Estonia – GVT Foreign Investment Permit

Estonia – GVT Foreign Investment Permit

On 19 May 2023, EST GVT issued draft procedure for permit application.

  • EST GVT issued draft bill on procedures of Foreign Investment Commission and procedure for submitting application for a foreign investment permit, for consultation.

Permit Application

  • Draft regulation on procedure for submitting an application for a foreign investment permit establishes list of documents to be attached to application, procedure.
  • Application requirements include: description of foreign investment; value of foreign investment; schedule of the transaction and planned time of completion.
  • Source of financing; description of business strategy of foreign investor in connection with the foreign investment; data on financial capacity of foreign investor to ensure continuity, proper functioning of target company / part of target company.
  • Participation of acquirer of participation / control, ultimate controlling entity in share capital of target company and rights, votes acquired before / as result of transaction.
  • Explanation of whether the size of stake and the rights and votes belonging to the acquirer enable effective participation in the management of the association.
  • Application of concentration control on the basis of regulation 139/2004 on control of concentrations between undertakings, or in an EU member state; application of another assessment or permit procedure in another EU member state or third country.


  • Consultation on draft regulation closes on 9 June 2023.