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2021-09-17 14:21

Bank, tax: Estonian e-residency team misinformation against Lithuanian e-residency

That's not the first time we alert about Estonian e-residency team misinformation. This time the target is the Lithuanian e-residency competitor.

E-residency team has published a new text on its blog. The goal is to compare the Estonian and Lithuanian e-residencies. About the later the text states that "[Lithuanian e-residents] cannot register companies, nor can they open a business bank account or take advantage of the [Lithuanian] tax system." The trouble is banking or tax have nothing to do with e-residency, an electronic ID (smartcard…).

Indeed it's possible to open a bank account in Lithuania without being an Lithuanian e-resident (by the way at Revolut - a Lithuanian bank - it's easier to open a bank account than in any Estonian bank!). And tax depend for example on activity/place, never on having a smartcard.

The text is signed by InCorpora but by hosting it on its blog the Estonian e-residency team - an Estonian governmental agency - is responsible of its content. We can understand Estonian e-residency team has to do marketing to promote Estonian e-residency, but spreading fake news (against a competitor here) is not a right way to do.

CONFIDENTIAL REPORT - E-resident company: How to open a bank account in Estonia (and how to keep it)

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