Offshore bank account in Lithuania for international customers

How to open an offshore bank account in Lithuania?

The process varies, depending on the type of account that you’re open looking open.

Whether you’re looking to open an offshore bank account in Lithuania for personal usage or corporate account for business purpose, similar but slightly different processes need to be followed.

To open an offshore bank account for individual, the following documents must be prepared:

1. Account opening form for personal account;
2. Certified copy of passport copy;
3. Current bank statement;
4. Personal CV/Resume;
5. Proof of Address – Utility Bill (electricity/telephone/internet/water) dated within the last three (3) months;
6. Proof of Occupation/Income – Job Letter and/or recent Payslip/Stub and/or most recent Pension Letter from Social Security dated within three (3) months;
   • If using Job Letter/Payslip/Pension Letter: customer’s name, name of company, income amount and period designation of person must be included.
7. Two (2) Local character references for each person/signatory.

In order to open a business account for international companies, current dated copies of the following set of company documents must be provided:

1. Business account opening application for.
2. Business plan;
3. Certified copy of Certificate of Incorporation or equivalent;
4. Certified copy of Memorandum & Articles of Association or equivalent document;
5. Certified copy of Register of Directors (including their names and addresses) along with certified copies of Passport and proof of address (if applicable also provide residency card) for each director;
6. Certified copy of Register of Members/Shareholder or satisfactory evidence of the identity of each of the natural person(s) along with certified copies of the Passport and proof of address (if applicable also provide residency card) for each shareholder;
7. Certified copy of Register of Officers (including their names and addresses) along with certified copies of the Passport and proof of address (if applicable also provide residency card) for each officer;
8. Certified copy of document verifying the name and address of the Registered Agent and Registered Office if not included in memorandum of association or equivalent documents;
9. If a Power of Attorney (POA) is used to open the account or responsible for signing documents, certified copies of the Passport and proof of address of the POA are required;
10. Organization structure chart;
11. Original Resolution of the Board of Directors authorizing the opening of the account and conferring authority on the person who will operate the account;
12. Original or certified copy of the List of Authorized Signatories (including sample signatures) along with certified copies of the Passport and proof of address (if necessary residency card) for each authorized signatory;
13. Original copy of the authorized signatory’s specimen signature;
14. Original or Certified Copy of Certificate of Good Standing or equivalent. This must be at most twelve (12) months old at the time of establishment of the relationship;
15. Reference letter from customer’s current bank.

Certified documents should be issued from professionals with the below professional accreditation.

1. Accountant (CA – Chartered Accountant CPA – Certified Public Accountant CMA – Certified Management Accountant);
2. Attorney;
3. Banker with stamp of the bank;
4. Chartered Accountant;
5. Commissioner of Oaths to Affidavits;
6. Corporate service providers / company secretary;
7. Embassy or consulate;
8. Justice or commissioner of peace.

All certified documents should be issued on company letterhead.

• Where letterhead is not used, a stamp must be affixed.

Restrictions on opening offshore bank account in Lithuania

Lithuanian offshore banks have restrictions on:

1) Nationality

It is not possible to open an offshore bank account in Lithuania for nationals of:

1. Afghanistan
2. Albania
3. American Samoa
4. Anguilla
5. Bahamas
6. Bahrain
7. Barbados
8. Belarus
9. Belize
10. Bermuda
11. British Virgin Islands
12. British Indian Ocean Territory
13. Burkina Faso
14. Burundi
15. Cambodia
16. Cameroon
17. Cayman Islands
18. Central African Republic
19. Chad
20. Colombia
21. Comoros
22. Congo
23. Cuba
24. Djibouti
25. Dominica
26. East Timor
27. Ecuador
28. Egypt
29. Equatorial Guinea
30. Eritrea
31. Fiji
32. Gibraltar
33. Guam
34. Guatemala
35. Guinea
36. Guinea Bissau
37. Haiti
38. Honduras
39. India
40. Iran
41. Iraq
42. Jamaica
43. Jordan
44. Kenya
45. Lebanon
46. Liberia
47. Libya
48. Malaysia
49. Maldives
50. Mali
51. Morocco
52. Mozambique
53. Myanmar
54. Namibia
55. Nicaragua
56. Niger
57. Nigeria
58. North Korea
59. North Macedonia
60. Pakistan
61. Palau
62. Panama
63. Philippines
64. Russia
65. Saint Martin
66. Samoa
67. Senegal
68. Seychelles
69. Somalia
70. South Sudan
71. Sudan
72. Swaziland
73. Syria
74. Tajikistan
75. Thailand
76. Trinidad and Tobago
77. Tunisia
78. Turkey
79. Turkmenistan
80. Turks and Caicos
81. Uganda
82. United Arab Emirates
83. Uruguay
84. Vanuatu
85. Venezuela
86. Vietnam
87. Yemen
88. Zimbabwe

2) Business activities

It is not possible to open an offshore bank account in Lithuania for companies involved in the below list of businesses:

• Atomic Power
• Binary options
• Companies formed of Bearer Shares
• Counterfeit goods
• Crime scene photos or items, such as personal belongings, associated with criminals or a criminal act. This also includes products or services invoking or supporting hatred, discrimination, violence or terrorism.
• Energetic services based on radioactive material
• Facilitating exchange of anonymous cryptocurrency
• Firearms, Weapons and other military equipment
• Gas & Oil traders with no physical presence or which its business presence and is unclear. (Gas & Oil Scam)
• Hawala Dealers, company or individuals, which are into Hawala Activities
• Human Trafficking
• Illegal Drugs, illegal CBD Hemp Oil and Marijuana
• Individual Crypto Traders who make trades for third parties, not using their own funds
• Individual Raw metal traders
• Multi-level marketing, pyramid schemes where multiple levels of workers are earning money from one another with no real product or a questionable product to sell. Often involve an initial fee to be trained or buy start-up products, Pyramidal structure (Ponzi schemes)
• Piracy or illegal streaming companies
• Political / religious organisations engaged in hate speech
• Pyrotechnic devices and hazardous materials. Toxic, flammable, and radioactive materials and substances; gunpowder; explosives
• Red light business / adult entertainment (Pornography, escort or sex industry related companies, adult web cams)
• Sale and distribution of illegal telecommunications devices
• Sale or distribution of government-issued items without authorization
• Shell Banks and/or Offshore Banks (the Banks which use offshore centers to hide their identity, beneficial owners and business, and potentially escape reporting requirements without any real presence office)
• Shell companies
• Subscription-based dating websites which do not have genuine, underlying matches or products (essentially scams)
• Unauthorised copies of software, video games and other licensed or protected material
• Unlicensed Banks
• Unlicensed Crypto traders
• Unlicensed facilitation of security tokens (e.g., that have characteristics like shares, debentures or units in a collective investment scheme)
• Unlicensed Gambling, casinos, betting companies
• Unlicensed non-bank financial insitutions (FIs)
• Unregulated Charities

3) Country of business registration

Lithuania offshore banks will not open a business account for entities registered in:

• Afghanistan
• Anguilla
• Antigua and Barbuda
• Aruba
• Azores
• Bahamas
• Bahrain
• Balkans
• Barbados
• Belarus
• Belize
• Bermuda
• Brunei Darussalam
• British Virgin Islands
• Cayman Islands
• Central African Republic
• Cook Islands
• Côte d’Ivoire
• Cuba
• Curaçao
• Djibouti
• Dominica
• Ecuador
• Fiji
• Gibraltar
• Guernsey
• Guatemala
• Iran
• Iraq
• Isle of Man
• Jersey
• Kenya
• Lebanon
• Liberia
• Libya
• Madeira
• Maldives
• Mali
• Marshall Islands
• Mauritius
• Montserrat
• Myanmar (Burma)
• Namibia
• Nauru
• Niue
• North Korea
• Palau
• Russia
• Saint Helena, Ascension and Tristan da Cunha
• Saint Kitts and Nevis
• Saint Pierre and Miquelon
• Samoa
• Seychelles
• Sint Maarten (Dutch part)
• Sudan
• Syria
• Tahiti
• Taiwan
• Tonga
• Trinidad and Tobago
• Turks and Caicos Islands
• Ukraine
• Vanuatu
• Venezuela
• Yemen
• Zimbabwe