Malta has recently launched a residency programme for innovative startups. Residency Malta, in partnership with Malta Enterprise launched the Startup Residency Programme late last year, with the aim of attracting non-EU entrepreneurs and their families to establish a presence on the island. As the agency responsible for issuing residence permits, Residency Malta collaborates closely with Malta Enterprise, the government’s economic development agency, which plays a pivotal role in evaluating the business blueprint and acts as the primary point of contact for startups and scale-ups aspiring to establish innovative operations.
Malta Enterprise gives added value to the Programme by offering specifically designed financial support schemes, further enhancing the Programme’s appeal. Beneficiaries receive a medium-term residence permit valid for up to 8 years, giving them the opportunity to comfortably settle in Malta whilst facilitating their focus on launching and nurturing their businesses.
Up to €800,000 in funds are available to new startups, and €200,000 for go-to-market or high value adding projects, with tailor-made support, consultancy, and development opportunities on offer. As a full member of the European Union, Malta provides an unparalleled opportunity for innovative entrepreneurs and their startups to establish themselves and expand into the region. The island nation was ranked 21st globally in the 2022 Global Innovation Index by the World Intellectual Property Organization (WIPO).
Tailored to attract non-EU entrepreneurs of innovative startups, the Programme is a unique opportunity and the settlement plan is open to founders, co-founders, core employees and immediate family members. The Programme offers beneficiaries business and family stability as well as the opportunity to attract and retain international talent and reach business contacts around Europe with visa-free access to Schengen countries for 90 out of a rolling 180 days.
Commenting on the opportunities provided by the Startup Residence Programme, Charles Mizzi, CEO of Residency Malta said, “Malta is in a perfect position to attract and develop startups from around the world intent on purpose-led projects in Europe, Africa, or the Middle East. Our position in the Mediterranean makes us the gateway to the EU and MENA. This, combined with Malta’s business-friendly environment and the two-fold considerations for both family and startup development creates a truly unique opportunity for entrepreneurs.”
Outside of the unique opportunities available for startups, entrepreneurs and their families can enjoy Malta’s rich history and culture, along with its progressive, cosmopolitan lifestyle. Nestled in the Mediterranean, the island nation sits off the Italian coast and has over 230 connections by sea and air to Europe, the Middle East, and Africa. With top-tier education options and a focus on innovation and entrepreneurship, the island boasts one of the fastest-growing economies in Europe. Over the years, Malta has seen an increase in expatriates, with these making up 30% of the working population.
Applications for the Programme are open. Eligible startups must be committed to establishing themselves in Malta, and be engaged in one of these industries:
- high-end manufacturing;
- industrial services analogous to manufacturing;
- software development;
- life sciences, medtech, biotech and pharmaceuticals;
- blue, green and sustainable industries;
- other innovative activities with novel processes,
- services or products not readily available in the market.
The full eligibility criteria, other requirements and considerations can be found at: https://startup.residencymalta.gov.mt/eligibility/
