According to Eturbo News report, the new program grants a three-year residence permit to founders, as well as co-founders and core employees together with their immediate family members,SchengenVisanfo.com reports.

The permit can then be renewed for a further five years by founders as well as co-founders and for further three years by all core employees, provided they meet the requirements and the business is still ongoing.

In order to benefit from this program, foreigners are required to make an investment of at least €25,000 (approximately $30,901) in a paid-up share capital or tangible investment. Those who plan to become part of this scheme will need to travel to Malta and also pay taxes locally. After completing five years in this country, third-country nationals will be eligible to file an application for long-term residency.

CEO of Malta Enterprise, the country’s economic development agency, Kurt Farrugia, while welcoming the new program, said that the government of Malta is putting innovative startups at the heart of the country’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 host booming industries like financial services, fintech, digital games, i-gaming, life sciences, pharma, R&D, maritime, aviation, as well as other niche sectors such as medical cannabis, AI, Internet of Things, cyber security, and big data,” he said.

CEO of the agency which grants residency permits, “Residency Malta,” Charles Mizzi, has considered that the initiative offers founders, as well as co-founders and core employees of highly innovative startups, “the peace of mind that comes with a medium-term residency permit,” as it allows entrepreneurs to focus entirely on their business.

Companies where the business plans are not officially approved by Malta Enterprise and those where the business activity is not in line with the requirements of the local National FDI Screening office will not be eligible to benefit from this program.

At the same time, third-country nationals considered to meet all the requirements for this scheme will not be obliged to apply for a visa in advance following the issuance of the Letter of Approval in Principle.

In addition to the Startup Residence Scheme, Malta also offers Golden Visa Program, which allows wealthy foreign nationals to acquire residency in this country, and the Golden Passport scheme, permitting internationals to obtain citizenship in Malta, despite the fact that these programs have often been accused of being involved in illicit acts.

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