Starting this December citizens of foreign countries are able to apply for a digital ID card of e-resident of Estonia for just 50 euros. It will be necessary to personally visit a service bureau of the Police and Border Guard Board in Estonia twice: first time for personal identification and second time to receive the document proper. As early as next year it will likely be possible to apply for e-residency in foreign representations of Estonia.
Possible practical application
E-residency offers non-residents of Estonia a possibility to use digital environment: sign digital documents, establish companies, apply for licenses and do many other things. Upon establishing a company the next steps usually involve opening a bank account and applying for a VAT number. However, Estonian banks are not yet prepared to offer services to e-residents (due to restrictions imposed by the Money Laundering and Terrorist Financing Prevention Act.
It is possible that in foreseeable future e-residency will allow making transactions using the digital environment. Until then selling or buying shares e-residents are at the same disadvantage as Estonians outside Estonian territory. Selling shares of limited liability companies through the Internet is currently only possible for shares registered with the Estonian Central Register of Securities.
Apply for e-Residency here