Estonia pioneers e-residence system to attract foreign investment

  • 2014-10-21
  • From wire reports, TALLINN

Estonia will issue identity cards allowing access to its digital services to people residing outside the Baltic nation as it seeks to boost foreign investment.

Officials in Tallinn voted unanimously to let foreigners seek e-residence status to be able to set up a company in Estonia or sign legal documents from anywhere in the world. The law goes into effect on December 1, Bloomberg reports.

Latest statistics showed 95 percent of people filed  tax declarations electronically in 2013.

“The digital identity card of an e-resident can be issued to a person who has a connection with the Estonian state or a legitimate interest to use e-services of Estonia or provide digital signatures,” according to an explanatory letter accompanying the bill on parliament’s website.

The country aims to have 5,000 e-residents by 2020, it said.