Malta’s Enterprise Minister, Miriam Dalli, officially launched the Malta Startup Residence Programme (MSRP) yesterday.
The new programme is designed to attract investment from third country nationals and offers a renewable three year residency permit for startup founders, their family members and key employees of the startup.
Applications for the MSRP will be vetted based on the business plan, degree of innovation and business viability of the startup. Startups with up to six co-founders are eligible to apply for the MSRP, as long as the startup has not been registered for more than seven years in any country.
The main conditions to apply include:
- Eligible business activities include manufacturing and similar industrial services, software development, biotechnology, pharmaceuticals, eco startups in sustainable industries, and innovative economic activities.
- Eligible business projects must propose products or services which are new and innovative compared to complementary products, have the potential to generate income from various geographical markets, or utilise process that is new or substantially improved compared to those adopted in the current market.
- The new incorporated startup in Malta is required to place a tangible investment and/or paid-up share capital of at least €25,000. In the case where there are more than four co-founders applying for the residence permit, an additional €10,000 in share capital each will need to be added.
In addition, beneficiaries under the MSRP need to demonstrate tangible presence by living and paying taxes in Malta.
After the initial 3 year permit, startup founders and their immediate family members have the option of renewing the residency for another five years.
Key employees of the startup, earning more than €30,000 annually, will be able to renew the residence permit for another three years.
Investors, having resided legally in Malta for more than five years can apply for long-term residency.
The Malta Startup Residence Programme is a part of Malta’s government initiative, ‘Start in Malta’ and works in conjunction with Malta Enterprise and the Residency Malta Agency.
For more information about the Malta Startup Residence Permit, please contact us.