By Kenneth Camilleri
The Malta Startup Residence Programme (MSRP) is part of the country’s government initiative “Start in Malta” and operates in collaboration with Malta Enterprise and the Residency Malta Agency.
The MSRP is a residency by investment (RBI) program that aims to attract foreign nationals by offering a renewable three-year residency permit in exchange for innovative business investments.
This program is ideal for entrepreneurs who wish to launch and scale-up an innovative business in an English-speaking jurisdiction.
KEY APPLICATION CRITERIA OF MALTA’S STARTUP RESIDENCE PROGRAMME
Applications will be reviewed according to three aspects:
- Business plan
- Degree of innovation
- Business viability
Other requirements include:
- A tangible investment and/or paid-up share capital of at least 25,000 euros.
- Startups with up to six co-founders can apply for the MSRP. If more than four co-founders apply, for the residence permit, an additional 10,000 euros in share capital will need to be added for each additional co-founder. At least one non-EU co-founder must be registered as an employee.
- The startup may not have been registered in any country for more than seven years.
Beneficiaries must demonstrate:
- Tangible presence by living and paying taxes in Malta.
- Applicants and their dependants must hold health insurance and intend to reside in Malta for at least 183 days.
- Founders, co-founders, and core employees must possess sufficient funds to support themselves and any dependants.
WHY IS INNOVATION SO IMPORTANT FOR MALTA’S RBI STARTUP PROGRAMME?
Business innovation is at the heart of the MSRP. Eligible business projects must meet at least two of the following criteria:
1. Offer innovative products or services.
2. Generate income from multiple markets.
3. Use a new or improved process.
To be eligible, startups must operate in advanced manufacturing, software development, biotechnology, sustainable industries, or other innovative economic activities.
ELIGIBILITY CRITERIA FOR ENTREPRENEURS INTERESTED IN MALTA’S STARTUP OPTION
The MSRP is open to founders, co-founders, core employees, and immediate family members. Family members may include spouse, a defacto partner, minor children, and principally dependent adult children.
Also, applicants for this RBI program must be over 18 years of age, have no criminal record, be third-country nationals, excluding the European Union, the European Economic Area (EEA), and Swiss nationals, and be dedicated to developing and expanding their business in Malta.
In addition, core employees must show specialist skills to help start the business and be on a full-time contract of at least 30,000 euros.
KEY BENEFITS THAT DRAW INTEREST TO MALTA’S STARTUP VISA PROGRAM
Malta is a favorable business environment with English as an official language strategically located in Europe to target European, African, and Middle Eastern marketplaces. The island nation is a full member of the EU and Schengen Zone, so holders also gain visa-free access to Schengen for 90 days out of every 180 days.
The startup residence program, in particular, opens the door for entrepreneurs to launch their businesses in the EU Marketplace and offers long-term residency stability. Upon completion, co-founders and their immediate family members can renew their initial three-year permit for a further five years. Meanwhile, the startup's key employees can renew their residence permits for three additional years. After five years of residency, visa holders can apply for long-term residence.
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