Entrepreneurs from third countries will be able to acquire residency in Malta and even acquire residency in this country thanks to the new Startup Residence Scheme which is trying to attract a large number of internationals to the country.
According to the Eturbo News report, the new program grants a three-year residence permit to founders, as well as co-founders and key employees and their immediate family members, SchengenVisanfo.com reports.
The permit can then be renewed for an additional five years by founders and co-founders and for an additional three years by all primary employees, provided they qualify and the business is still going strong.
To benefit from this program, foreigners must make an investment of at least €25,000 (approximately $30,901) in paid-up share capital or tangible investment. Those planning to participate in this program will need to travel to Malta and pay taxes there. After spending five years in this country, third-country nationals will be eligible submit an application for long-term residence.
Kurt Farrugia, CEO of Malta Enterprise, the country’s economic development agency, while welcoming the new program, said that the Government of Malta places innovative startups at the heart of the country’s economic vision.
“Malta Enterprise offers a dedicated startup package, including grants, loans and other non-dilutive assistance that can significantly boost startups seeking seed funding. The Maltese Islands are home to booming sectors such as financial services, fintech, digital gaming, online gaming, life sciences, pharmaceuticals, R&D, maritime, aviation, and others niche sectors such as medical cannabis, AI, Internet of Things, cybersecurity, and big data,” he said.
The CEO of the agency that issues residence permits, “Residency Malta”, Charles Mizzi, believed that the initiative offers founders, as well as co-founders and key employees of highly innovative startups, “the peace of mind that a medium-term residence permit provides,» because it allows entrepreneurs to concentrate entirely on their business.
Companies whose business plans are not officially approved by Malta Enterprise and those whose business activity does not comply with the requirements of the local national FDI control office will not be eligible to benefit from this program.
At the same time, third-country nationals considered to meet all the requirements of this program will not be required to apply for a visa in advance after the in-principle approval letter is issued.
In addition to the Startup Residence Scheme, Malta also offers the Golden Visa program, which allows wealthy foreign nationals to acquire residency in this country, and the Golden Passport program, which allows internationals to obtain citizenship in Malta, despite the fact that these programs have often been accused of being involved in acts illicit.