Malta Start-Up Residence Permit Announced
During the Financial Budget for the year 2022, the Maltese Government announced a new directive amalgamating two core pillars of foreign investment: entrepreneurship and residency. This new programme, which will be regulated by the Malta Enterprise together with the Malta Residency Agency, shall facilitate foreign investment from countries outside the EU and diversify the market.
Highlights of the new Malta Start-Up Residence Permit
The Start-Up Residence Permit was announced by Finance Minister Clyde Caruana and it is intended for third-country nationals who want to relocate and set up in Malta, whilst also obtaining Maltese Residency. This means that non-EU investors will be able to relocate to Malta to, either start a new undertaking or continue investing in their existing businesses. Consequently, entrepreneurs are granted the incentive to expand their business engagement throughout the EU, as a Malta residence permit allows for visa free travel in the Schengen Area.
Although more detailed information is yet to be published, applicants to this programme will have to adhere to a set of conditions to be able to apply and relocate to Malta.
Having Malta as the home-base is major benefit for start-ups or growing businesses, considering the island’s strategic position in the Mediterranean, adaptable climate, and advantageous taxation.
Why Malta Start-Up Residence Permit is Beneficial for Non-EU Nationals?
This programme has recognised the need to cater for individuals who are not EU nationals and offer them a more flexible approach to settle in Malta and the possibility of extending their business throughout the European Union. Considering the strenuous global impact of the pandemic, this programme is an excellent opportunity for entrepreneurs and investors to consolidate and strengthen their businesses internationally.
