Sunday, July 14, 2024

European Country Offering Residence Permit for International Residents

Malta, an island country in the Mediterranean, has become an attractive destination for entrepreneurs seeking a new home for their startup. In addition to its popular Golden Visa program, Malta now offers a Startup Residence Scheme, which provides eligible founders, co-founders, and core employees with a 3 year residence permit. This permit can be renewed for 5 years for founders and co-founders and 3 years for employees if the startup is still in operation and meets the program’s requirements.

Eligibility Requirements for the Startup Residence Scheme

To be eligible for the Startup Residence Program, an applicant must have:

  • A concrete intention to develop and/or expand their business in Malta.
  • They must be the founder or co-founder of an enterprise, which has been registered for not more than 7 years anywhere globally, including Malta.
  • The startup must not have taken over the activity of another enterprise.
  • It must not has yet distributed profit, and has not been formed through a merger.
  • The maximum number of co-founders of a startup eligible for the Startup Residence Program is six.
  • Founders and co-founders applying must live and work in Malta for the program’s duration.
  • The applicant must have recognized health insurance covering risks in Malta for themselves and their dependents.
  • They should be in possession of sufficient financial resources to support themselves and any other dependents within existing regulations.
  • The applicant must have no criminal record or pending criminal charges and does not pose any potential threat to national security, public policy, public health, or public interest.
  • The applicant must not have previously had applications for residence status or citizenship rejected in Malta or abroad.

Investment Criteria for the Startup Residence Scheme

For startups to be eligible for the Startup Residence Scheme in Malta, they must make a tangible investment or have paid-up share capital of at least €25,000 (around Rs 23 lakh). If there are more than four co-founders applying for the program, an additional €10,000 must be invested per additional co-founder.

Benefits of the Startup Residence Scheme

The Startup Residence Scheme offers numerous benefits to entrepreneurs.

  • It includes a long-term residence permit and the ability to apply for spouses, children, and other dependents to join them in Malta.
  • Participants in the program gain access to mentorship, networking opportunities, and potential funding from local and international investors.
  • Malta offers a competitive tax regime, efficient regulatory framework, and a skilled workforce, making it an attractive destination for businesses.
  • The processing time for the Startup Residence Scheme is typically around 90 days.

Eligible Business Verticals for the Startup Residence Scheme

The Startup Residence Scheme accommodates a variety of business types. It includes manufacturing, software, health, and other innovative businesses. Moreover, the program caters to other innovative economic activities facilitated by knowledge and technology. Moreover, the program enables sustainable industries and products not readily available in the market.

Other Residency Programs in Malta

In addition to the Startup Residence Scheme, Malta offers other residency programs, including

  • The Permanent Residence
  • Ordinary Residency
  • Global Residence
  • Nomad Residence Permit

Each program has specific eligibility requirements and benefits. However, the Startup Residence Scheme provides unique benefits for entrepreneurs seeking to expand their businesses in Malta.

Conclusion

Malta’s Startup Residence Scheme enables non-EU nationals to develop and grow their businesses. It provides access to grants, and loans. However, eligible applicants must meet specific criteria such as tangible investments and paid-up share capital, and start-ups must also meet certain requirements.

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