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Non-European residents who launch a startup in Malta will be able to apply for a three-year residence permit. This was stated by the Minister of Entrepreneurship of Malta Miriam Dalli at the opening of the Maltese Startup Festival.
Advantages. Beneficiaries of the scheme will be guaranteed long-term stability of business and family thanks to three years of residence, as opposed to the need to renew a residence permit every year. They will also have the opportunity to extend their stay for another five years while the startup is still active and applicants continue to meet the eligibility conditions.
The main employees of the startup, earning more than €30,000 per year, can also extend their residence permit for a period of three years. And after five years of legal residence in Malta, beneficiaries can apply for long-term residence.
Conditions. Dalli explained that the government wants to turn Malta into a startup hub, but she warned that only the best and most innovative enterprises will be considered.
In fact, Malta Enterprise will check the viability of the applicant's business and monitor the economic progress of the approved projects. Due diligence regarding the source of wealth will be further guaranteed by the Residency Malta agency.
Of course, there are strict conditions that founders and enterprises must comply with if they plan to apply for participation in the scheme.
For example, a registered startup must place tangible investments or paid-up authorized capital in the amount of at least €25,000. If more than four co-founders apply for a residence permit, then you need to pay an additional €10,000 each.
Beneficiaries of this program must also live and pay taxes in Malta.
Exceptions. Third-country nationals from Afghanistan, North Korea, Iran, the Democratic Republic of the Congo, Somalia, South Sudan, Sudan, Syria, Yemen and Venezuela are not eligible to participate in the program.
Source: Lovin Malta
Photo by Karl Paul Baldacchino on Unsplash
