Property Private citizens are allowed to own land. Lithuania has upgraded intellectual property rights protection codes to meet Western standards. However, enforcement mechanisms as well as copyright law and amendments to criminal and civil codes are lacking. While land cannot be sold to foreigners, it can be leased for up to 99 years. In order to become a member of the European Union, Lithuania would have to rescind prohibitions on foreign private land ownership.
Individuals can structure their property holdings as they choose.
To Participate In The Private Economy Women or ethnic minorities are not foreclosed from occupations or certain types of businesses. There are no limits on minorities or women holding or transferring property. The Bank of Lithuania Law and the Commercial Banking Law, both passed in December 1994, establish the legal basis of the banking system and brought regulatory standards closer to European Union requirements. But while the legal framework for a market economy is in place, financial and legal structures and the judicial system have yet to fully catch up with the exigencies of a free enterprise system in such areas as bankruptcy, tax policy, regulatory enforcement, and procedural mechanisms. Corruption is widespread and organized crime engages in activities from money laundering to smuggling narcotics, oil and arms.