Requirements for Residency by Investment in Organic Farms in Madagascar
Introduction
Madagascar, an island nation off the coast of East Africa, has introduced a Residency by Investment (RBI) program that offers foreign investors the opportunity to obtain permanent residency by investing in organic farms. This program aims to promote sustainable agriculture, attract foreign investment, and boost the country’s economy.
Eligibility Requirements
To qualify for the RBI program through organic farm investment, applicants must meet the following eligibility criteria:
- Age: Be at least 18 years old.
- Financial Investment: Invest a minimum of USD 500,000 in an organic farm project in Madagascar.
- Business Plan: Submit a detailed business plan outlining the investment project, including the proposed farm location, crops to be grown, and market strategy.
- Experience: Demonstrate experience in agriculture or a related field.
- Good Character: Provide proof of good character, including a clean criminal record.
- Health: Be in good health and provide a medical certificate to prove it.
Investment Requirements
The investment must be made in an organic farm project that meets the following requirements:
- Organic Certification: The farm must be certified as organic by a recognized international certification body.
- Size: The farm must have a minimum size of 10 hectares.
- Location: The farm must be located in an area designated for agricultural investment.
- Employment: The investment must create at least five permanent jobs for Malagasy citizens.
Benefits of Residency
Successful applicants will obtain permanent residency in Madagascar, which offers several benefits, including:
- Right to Live and Work: The right to live and work in Madagascar indefinitely.
- Tax Incentives: Tax incentives for investment in agriculture.
- Access to Education and Healthcare: Access to public education and healthcare systems.
- Visa-Free Travel: Visa-free travel to select countries.
- Pathway to Citizenship: After a certain period of residency, investors may apply for Malagasy citizenship.
Application Process
To apply for the RBI program through organic farm investment, applicants must follow these steps:
- Submit Application: Submit a completed application form along with supporting documents to the Economic Development Board of Madagascar (EDBM).
- Due Diligence: EDBM will conduct due diligence on the applicant, including background checks and financial verification.
- Approval: If the application is approved, the investor will receive a letter of approval and instructions on how to proceed with the investment.
- Investment: Make the required investment in the organic farm project.
- Residency Card: Once the investment is verified, the investor will receive a permanent residency card.
Timeline
The application process typically takes 3-6 months. Once the investment is made, the residency card will be issued within 30 days.
Conclusion
The Residency by Investment program in Madagascar offers a unique opportunity for foreign investors to contribute to the country’s sustainable development while obtaining permanent residency. By investing in organic farms, applicants can promote sustainable agriculture, create jobs, and gain access to the benefits of living and working in Madagascar. The program is designed to attract responsible and experienced investors who are committed to making a positive impact on the island nation.