit grants a foreign individual
the right to continuously live in Lithuania.
• A permanent residence permit can be issued if:
– the alien has been residing in the Republic of Lithuania
uninterruptedly for the last five years holding a
temporary residence permit
– an alien passed an exam of the Lithuanian language
and
– passed an exam of the basic principles of the
Constitution of the Republic of Lithuania.
25. The Baltic Law Firm/ www.LEXTAL.eu
THANK YOU
FOR YOUR ATTENTION!
The content of the presentation cannot be applied as legal counselling as this
will always be subject to actual and specific knowledge of the client’s situation.