The spread of the neo-liberal ideology internationally has encouraged increased marketisation of higher education systems right around the world. With marketisation promoting competition, efficiency and revenue generation, many countries have begun to recruit more foreign students. Higher education has moved towards becoming a profitable commodity to be traded internationally. Nowadays, also small countries are challenged to play a role in the international student market. The purpose of this article is to analyse the perspectives of key stakeholders in a small East European higher education system (Lithuania) on its ambitious internationalisation strategy to substantially increase the percentage of higher education enrolments taken by international students. The potential advantages and disadvantages of this strategy are examined and the implications for higher education institutions in small countries are discussed.