Obtaining Payment Institution licence in Lithuania: key requirements

PI licence fee

Prior to applying for a payment institution licence in Lithuania, it is necessary to pay into the account of the State Tax Inspectorate (STI) a state levy for the granting of the licence, which currently is EUR 898.

Key requirements for getting a licence

There are the following basic elements, which PI in Lithuania should comply with to obtain a licence:

• fitness of submitted documents;
• Initial capital of PI shall not be less than:

-          EUR 20000 for money remittance;

-          EUR 52000 for payment transactions to the telecommunication, IT system or      network operator;

-          EUR 125000 for other payment services;

• fitness and propriety of the PI and its shareholders or holders of voting right;
• fitness and propriety of heads of an PI: the heads of a payment institution must be of  good repute and possess the qualification and experience necessary to properly perform their duties;
• the operating plan must correspond to the possibilities of an PI’s founders.

To find out more how to obtain a Payment Institution Licence in Lithuania, please contact our English speaking lawyers at info@gencs.eu

T: +37167240090

F: +37167240091

www.baltic-lawfirm.eu

www.attorneys-at-law.eu

www.lavvocato.eu