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It gives long-term, renewable residence with broad rights to live and work, and easier movement within the EU.
A permanent (EU long-term) residence permit gives you the right to live in Lithuania on a long-term basis with broad access to work and study, and treatment closer to that of nationals in many areas. It is more stable than a temporary permit because it is not tied to a single employer or activity.
The EU long-term status can also make it easier to move to and settle in other EU member states under their rules. It is a common stepping stone toward eventual citizenship for those who later meet the naturalisation requirements.
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