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[RESIDENCE] MALTA LAUNCHES STARTUP RESIDENCE PROGRAMME

The Malta Startup residence programme has been officially launched by the Minister for Environment, Energy and Enterprise on the 13th of October 2022 during a start-up festival organised by Malta’s Economic Development Agency – The Malta Enterprise.

This residence program aims to attract entrepreneurs originating from third countries to use Malta as their operational base. The programme will allow founder, co-founders, core employees and their dependants to reside in Malta.

Third Country nationals looking to relocate under the Malta Start-Up Residence Permit program will be required to demonstrate a successful entrepreneurial track record with a solid business plan and intended commercial purpose.

The founders and co-founders as well as their immediate family dependents will be eligible to apply for a three-year residency permit. After the expiration of three years, they will be able to renew residency for another five years. Core employees who earn more than €30,000 a year can renew it for a further three years.

The MAIN ELIGIBILITY CRITERIA are the following

  • The individual/s applying for this programme must have a concrete intention to develop or expand their startup business in Malta.
  • If the start-up enterprise is already existing, such enterprise should not have been existing for more than seven (7) years. Addition the existing enterprise must satisfy the following conditions:
    • The enterprise has not taken over the activity of another enterprise
    • The enterprise has not yet distributed profit
    • The enterprise has not been formed through a merger
  • A co-founder would be one of the first entrepreneurs to have set up a start-up. This would also be reflected in the market cap table. In case of a dispute as to whether the individual would be a co-founder, reference will be made to the market cap table until the second year to determine that the co-founders had a significant stake in the registered entity. In addition, proof as to whether the co-founder would have served as a director and/or had a legal representation of the company, together with other duties related to the company, might be requested.
  • The programme is not applicable for third country national originating from the following high-risk countries: Afghanistan, North Korea, Iran, the Democratic Republic of Congo, Somalia, South Sudan, Sudan, Syria, Yemen and Venezuela are ineligible.
  • A founder, co-founder or core employee applying under this programme must at least be 18year old
  • The startup in Malta shall be required to place a tangible investment of at least 25,000 euro which could be invested as paid-up share capital in an incorporated start-up. In a case where more than four (4) co-founders apply for the Start-up Residence Permit, an additional €10,000 needs to be placed for each additional co-founder. The maximum number of co-founders eligible for the Start-up Residence Programme is six.
  • The founder and/or co-founders benefitting from this programme need to have a physical and tangible presence in Malta. Not only from a business point of view but also in terms of living in Malta. Thus, those benefitting need to be living and paying their taxes in Malta.
  • Applicants should have a recognised health insurance covering risks in Malta for themselves and dependants.
  • Applicants should be in possession of sufficient financial resources in their bank account to support themselves and any other dependents within existing regulations.
  • Applicants should 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.
  • Applicants must not have previously had their application for residence or citizenship rejected in Malta or abroad
  • Applicants should prove by way of supporting documentation that they have a legitimate source of wealth.

Our team of advisors can assist you to apply for this residence scheme. FF International provides a wide spectrum of services including advisory, residence, tax and compliance services.

For further information, please contact:

Franco Falzon C.P.A. LL.M (Managing Director) or Olga Ivanova LL.M (Corporate & Legal)

E: info@ffinternational.com.mt

T: +356 2010 7771 (office)

M: +356 9989 5679 (mobile)

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