PayRay Bank is a bank specialising in business financing services with headquarters in Lithuania. A banking licence that allows lending and accepting deposits was issued to PayRay by the European Central Bank in 2019, at the suggestion of the Bank of Lithuania.
Established in 2018, the company operates in international markets, providing factoring solutions and other financing services. It has a branch in Latvia and plans to expand to other countries.
PayRay Bank has brought together a team of first-class finance professionals and built an experienced international board of advisors.
PayRay Bank is focused on small and medium-sized businesses, enabling them to stabilise their working capital and improve performance through the services it offers. The defining features of its services are flexibility, fast decision-making, and close attention to clients’ needs as well as the nature of their business.
PayRay Bank continues to expand its portfolio of financing services, currently offering account financing and business loan services and having signed cooperation agreements with the European Investment Fund, INVEGA (a financial entity incorporated by the State of Lithuania), and other organizations.
About the country
Lithuania, the southernmost and largest state in the Baltic States, is a semi-presidential democracy that has been independent since 1990. Like the rest of the Baltic States, Lithuania has had a strong political and economic orientation towards Europe since independence and has been a member of the European Union (EU) since 2004 and part of the euro zone since 2015. Lithuania’s economic growth is stable and its public debt is very low by European standards. Due to its geographical location and long history, Lithuania is culturally characterised by a variety of different influences.
Deposits are fully protected for amounts up to EUR 100,000 per customer by the Lithuanian Deposit Guarantee Scheme, backed by the Lithuanian state. This protection covers the deposits of all individuals, not just those of Lithuanian citizens. Further information about the Deposit Guarantee Scheme in Lithuania can be found at http://www.iidraudimas.lt/en
All Member States of the European Economic Area have agreed to improve their protection of savers and therefore to harmonise the minimum requirements for national deposit insurance schemes (Directives 94/19 / EC, 2009/14 / EC and 2014/49 / EU). Among them, the payment modalities, the payout period and other important points are uniformly regulated at a high standard throughout Europe.
Tax process and documents
As a private investor, your interest income is subject to taxation in your country of tax residence. You must declare the interest income in your tax return in Lithuania and a withholding tax of 15% is being levied on interest income above €500 in a tax year. All necessary documents will be provided to you on time.
The interest payment is made once at the end of the term of the investment and no tax is being withheld by the Bank at the point of payout.
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