Malta launches the Start-up Residence Programme
The Government of Malta has launched a new residency programme targeting non-Europeans who want to bring their start-up businesses to Malta. Through this programme, they can now benefit from a three-year residency permit for themselves and their immediate family members.
Founders of start-ups will also be able to renew their residency permit for another five years, while core employees (earning more than €30,000 a year) will be able to renew it for a further three years. After five years of legally living in Malta, they can apply for long-term residency.
Due diligence will be carried out on potential applicants to ensure that only the best and most innovative businesses are considered. The initiative would provide entrepreneur-hopefuls with the opportunity to bring their ideas and technology to a European market with access to the rest of the world.
To meet the definition of a start-up, applicants would need to ensure their enterprise has not been registered for more than seven years. The start-up is also required to place a tangible investment or paid-up share capital of not less than €25,000. In cases where more than four co-founders apply for the residence permit, an additional €10,000 each needs to be placed. In any case, the maximum number of co-founders eligible for the start-up residence programme is six.
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Date: 14th October 2022