Lithuania Geography, Economy, and Culture

Commonly referred to as one of the Baltic states, Lithuania is a member of the European Union and is situated in northeastern Europe, along the Baltic Sea. After they declared independence in 1990 from the Soviet Union, the nation transitioned from a planned to a free-market economy and is now classified as a ‘very high human development’ county.

After recovering from the 2009 financial crisis, the county’s increase in exports, growth in wages, and investment supported Lithuania’s economic growth. In addition, Lithuania started a self-financed liquefied natural gas terminal in 2015, offering the first non-Russian natural gas supply to the Baltic States and thus, greatly reducing the nation’s reliance on Russian gas. Lithuania also has one of the largest fresh groundwater supplies in all of Europe.

With a population of 2.8 million, Lithuania’s ethnic groups include Lithuanian, Polish, Russian, Belarusian, with Lithuanian as the official language. Most Lithuanians are Roman Catholics, with a small percent of Russian Orthodox and Old Believer.

Public Holidays

2021
April 4	Easter Sunday
April 5	Easter Monday
May 1	Labour Day
June 24	St John’s Day/Day of Dew
July 6	King Mindaugas’ Coronation Day
August 15	Feast of the Assumption of Mary
November 1	All Saints’ Day
November 2	All Souls’ Day
December 24	Christmas Eve
December 25	Christmas Day
December 26	Second Day of Christmas

Legal Entity Types

UAB (Uždaroji akcinė bnendrovė)
AB (Akcinė bendrovė)
VšĮ (Viešoji įstaiga)
IĮ (Individuali įmonė)
Individuali veikla
TŪB (Tikroji ūkinė bendrija)
KŪB (Komanditinė ūkinė bendrija)
MB (Mažoji bendrija)

Taxation

Corporate Tax: 15%
Income Tax (Lowest Marginal Rate): 13.2%
Income Tax (Highest Marginal Rate): 42.77%
VAT/GST/Sales Tax: 21%

Available Banks

Luminor AB DNB bankas and Nordea (part of DNB ASA, Norway) (Commercial Bank)
AB SEB bankas (subsidiary of SEB, Sweden) (Commercial Bank)
AB Šiaulių bankas (Lithuania) (Commercial Bank)
AB Swedbank (part of Swedbank, Sweden) (Commercial Bank)
Citadele Bank (part of Citadele banka, Latvia) (Commercial Bank)
UAB Medicinos bankas (Lithuania) (Commercial Bank)
AS “Meridian Trade Bank” Lithuanian branch (Foreign Bank)
BIGBANK AS branch (Foreign Bank)
Danske Bank A/S Lithuania Branch (Foreign Bank)
Nordea Bank AB Lithuania Branch (Foreign Bank)
Pohjola Bank plc Lithuanian Branch (Foreign Bank)
Scania Finans AB Lithuanian Branch (financing and insurance for Scania commercial vehicles) (Foreign Bank)
Skandinaviska Enskilda Banken AB, Vilniaus Branch (Foreign Bank)
Svenska Handelsbanken AB Lithuania Branch (Foreign Bank)
Baltikums Bank (Foreign Bank)

Need more information about Lithuania?

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