Getting residency in foreign countries can be very difficult. The difficulty is increased tenfold if you’re trying to do this while setting up a business of your own. To make the process easier, the Maltese government has launched a scheme in order to encourage young and budding entrepreneurs to set up their own businesses in the country. It is called the Startup Residence Scheme and here’s all you need to know about it.
Malta’s Startup Residence Scheme
In order to encourage the economic growth of the country, Malta is offering the Startup Residence Scheme. This scheme allows entrepreneurs who are nationals of third countries, to apply for residency in Malta. For those who may not know, third-country nationals are those people who do not belong to any of the member countries in the European Union or EU.
Simply put, this means that those who want to set up their own business in Malta can apply for residency in the country even if they don’t belong to EU member nations. Founders, co-founders, as well as core employees of the business and their family members can take advantage of this scheme.
Eligible applicants will receive an initial three-year residency in the country. After the initial three years, if the applicants are officially approved, they can apply for an extension. Approved founders and co-founders and their family members will get an extension of five years while the core employees will get an extension of another three years.
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Other Important Details About The Program
According to schengenvisainfo.com, those who have been in Malta for more than five years, are eligible to apply for a long-term residency. However, there is, of course, a precondition to avail this program. Applicants will have to make an investment of €25,000 or ₹22,51,425 in share capital that is paid up or in tangible investment.
They will also have to pay taxes locally and will have to travel to Malta. Applicants, in order to get the extension of residency, will also need to prove to the officials that their business is still ongoing and is sufficiently sustainable.
Failing to do so might mean that they will not receive the residency and will, thus, be forced to go back to their country.
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First Published: April 13, 2023 11:14 AM