Renewal of the State-Owned Immovable Property

The State-owned immovable property may be renewed when it fails to meet the State-owned property manager’s requirements in performing the appointed State functions.

The renewal process of the State-owned immovable property includes reconstruction of the already existing State-owned property or acquisition of new immovable property (by purchasing, constructing, etc.). The latter option is chosen when reconstruction of the available property is inexpedient.

The renewal process of the State-owned immovable property is regulated by the Republic of Lithuania Law on the Management, Use and Disposal of State and Municipal Property and other secondary legislation.

The role of the Ministry of Finance in the renewal process of the State-owned immovable property is the formation and implementation of the State policy in this area. The administration and coordination of the State-owned immovable property renewal process is carried out by the State enterprise Turto bankas (Administrator of the State–owned immovable property renewal process).

For additional information please refer to:

  • Assets Management and Renewal Coordination Division of the Ministry of Finance, phone: +370 5 219 9387
  • Immovable Property Department of Turto bankas, phone: +370 5 268 4927

Other informacion: State enterprise Turto bankas

The responsibilities of the Ministry of Finance:

  • to develop and assist in the development of the legislation regulating the State-owned immovable property renewal process;
  • to examine and discuss the issues on the State-owned immovable property renewal;
  • to submit the draft List of State-owned Immovable Property under Renewal, developed by State enterprise Turto bankas, to the Government for its approval;
  • to supervise the activities of Turto bankas related to the administration and coordination of the State-owned immovable property renewal process.

The responsibilities of the State enterprise Turto bankas:

  • to develop the draft List of State-owned Immovable Property under Renewal and present it to the Ministry of Finance;
  • to enter into agreements on the State-owned immovable property renewal with the State-owned property managers and the State budget appropriation managers (in case the State-owned property manager is not the State budget appropriation manager);
  • to manage, use and hold disposition of the renewable State-owned immovable property transferred to the Turto bankas in accordance with the agreements entered into with the State-owned property managers and the Sate budget appropriation managers (in case the State-owned property manager is not the State budget appropriation manager);
  • to auction off the State-owned immovable property, which fails to meet the State-owned property managers’ requirements in performing the State functions appointed and the piece of land assigned thereto, unless the existing laws provide otherwise;
  • to purchase new immovable property;
  • to perform customer’s (contracting authority’s) functions, when the State-owned immovable property is reconstructed or newly constructed;
  • to borrow the funds necessary for the State-owned immovable property renewal, if there is a lack of the funds collected from selling of the State-owned immovable property, which failed to meet the State-owned property managers’ requirements in performing the State functions appointed;
  • for the performance of the aforementioned procedures the Turto bankas is granted the remuneration.

Other informacion: State enterprise Turto bankas

Last updated: 20-08-2015