The Malta Start-Up Residence Program (MSRP)
Presently over 25% of individuals currently working in Malta are coming from all around the world. As relocation programs in Malta are increasing in popularity, the Government has launched a new program primarily focused on Start-Ups. This is entitled the Malta Start-Up Residence Program.
The Residency Start-Up Program focuses on increasing the country’s attractiveness among non-European Union countries.
The Start-Up programme focuses on, and grants residence permits to applicants after that an individual can apply for a 3-year residence permit, with the possibility to extend it to additional 5 years.
During this time, all applicants granted residency will be able to live and work in Malta. This program is directed towards innovative individuals as well as scale-ups. The intention is to support the whole process of immigration for core employees, company founders as well as their families.
The requirement set by the Government is that the individual is present in Malta living and paying taxes on the island.
What are the eligibility and requirements for the Malta Start-Up Residence Program?
The following criteria must be satisfied for the individual to be able to access the programme:
- They need to be willing to develop and build up their business in Malta;
- They need to be a founder or co-founder of an enterprise, which is registered not more than 7 years globally (that would include Malta), the enterprise would need to meet the following criteria:
- It did not take over the activity of another company
- It was not structured by a merger
- It has not dispensed a profit
- The co-founder would have to be the starter of the Start-Up Program, however only the second year of the enterprise would determine if the co-founder has a significant stake in the company.
- The co-founder also must be registered in the company as an acting director or a legal representative – the proof will be requested by the authorities
Eligibility of the program is focused on the third county nationals excluding: Afghanistan, North Korea, Iran, the Democratic Republic of Congo, Somalia, South Sudan, Sudan, Syria, Yemen and Venezuela. (This list may be amended from time to time)
Also nationals of the EU, EEA and Swiss are excluded from the Start-Up program.
- All applicants (including directors, founders and employees) must be 18 years or older.
- €25,000 investment capital is required unless there are four or more investors (co-founders) applying for the Start-Up
Residence Permit, where an additional €10,000 per co-founder will be required.
- A Maximum number of co-founders eligible for the program is 6.
- Health Insurance covering company for all applicants including their dependents.
- Bank statements to prove that sufficient financial resources are provided to support the applicants and their dependents.
- The applicant has no criminal record and does not pose any threat to national security, public health and interests, which would also include any pending criminal charges.
- Applicants must prove they have not been rejected by any other residency or citizenship program in the past, that includes Malta and other countries.
The Start-Up residency permit is issued for 3 years, which covers the initial residency period, and needs to be approved by Malta Enterprise and Residency Malta. Furthermore, the Program can be renewed for further 5 years providing the individuals have enough prove the enterprise is still in place and functioning. The founder and co-founder also need to remain eligible and always meet the criteria of the program itself.