E-residency rapidly gaining popularity

According to figures released by Ministry of Economic Affairs, as of July, 3,816 applications have been submitted by people wishing to claim e-residency in the country. This is almost double the initial target of 2,000 officials hoped would sign up before the end of 2015.

“This is a new and important market for our businesses,” Kristen Michal, the minister of economic affairs, said. “For example, if we get 30,000 e-residents, it could bring an estimated €60 million.”

“This is the Estonian e-government’s best investment opportunity that must not be missed,” he added.

So far people from Finland, Russia and Ukraine have submitted the most applications.

E-residency is a virtual residency close to the status of permanent resident status, which may be acquired by persons who don’t reside in the country.

They will gain access to a government-issued secure digital identity that gives foreigners the opportunity to use e-services, which traditionally have been open only to local residents.

Well-known e-residents of Estonia, who have already signed up, include British journalist Edward Lucas, Japan’s Prime Minister Shinzo Abe and the head of Swedbank, Michael Wolf.