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.
For the transformable visa (at embassy/consulate):
(Note: a short-stay tourist visa cannot be converted into a long-stay visa.)
For long-stay conversion (at EDBM):
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: The transformable visa at the Madagascar embassy in Paris takes about 3 business days from receipt of a complete file. For the in-country conversion via EDBM, a notification letter authorizing fee payment is issued within roughly 7 to 10 days of submission, with the biometric resident card and visa issued within approximately 72 hours after payment — the total process from arrival to issuance is about one month.
Fees: The transformable long-stay investor visa applied for at a Madagascar embassy or consulate carries a €100 non-refundable government fee. The long-stay visa transformation right paid in Madagascar is MGA 140,000, with tiered resident card fees payable after the EDBM notification letter. Fees are indicative and may be revised by the annual finance law (most recently the Loi de Finances 2026).