“The community of Estonian e-residents is truly global and unites nationals of 176 countries, each of whom is an ambassador of Estonia. Today, the number of e-residents is already slightly larger than the population of Tartu, meaning that e-residents form Estonia’s second-largest community. This special club represents a fascinating and unique diaspora, and shares similar values with Estonia’s international university town Tartu,” said Lauri Haav, director of the E-residence program. “Just as those who were born in Tartu or studied at Tartu University always remain connected to Tartu, also e-residents always carry a part of Estonia with them.”
In its eight years of activities, the e-residency program has brought Estonia more than 100 million euros in tax revenue and has become one of the foundations for Estonia’s international reputation as an innovative country. According to Haav, Estonia’s liberal economic environment, low level of bureaucracy and e-services are taken for granted by Estonians, but they continue to be unique in the world.
In line with the growth strategy approved this spring, the goal of e-residency program is that an increasing number of e-residents start their own business.
“Our main goal is not only to increase the number of e-residents, but to create functioning, tax-paying enterprises that create jobs,” added Haav. “Now we are focused on the promotion of opportunities of e-residency in Germany, Spain, and UK. Also, more and more Ukrainians find us as well. Together with the regulator, we also pay close attention to the background and motives of people applying for e-residency— only honest people engaged in transparent business are welcome.”
Currently, almost a third of e-residents register business in Estonia. In total, e-residents have established more than 22,000 companies with a total turnover of more than 10 billion euros. Every year, a fifth of all new companies and 28% of startups are set up with the participation of e-residents. E-resident companies have created more than 3,600 jobs in Estonia.
The total direct economic impact of the e-residency program on the Estonian state (tax revenues and state duties) now stands at more than 114 million euros. As a result of the successful implementation of the growth strategy of the e-residency program, the program’s total direct contribution to the Estonian treasury will increase by another quarter of a billion euros by the end of 2025. In addition, the program brings indirect income to the state also through the improvement of Estonia’s international reputation, as well as the growth in the number of Estonian companies serving e-residents and investments. In 2021, the direct economic income from the e-residency program for the state was estimated at 35.2 million euros.
E-residency contributes to strengthening Estonia’s reputation as an innovative digital country. During the entire history of the program, its coverage of Estonia in the international media has been valued at 385 million euros.
Regardless of whether you are already an Estonian e-resident or just decided to apply for an e-resident card, Wisor Group OÜ will help you to establish your company in Estonia. We also provide private tax consultation for non-residents when declaring income in Estonia. You can contact our specialist and get a quote as soon as possible.