The Green Corridor is a regional development-oriented initiative that aims to promote the creation of new jobs and regional development by providing more competitive tax incentives and reducing the administrative burden on businesses.
The package of legal acts, also known as the green corridor for large investment projects, provides for much faster and simpler investor establishment procedures and incentives for municipalities receiving investors. It is an initiative focused on the development of regions, which aims to promote the creation of new jobs and the development of regions.
Benefits:
– The Green Corridor initiative makes it much easier and faster for companies to establish themselves, and at the same time it also grants the status of a project important to the state and applies 0% tax for a period of up to 20 years corporate tax rate;
– The coordinator of large projects is assigned by the Ministry of Economy and Innovation, who ensures smooth and fast cooperation between the investor and the institutions;
– Faster issuance of construction permit;
– Simplified migration process;
– Administrative decisions within 3 days;
– Customization of the study program;
– 100 million Eur. CAPEX additional incentives;
– Faster territory planning;
– Faster infrastructure development.
According to the new requirements, large companies will have to:
– to create from 20 to 149, and when investing in Vilnius, from 20 to 199 new jobs and to ensure that the wages of the 20 new jobs created by the investment project will have to be at least 1.25 of the municipality.
– Invest at least 20 million EUR (30 million when investing in Vilnius) to long-term capital;
These changes to the laws are extremely important in increasing Lithuania’s ability to compete with other countries in terms of attracting large-scale investments, because appropriate legal regulation together with developed infrastructure are among the essential needs of investors and the country’s advantages.
Applicable industry sectors:
– Manufacturing;
– Data processing;
– Internet server services.
The new requirements came into force starting 1st July 2024
For more information click here
For consultation or other questions – contact us!
E-mail: martynas.kalvaitis@sintesi.lt; phone: +370 656 96055.
