The new Startup Residence Scheme, which intends to draw many foreigners to the nation, will allow entrepreneurs from poor nations to obtain residency in Malta and even permanent residency.
According to sources, this scheme provides founders, co-founders, core staff, and their immediate families with three-year residence permits.
As long as they meet the requirements and the business is still operating, the permit can then be extended for an additional five years by the founders and co-founders, as well as for an additional three years by all core workers.
Details of the scheme
Foreigners must invest at least €25,000 (approximately $30,901) in a paid-up share capital or tangible investment to be eligible for this program. Those who wish to participate in this scheme must travel to Malta and pay local taxes.
Nationals from developing countries will be able to apply for long-term residency after living in the country for five years.
At the same time, third-country nationals considered to meet all the requirements for this scheme will not be obliged to apply for a visa in advance following the issuance of the Letter of Approval in Principle.
What they said
Kurt Farrugia, CEO of Malta Enterprise, the country’s economic development agency, welcomed the new program and stated that the Maltese government is putting innovative startups at the heart of the country’s economic vision.
One of the duties of the Malta Enterprise is to officially approve the business plans of these startups to enable them to become eligible. A rejection, however, can come up when the business activity is not in line with the requirements of the local National FDI Screening office will not be eligible.
In putting innovative startups at the heart of Malta’s economic vision, Farrugia states,
- “These immigrant founders will receive a specialized package for their businesses, which will include grants, loans, and other non-dilutive assistance which can significantly boost startups seeking early-stage financing”
Charles Mizzi, CEO of the agency that grants residency permits also states,
- “Residency Malta believes that the initiative provides founders, co-founders, and core employees of highly innovative startups with the peace of mind that comes with a medium-term residency permit, allowing entrepreneurs to focus entirely on their business.”
About the Maltese Islands
Malta is an archipelago located in parts of Southern Europe located between Italy and Libya. The country of Malta became independent from Britain and joined the Commonwealth in 1964 and was declared a republic in 1974. It was also admitted to the European Union (EU) in 2004.
Malta ranks 27th on the list of the richest countries. Also, the inflation rate in Malta in 2021 was around 1.50%.
As the CEO of Malta Enterprises puts it, “The Maltese Islands is home to thriving industries such as financial services, fintech, digital games, i-gaming, life sciences, pharma, R&D, maritime, and aviation, as well as other niche sectors such as artificial intelligence, the Internet of Things, cyber security, and big data”.
More opportunity for Nigerians to consider migration
This Startup Residence Scheme can be seen as a good alternative to the Malta Golden Visa program for the average Nigerian. This is because, unlike the Malta Golden Visa scheme which is more pricey, the startup visa costs a fraction of that.
With this startup scheme being more affordable, many startup founders can take advantage of this as it covers not just the founder of the startup, but his co-founder(s), core employees, and even their families which is quite unlike other schemes currently available.
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