The Lithuanian Minister of Economy has just approved a new regulation based on which foreign investors investing in Lithuania will be entitled to receive grants up to 4.34 million euros.
Any investor complying with the conditions set in the regulation (e.g. annual revenue of at least 14.5 million euros) and investing in tangible and intangible assets related to setting up a new establishment or extending the capacity of an existing establishment will now be entitled to apply to Invest Lithuania for a grant. The amount of the grant will be based on the number of criteria pertaining to the investment project, such as the amount to be invested, the number of jobs to be created, average monthly salaries to be paid, and so on.
Grants will be paid out as compensation of eligible costs (e.g. acquisition of equipment and software, construction/reconstruction costs, lease of premises, salaries and certain other employee-related expenses) incurred during the term of the investment project, which may not exceed 36 months.
Approval of the regulation confirms Lithuania’s focus on attracting foreign direct investment and is a continuation of similar earlier measures that helped attract such names as Barclays, Western Union, Visma, Moog, Intermedix, Callcredit, CSC, Euromonitor, Ahlstrom and many others.