Malta has announced a
new rule for the startup Residence scheme which aims to attract more foreigners
to the country and also allow entrepreneurs from third-world countries to
become residents of the country.
Founders, co-founders, core workers, and their immediate families are eligible for a three-year residency permit under the new program. A further five years of permission may be renewed. Foreigners who invest at least €25,000 (about $30,901) in a paid-up share capital or tangible investment are eligible to take advantage of the program. Travel to Malta and pay local taxes if you want to participate in this scheme. Nationals of third countries will be able to apply for long-term residency after five years have passed.
Kurt Farrugia, CEO of
Malta Enterprise, the nation's economic development agency, welcomed the new
initiative and stated that the government of Malta is putting cutting-edge
startups at the center of the nation's economic vision.
"Malta Enterprise
offers a dedicated package for startups, including grants, loans, and other
non-dilutive assistance that can significantly boost startups seeking
early-stage financing. The Maltese Islands host booming industries like
financial services, fintech, digital games, i-gaming, life sciences, pharma,
R&D, maritime, and aviation, as well as other niche sectors such as medical
cannabis, AI, the Internet of Things, cyber security, and big data."
Charles Mizzi, CEO of
"Residency Malta," says the program gives founders, co-founders, and
core employees of highly inventive enterprises peace of mind so they can
concentrate on their businesses.
Malta provides the Startup Residence Scheme, which enables businesses with business plans that have not received official approval and with a commercial activity that does not comply with the standards of the local National FDI Screening Office to profit. Following issuing the Letter of Approval in Principle, third-country citizens who are thought to meet all conditions for this program will not be required to apply for a visa in advance. Additionally, Malta offers the Golden Passport Program and the Golden Visa Program, which both enable rich foreigners to achieve residency and citizenship in Malta, respectively. These programs are alleged to have engaged in illegal activity.
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