Lithuanian parliament makes notarization of large transactions mandatory

Notary's office
DELFI (J.Markevičiaus nuotr.)

The initiators of the bill say that the notarization requirement will help combat illicit enrichment by preventing the use of fictitious promissory notes or share purchase-sale agreements to justify the origin of one’s assets. However, critics say that additional requirements may undermine investments.

The Seimas passed the amendments by a vote of 58-14 with 30 abstentions.

It is proposed that transactions subject to mandatory notarization should include agreements by which 25 or more of shares in a private limited company are sold or which are worth more than 50,000 litas (EUR 14,500).

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