Investor Visa

Madagascar's Investor Visa (Visa Long Séjour Investisseur) is a long-stay residence permit for foreign nationals who are shareholders, partners, or founders of a locally registered company. The program is administered by the Ministry of Interior through the Economic Development Board of Madagascar (EDBM), which operates as a one-stop shop for company registration and visa processing. The 2023 Investment Law explicitly codifies the investor visa category and exempts holders from the foreign professional identity card (CIPENS) requirement.

• Incorporate a company in Madagascar or acquire shares in an existing locally registered company
• No minimum capital investment threshold is legislated, but authorities assess genuine business operations at application and renewal
• Bank attestation from a Malagasy financial institution confirming available funds
• Company opening balance sheet or certified activity balance
• Criminal record extract from country of origin (less than 6 months old, translated into French)
• Valid passport with at least 6 months remaining validity

For the transformable visa (at embassy):

• 4 passport photos
• Statement of honor declaration
• Valid passport copy (6+ months validity)
• Completed application form
• Outbound flight confirmation and return ticket
• Company articles of association
• Statistical card and tax registration certificate (NIF)
• Declaration of existence and trade register extract (RCS)
• Bank attestation from a Malagasy bank

For long-stay conversion (at EDBM):

• 4 identity photographs
• Motivated request addressed to the Minister of Interior
• Honor declaration
• Passport copy
• Residence certificate from local Fokontany
• Foreign resident registration certificate from Préfecture de Police
• Company bylaws, statistical card, and NIF
• Bank attestation from a Malagasy financial institution
• Company opening balance sheet
• Criminal record extract (less than 6 months old, translated)
• Copy of transformable visa

The initial visa is valid for 1 year. Renewals follow a progressive schedule: 3 years, 5 years, 10 years, and eventually permanent residence. Renewal applications must be submitted at least 3 months before expiry and require updated tax filings, current bank attestation, filed financial statements with tax clearance, and proof of continued business activity. Naturalization is possible after 5 years of continuous residence, subject to integration requirements and knowledge of the Malagasy language.

Spouse and dependent children under 21 qualify for family reunification visas, with the duration matching the primary holder's authorization. Family reunification requires marriage or birth certificates, proof of the primary holder's residence, and accommodation proof. Dependants follow the same biometric enrollment process through EDBM.

Residents spending 183 or more days per year in Madagascar are taxed on worldwide income. Non-residents are taxed only on Madagascar-source income. Investors must obtain a tax identification number (NIF) and maintain current tax filings, including company financial statements and tax clearance certificates.

Holders may manage and operate their own company. Foreign employees within investor companies are limited to a maximum of 20% of total staff. Foreign nationals and foreign-controlled companies cannot own land directly but may enter 99-year renewable emphyteutic lease contracts.

The process begins abroad. The applicant first establishes a company through EDBM, which handles registration, statistical card issuance, NIF assignment, and trade register enrollment. Once the company is registered, the applicant obtains a one-month transformable visa at a Madagascar embassy or consulate (or a 72-hour boarding authorization if no diplomatic representation exists).

Upon arrival in Madagascar, the applicant has one month to submit the complete investor visa file at EDBM. After document verification and a morality investigation, a notification letter is issued authorizing fee payment. The biometric resident card and visa are then issued within approximately 72 hours of payment.

Processing time: Approximately 5 business days through EDBM; 15 business days through the Ministry of Interior directly.

Fees: Visa fees range from MGA 150,000 to MGA 250,000 depending on duration. Resident card fees range from approximately EUR 300 to EUR 838 depending on duration.