Significant amendments passed to the Law on Investments relevant to major Lithuanian and foreign investors

In June 2020, the Seimas of the Republic of Lithuania passed significant amendments to the Law on Investment, which made Lithuania more appealing to foreign as well as Lithuanian investors and boosted its competitive edge in the region.

Exclusive conditions for major foreign investors:

• Building permits for plants or factories could be made faster.
• It is envisaged that major investors will have the land plot formation and redevelopment design drafting or approval services provided in an accelerated procedure.
• Local authorities have a right to modify planning documents to make provisions for the areas designated for major investors in advance.
• Foreign nationals will receive Lithuanian residence and work permits with more ease.
• Public authorities are under the obligation to render the services to companies that operate in a FEZ as a matter of priority — within 3 days.
• One of the key changes is that major investors will have the right be exempt from corporation tax for as many as 20 years if they invest EUR 20 million and create 150 jobs in any region across Lithuania. Investments in data processing, web server services and manufacturing would be recognised as major projects provided they fulfilled the above conditions within at least 5 years.
• Exclusive business conditions will apply to major investors once agreed in an investment contract.