Opening a bank account for Lithuania in Europe is now easy for almost everyone. There is a wide variety of local and international banks to open bank accounts for Lithuanians in Europe. Those wishing to open a European bank account for Lithuania, whether resident or not, should not hesitate to open a bank accounthere. The specific conditions that people who want to open a bank account for Lithuanians in Europe must fulfill when opening a bank account in Europe as a non-resident differ from bank to bank.
While Lithuania offers a steady country image for investors coming from abroad, it is a country preferred by business people with its secure investment policy. The favorable opportunities offered by Lithuania in the field of investment and trade have made more foreign businesses prefer the country in recent years. Lithuania, which regulates the standards of the business world according to the European Union criteria, has also become attractive for investors with its principles of security, transparency and compliance with standards.They can apply for a Financial European Corporate account. The following documents are required for opening a new corporate account:
- Passport of Directors / Shareholders (and all related contractors).
- Proof of residence addresses of Directors/Shareholders (service invoice or bank statement not older than 3 months) and authorized signers.
- Documents confirming the Commercial Legal Entity:
- Certificate of Organization (COI).
- Articles of Association Memorandum (M&AA).
- Shareholders Certificate + Licenses (if applicable).
- Supporting documents (Commercial Invoice or Contract of Sale, Contract…).
Bank Account Opening Procedures for Lithuania in Europe
One of the most common banking transactions in Lithuania is opening an account. It usually takes days or even weeks. But with digital banking, these transactions are completed within 5 minutes. Identity authentication is done online via mobile phone.
- First of all, download the digital bank app of any bank you prefer.
- Then start the bank account opening process and membership procedures.
- Enter your e-mail address, name, date of birth and mobile number through the application.
- Upload a photo of your ID card, passport or driver’s license for identity authentication.
- Then take your selfie video through the application and complete the verification process.
- Set your four-digit card password. Then your card will be delivered to your address in a few days.
- And now your bank account is ready!
Requirements to Open an Account for Lithuania in Europe
Opening a bank account in a European country is now easy and fast. In some countries, customers who want to open a bank account must go and open an account in person. Even if there is no residence in the country where you want to open an account, an account can be opened if you are physically present at the bank. Although the documents required to open an account vary from bank to bank, there are some basic documents you need to take with you to open an account in Lithuania. These;
- Lithuanian identity card original and translation,
- Residence address stating where you live in Lithuania (it is useful to have two original and one in the language of the country you are visiting),
- Any invoice registered in your name in Lithuania.
The above-mentioned items are only the documents required by the country you go to to open an account where you do not have a residence permit. Different procedures are applied to open an account in the country where you have a residence permit.
Advantages and Disadvantages of Opening an Account in Europe for Lithuania
- The biggest advantage you can take advantage of when you open an account in a bank abroad is tax regulations.
- The quality of security and privacy, which is valid in banks in Europe as well as in all banks, is extremely important for your account.
- In cases where it is inconvenient to carry cash with you in the country you are traveling to, you can avoid the risk of theft by not carrying cash if you have an account as long as you are in Europe.
- The fact that some European-based banks have branches in Lithuania does not mean that the transactions you make in your bank in Lithuania will also be valid in the European bank. Since banks are legally different companies, you cannot move your account in Lithuania to Europe, and you cannot make free transactions between two banks.
- Every bank account you open in Europe is insured up to 100 thousand Euros (or the currency of that country). This class is limited per person and per bank.
- Some banks in Europe do not transfer money to another bank abroad. They may charge a commission fee for performing the money transfer transaction. Likewise, any bank in Lithuania does not carry out money transfers abroad or charges a commission fee. For such cases, it is necessary to carefully read the money transfer policies of the bank to which the account will be opened.