The ISO code of Lithuania is LT according to ISO 3166 standard. The local name of the country is Lietuva. Vilnius is the capital city of Lithuania. The official language of Lithuania is Lithuanian. On 27 October 1939, Lithuania emerged as a sovereign political entity. The largest city in Lithuania is Vilnius.
Lithuania is located in the UTC +02:00 time zone, which is also called Eastern European Time or EET. The internet country code top-level domain (ccTLD) for Lithuania is .lt. Other domains assigned to Lithuania are .eu. The International dialing code for Lithuania is +370. People in Lithuania drive on the right side of the road. Total land area of Lithuania is 65 300 km2. Lithuania is not a landlocked country.
Lithuania is located in the northern part of Europe. Lithuania is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Lithuania faces various issues including contamination of soil and groundwater with petroleum products and chemicals at military bases.
Doing business in Lithuania
We offer various corporate services in Lithuania jurisdiction. These services can serve both, people coming from Lithuania and foreigners. If you plan on doing business in Lithuania you might be interested in contacting us.
To find out about starting your business in Lithuania click on company formation in Lithuania.
To find out how to open a bank account in Lithuania and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Lithuania.
Choose preferred service below or continue reading to find out more about Lithuania.
Demographics of Lithuania
The total population of Lithuania is 2 900 787 people. In Lithuania, the population density is 45 people per square kilometer (117 per square mile). Because of this statistic, this country is considered to be sparsely populated. The ethnic diversity is diverse according to a fractionalization scale which for Lithuania is 0.3223. Lithuania has 147 781 million foreign immigrants. The median age is approximately 41.2 years. In Lithuania, 68 in every 100 people use internet. Lithuania has a Human Development Index (HDI) of 0.834.
The main religion of Lithuania is Christianity. Lithuania is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Lithuania.
Culture of Lithuania
People in Lithuania speak Lithuanian language. According to data on inbound tourists in Lithuania, 2 012 000 tourists arrive in the country each year. The first McDonalds in Lithuania was opened on 31 May 1996 One of the most popular national dishes of Lithuania is cepelinai. To read more click on culture of Lithuania.
Geography of Lithuania
Lithuania is considered a mid-sized nation because of its total area. Its total land area is 65 300 km2 (approx. 25,212 mi2). Lithuania is located in the northern part of Europe. Its capital city is Vilnius. Lithuania has 4 neighbouring countries. Its neighbours include Belarus, Latvia, Poland, Russia. Total length of land borders of Lithuania is 1273,00 kilometers (~791 miles).
The highest point of Lithuania is Aukštojas Hill with its official height being 294 m (965 ft). Including land mass and EEZ, the total area of Lithuania is approximately 72 331 km2 (~27,927 mi2). The most notable natural resources found in Lithuania are peat, arable land, amber. To read more click on geography of Lithuania.
Economy of Lithuania
The currency of the country is European euro. The symbol used for this currency is €, and it is abbreviated as EUR. 10% of population in the country are unemployed. The total number of unemployed people in Lithuania is 275 574. Each year, Lithuania exports around $30.4 billion and imports roughly $32.52 billion. The Gini Index of the country is 30.4. Lithuania has a Human Development Index (HDI) of 0.834. The Global Peace Index (GPI) for Lithuania is 1.674. Lithuania has a government debt of 40% of the country's Gross Domestic Product (GDP), as assessed in 2013. Lithuania is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are metal-cutting machine tools, electric motors, television sets, refrigerators and freezers, petroleum refining, shipbuilding (small ships), furniture, textiles, food processing, fertilizers, agricultural machinery, optical equipment, lasers, electronic components, computers, amber jewelry, information technology, video game development, biotechnology.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Lithuania is $ 79 933 billion. Each year, consumers spend around $25 363 million. The ratio of consumer spending to GDP in Lithuania is 69%, and the ratio of consumer spending to the world consumer market is 0%. The corporate tax in Lithuania is set at 15%. Personal income tax ranges from 0% to 15%, depending on your specific situation and income level. To read more click on economy of Lithuania.
Infrastructure of Lithuania
Infrastructure quality in Lithuania is rated to be at 3.18. In Lithuania, 100% of the population has access to electricity. There are 1 205 000 internet hosts in Lithuania. Lithuania has 61,00 airports nationwide. The logistics performance index of Lithuania is 3.18. Tracking possibilities for shipments are rated at 3.17. To read more click on infrastructure of Lithuania.
Politics of Lithuania
Lithuania is a unitary parliamentary republic. With regard to political and civil freedoms, Lithuania is 1. The head of the government is Dalia Grybauskaitė.
According to the World Bank Group, the government effectiveness index of Lithuania is 0.99. In Lithuania, the legislative power is vested in a parliament. The Global Peace Index (GPI) for Lithuania is 1.674. The strength of legal rights index for Lithuania is 6. Lithuania is a member of the United Nations (UN). On 17 September 1991, it joined the UN as a full member state. Lithuania is a member of the European Union (EU). On 1 May 2004, it joined the EU as a full member state. Lithuania is a member of the World Bank. To read more click on politics of Lithuania.
Environment of Lithuania
Lithuania emits 4.5 metric tons per capita of CO2. 21 223 km2 of Lithuania's territory is covered in forests, and forest land comprises 33% of all the land in the country. To read more click on environment of Lithuania.
Company formation in Lithuania
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Lithuania.
When establishing a company in Lithuania, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Lithuania that will affect the establishment and growth of one's business. Contact us or click on company formation in Lithuania to read additional information when setting up a business.
Bank account opening in Lithuania
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Lithuania. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Lithuania, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Lithuania or contact us.