LNK @ Noewe Office!

Noewe were honored to host LNK INFO DIENOS presenter and editor Arnas Mazėtis at the Noewe office, where he interviewed our associate partner Lukas Kisielis, who specializes in tax planning and asset management.

Lukas shared valuable insights on the growing interest in opening foreign bank accounts to protect accumulated capital.

“Recently, we have received more inquiries from residents wanting to open bank accounts abroad. Many indicate that they wish to have a bank account in another country due to the current geopolitical situation, aiming to safeguard their accumulated capital,” commented Lukas Kisielis.

However, those expecting the process to be straightforward might be disappointed, as the requirements are quite strict. Due to stringent anti-money laundering regulations, most foreign banks do not open accounts for individuals without ties to the country where the bank is located.

“A similar situation exists in Lithuania – for a foreigner without any connections to Lithuania, opening a bank account in one of the Scandinavian banks operating here is almost impossible. Nevertheless, banks in certain European countries with a well-developed private banking sector (e.g., Switzerland, Liechtenstein, or Luxembourg), as well as individual banks in other European countries, still provide opportunities for Lithuanian residents and companies to open bank accounts,” said L. Kisielis.

Typically, the highest interest is in Western European countries such as Germany, Switzerland, Liechtenstein, and Luxembourg due to their financial stability and economic development. Some residents also have other interests in these countries, making it convenient to have a bank account there. In such cases, the account opening process can be easier.

When applying to open an account, one must submit a detailed description of the managed assets, an explanation of how they were accumulated, supporting documents, a CV, identity documents, and various bank application forms. The process can take one to two months for individuals and even longer for companies.