Entrepreneurs from third countries will be able to get residency in Malta and even permanent residency through the new Startup Residence Scheme, which aims to attract a big number of internationals to the island.
According to an Eturbo News story, the new programme provides founders, co-founders, and core staff, as well as their immediate family members, with a three-year residence visa.
The permit can then be extended for another five years by the founders and co-founders, and for another three years by all core staff, provided they meet the requirements and the business continues to operate.
Foreigners must invest at least €25,000 (roughly $30,901) in a paid-up share capital or tangible investment to be eligible for this programme. Those who wish to participate in this system must fly to Malta and pay local taxes. Third-country nationals will be able to apply for long-term residency after living in the country for five years.
Kurt Farrugia, CEO of Malta Enterprise, the country's economic development agency, welcomed the new programme and stated that the government of Malta is putting innovative startups at the core of the country's economic ambition.
"Malta Enterprise provides a dedicated startup package that includes grants, loans, and other non-dilutive assistance that can significantly boost startups seeking early-stage financing." The Maltese Islands are home to thriving industries such as financial services, fintech, digital games, i-gaming, life sciences, pharma, R&D, marine, and aviation, as well as other specialty areas such as medicinal cannabis, artificial intelligence, the Internet of Things, cyber security, and big data," he said.
Charles Mizzi, CEO of the agency that grants residency permits, "Residency Malta," believes that the initiative provides founders, co-founders, and core employees of highly innovative startups with "the peace of mind that comes with a medium-term residency permit," allowing entrepreneurs to focus entirely on their business.
Companies whose business plans have not been officially approved by Malta Enterprise and whose business activity does not meet the requirements of the local National FDI Screening office will be ineligible for this programme.
At the same time, third-country nationals who are deemed to fit all of the requirements for this scheme will not be required to apply for a visa in advance after receiving the Letter of Approval in Principle.
Apart from the Startup Residence Scheme, Malta also has the Golden Visa Program, which allows wealthy foreign nationals to obtain residency in the country, and the Golden Passport Scheme, which allows internationals to obtain citizenship in Malta, despite the fact that these programmes have frequently been accused of being involved in illegal activities.
By fLEXI tEAM