e-Residency of Estonia (also called virtual residency or E-residency ) is a program launched by Estonia on 1 December 2014. The program allows non-Estonians access to Estonian services such as company formation, banking, payment processing, and taxation. The program gives the e-resident a smart card which they can use to sign documents. The program is aimed towards location-independent entrepreneurs such as software developers and writers.
E-residents will have their financial footprint monitored digitally, in a manner stated to be transparent; the reaction to the widespread financial misbehaviour at high level revealed by the Panama Papers leak was suggested to be a factor helping the more transparent Estonian initiative according to Korjus. E-residency itself does not have an effect on income taxation — neither does it establish an income tax liability in Estonia nor does it relieve from income taxation in the resident’s home country.
E-residency allows company registration, document signing, encrypted-document exchange, online banking, tax declaration, and fulfilment of medical prescriptions. Other services become available as the scheme is expanded. A digital ID smart card issued by the Estonian Police and Border Guard Board in Estonia or at an embassy is used for access to services.
E-residency is not related to citizenship and does not give the right to physically enter or reside in Estonia.
Wikipedia contributors. (2019, June 28). E-Residency of Estonia. In Wikipedia, The Free Encyclopedia . Retrieved 20:15, July 1, 2019, from https://en.wikipedia.org/w/index.php?title=E-Residency_of_Estonia&oldid=903865999