Eternity Law International — News — Secure a Trust License in Lithuania

Secure a Trust License in Lithuania

Published:
July 4, 2024

Lithuanian legislation allows entrepreneurs from all over the world to offer their clients various financial and investment services based on the appropriate permits. Officially approved permits giving the right to provide financial services are issued by the Bank of Lithuania to legal entities participating in the financial market created and formed at the local level. By licensing companies, the Bank of Lithuania strives to ensure the reliability and financial viability of all financial market participants, the competence of their management and impeccable reputation. A trust license in Lithuania gives access to all the privileges that this market offers, as well as the opportunity to work within a clear, modern and protected legal framework. Below we will consider the main aspects relating to trust licensing in this jurisdiction.

Our team is ready to use all its professionalism and many years of experience to grant you high-qualitative Lithuania trust services and ensure our clients successfully and quickly establish a business and obtain licensing. We offer comprehensive support and detailed consultations, as well as options for ready-made trusts for sale around the world.

Trusts in Lithuania: legal framework and licensing features

Any company that receives a trust license must provide services for the handling, storage, placement, circulation and transfer of assets of its clients worldwide or in local offices in Lithuania. This country has a regulated and friendly legal environment for the functioning of trusts and the management of various client assets. Companies operating in this niche rely on clear rules that were developed and implemented by Lithuania trust law in 2020.

Lithuania offers the opportunity to establish a business without visiting the country in person. Government and regulatory authorities have developed and improved the relevant procedures for establishing and licensing a trust, making them easier and simpler for investors. In addition, Lithuania has a favorable and encouraging attitude towards the introduction and active use of advanced financial technologies, which also affects the comprehensive modernization of the legal framework and conditions for the functioning of trusts. So, how to establish this type of company and how to get trust license in Lithuania? Let’s consider the basic trust license requirements Lithuania and criteria that must be met by applicants for a trust permit.

  1. To establish a limited liability company in Lithuania (this legal form is in most cases used to create a trust), a minimum capital of 2,500 euros is required; the procedure takes about 10 days to fully establish and obtain ownership rights to the company.
  2. The company must have at least one shareholder. There are no restrictions on citizenship or place of residence.
  3. The company must have at least one board member, who can also be a shareholder. There are also no restrictions on citizenship or place of residence.
  4. An AML officer is required who can also serve as a board member.
  5. A virtual office is acceptable for trust activities in Lithuania, however, a physical office must also exist.

The size of the corresponding trust license fees in Lithuania varies depending on the range of trust services and ranges from 2 thousand euros. This permit can be issued only if the conditions and requirements provided for by the legislation of the country are met. Additionally, the Lithuanian government offers a simple licensing process for people who already have similar licenses in other countries, even if they are not part of the European Union.

The requirements for the office and staff are listed below.

  1. Regardless of your jurisdiction of incorporation, when applying for a trust license in Lithuania, you are required to hire a minimum of two directors.
  2. Administrative staff must have 3 to 8 years of experience in the financial sector, depending on the position and level of responsibility. The firm’s board and internal responsible commission reserve the right to inspect all personnel and make recommendations on the dismissal of persons who do not have the necessary experience or proper reputation.
  3. To obtain trust license in Lithuania, the applicant must organize an actual office registered locally.
  4. If the company has subsidiaries, they must be involved in the same financial industry, otherwise the application will be rejected.

The required package of documents is minimal. The company must provide:

  • personal data, confirmation of qualifications and reputation of directors, shareholders and management persons;
  • corporate information, in particular, the structure of the company, confirmation of the availability of a bank account for corporate needs, a business plan and calculation of potential risks;
  • confirmation of physical address;
  • completed trust license application in Lithuania.

After the regulatory body evaluates the submitted documents, they are sent for consideration to the Board of the Bank of Lithuania. The Council then decides whether to issue or refuse permission. The period for consideration and issuance of a trust license is about 3 months. If the submitted documents contain deficiencies, inaccuracies, or were submitted incorrectly, the issue date will be delayed until the correct information is provided.

Our team is ready to grant you professional trust services in Lithuania and become your reliable allies on the path to obtaining this type of permit. We also offer many options for ready-made companies, in particular, a trust company licensed in Hong Kong, Malta, Cyprus and other countries.

Advantages of a trust license in Lithuania

  1. This permit is issued for an unlimited period of validity, subject to compliance with all necessary standards and conditions for the correct conduct of activities.
  2. Accessible and loyal criteria from a legal point of view.
  3. Wide range of opportunities and privileges. In particular, Lithuania is part of the European Union, and therefore someone who has a trust license in Lithuania can carry out this type of business in other countries with EU membership. In addition, Vilnius, the capital, is considered a modern hub of financial technology and innovation.
  4. A minimum package of documents and a clear licensing process without pitfalls.
  5. Loyal and encouraging attitude of the government.

Our company is ready to provide you with comprehensive advisory and practical assistance in opening a trust. Trust license cost Lithuania is constantly varying depending on individual nuances. Our experts will calculate it for you prior to initiating a cooperation. We have enormous experience and can guarantee the best results for you. Contact us right now.

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