Malta, an archipelago in the Mediterranean, has announced a “Startup Residence Program” for non-EU entrepreneurs.
This program is set to launch new entrepreneurial ventures, or scale up existing ones, using Malta as a base. The new Malta Startup Residence Program is intended for third country nationals who are willing to use Malta’s attractive and lucrative startup ecosystem for their highly innovative startup or upscale venture.
The Program grants a 3-year residence permit to founders, co-founders, core employees and their respective immediate family members. The permit may then be renewed for a further 5 years by founders and co-founders, and for a further 3 years by core employees, given that the business is still ongoing and on track, and that the applicants still meet the Program’s eligibility criteria. Malta is an ideal breeding ground for new businesses to flourish. Its strategic location and concentration of industry players and talent offer the right conditions for startups to launch, grow and scale up products and services.
The investment requirement for the Malta Startup Residence Program is a minimum of €25,000 (approx. $30,901) in a tangible investment or paid-up share capital. Beneficiaries of the Malta Startup Residence Program would need to have a tangible presence in Malta and pay taxes locally. After completing five years in Malta, beneficiaries will be able to apply for long-term residency.
Kurt Farrugia, CEO of Malta Enterprise, Malta’s economic development agency, co-managing the program with Residency Malta, is upbeat about this new proposition.
“Malta is building the ideal ecosystem for startups.”
“We boast a diverse economic landscape from high-end manufacturing to robotics, pharma, aviation, maritime, R&D, and medical devices, among others; a dedicated and talented workforce and a strong expatriate community who finds communication easy since English is an official language. This is not to mention that Malta is one of the safest and most beautiful countries to live and raise a family in Europe with a world-class healthcare service and an education system that is second to none.”
“The government is putting innovative startups at the heart of Malta’s economic vision. Malta Enterprise offers a dedicated package for startups, including grants, loans, and other non-dilutive assistance that can significantly boost startups seeking early-stage financing. The Maltese Islands hosts booming industries like financial services, fintech, i-gaming, digital games, life sciences, pharma, R&D, maritime, aviation, and other niche sectors such as medical cannabis, AI, Internet of Things, cyber security and big data.
The country constantly scores high on stable credit ratings and positive forecasts. Although small in size, Malta’s connections are not limited to the EU’s single market but extend to African and Middle Eastern markets. Its size also makes it the ideal test base for new products and services since it is also a fully developed market.
Charles Mizzi, CEO of Residency Malta, the agency which grants the residency permits said:
“This initiative offers founders, co-founders and core employees of highly innovative startups the peace of mind that comes with a medium-term residency permit, as this enables entrepreneurs to fully focus on their business.”
Mitzi added, “Our other offering is Malta, an archipelago in the Mediterranean is a country that has a lot to offer. From a year-round climate to rich history and heritage, hospitable people, top-notch education and world-class health services, beneficiaries of this Program and their families can feel safe and at ease from the moment they land.”
More information about the Malta Startup Residence Program may be found at startup.residencymalta.gov.mt.
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The sunny islands of Malta, in the middle of the Mediterranean Sea, are home to a most remarkable concentration of intact built heritage, including the highest density of UNESCO World Heritage Sites in any nation-state anywhere. Valletta, built by the proud Knights of St. John, is one of the UNESCO sites and the European Capital of Culture for 2018. Malta’s patrimony in stone ranges from the oldest free-standing stone architecture in the world, to one of the British Empire’s most formidable defensive systems, and includes a rich mix of domestic, religious and military architecture from the ancient, medieval and early modern periods. With superbly sunny weather, attractive beaches, a thriving nightlife and 8,000 years of intriguing history, there is a great deal to see and do.
For more information on Malta, go to visitmalta.com.
SEEN IN IMAGE: Valletta Skyline – image courtesy of Malta Tourism Authority
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