Non-Europeans Who Set Up Startups In Malta Will Be Granted Residency
Non-European residents who launch a startup on the island will be able to apply for a three-year residency.
Enterprise Minister Miriam Dalli launched the Malta Startup Residence Programme yesterday at a startup festival.
Beneficiaries of the scheme will be guaranteed long-term business and family stability through a three-year residency, as opposed to having to renew their residency permit every year.
They will also have the opportunity to extend their residence for an additional five years as long as the startup is still ongoing and the applicants continue to satisfy the eligibility terms.
Main employees who earn more than €30,000 a year can also renew their residency for a period of three years.
After five years of living legally in Malta, beneficiaries can apply for long-term residency.
Dalli explained that the government wants to turn Malta into a startup hub, however, she ensured that only the best and most innovative businesses will be considered.
In fact, Malta Enterprise will look into the applicant’s business viability and monitor the economic progress of approved projects. Due diligence on the source of wealth will further be guaranteed by the Residency Malta Agency.
Of course, there are strict terms that founders and businesses must abide by if they plan on applying for the scheme.
For instance, the incorporated startup is required to place a tangible investment or paid-up share capital of not less than €25,000. If there are more than four co-founders who apply for the residence permit, then an additional €10,000 each must be paid.
A start-up won’t be eligible if it has more than six co-founders.
The beneficiaries of this programme must also have a physical and tangible presence on the island, which means they need to be living and paying their taxes in Malta.
Moreover, the enterprise must not be registered anywhere else in the world for more than seven years, and it must ensure that it has not taken over the activity of another enterprise, has not yet distributed profit, and has not been formed through a merger.
Third-country nationals from Afghanistan, North Korea, Iran, Democratic Republic of Congo, Somalia, South Sudan, Sudan, Syria, Yemen and Venezuela are ineligible for the programme.
Home Affairs Minister Byron Camilleri, who couldn’t attend the launch due to overseas commitments, said this programme will generate more foreign investment, create new jobs and promote Malta as a “centre of excellence for startups”.
Do you think that this is a good move for Malta?
READ NEXT: American University Of Malta License Extended For Five Years
