Madagascar investor visa: residence for Americans who own a stake in a Malagasy company
The 2023 investment law sets no minimum amount. The hard part is the order: the company, its bank account and its tax papers have to exist before you apply.
The fees are small: a $48.16 government fee at the embassy in Washington, then 292,500 ariary (about $67 at September 2026 rates) for a stay visa of three months to three years. What this route really costs is time and French-language paperwork.
Madagascar Investor Visa
For individuals investing in Malagasy businesses.
- Processing time
- ~10 days
- Timeline
- Duration of investment
- Difficulty
- Moderate
About that data card
Our record lists "Business plan" as a requirement. The embassy's investor file doesn't ask for one. It asks for proof the company already exists: its statutes, statistical card, current tax card, EDBM Declaration of Existence, trade register extract and a bank attestation from a bank in Madagascar, plus your birth certificate and a criminal record extract under three months old. The processing time shown fits neither step: TravelDocs lists 4 to 5 business days for the Washington visa, while one French relocation guide puts the in-country card at 45 to 150 days.
Who it's for
A visa for owners who plan to run something
Madagascar's 2023 investment law ties this visa to one thing: being a partner or shareholder in a local company. Sell your stake and your investor status ends automatically. The law names no minimum amount, though advisers expect a substantial investment.
- Fits: Americans who'll own and run a Malagasy company. The law also lets investors hire the foreign staff they need, under the Labor Code.
- Not for: retirees living on a pension, who have a separate retiree visa.
- Not for: remote workers. The embassy's long-stay categories include no remote-work option, and this one needs a real local company.
- Not for: buying a beach house. Foreigners can't own land directly; a lease of up to 99 years, renewable, is the legal route.
The investor route in four numbers
$48.16
Government fee at the embassy in Washington
per TravelDocs, 2026
292,500 Ar
Stay visa, three months to three years
about $67, 2026 finance law
1 month
To file for your resident card after landing
at the Ministry of the Interior
5 years
Residence before you can apply to naturalize
Nationality Code, Art. 27
Step by step
Company first, visa second
-
Set up the company. A local partner can sign and file with EDBM, the government's investment agency, under a power of attorney, so you don't have to fly in first. You'll need a registered office address.
-
Open the company's bank account in Madagascar and ask for a bank attestation.
-
Gather the file: statutes, statistical card, current tax card, EDBM Declaration of Existence, trade register extract, birth certificate and a criminal record extract under three months old. Ask the Washington embassy which U.S. record it accepts.
-
Apply at the embassy in Washington. EDBM's own visa desk only serves nationalities with no Malagasy embassy. The visa is valid 30 days from issue, so book your flight around it.
-
Land and file within a month at the Ministry of the Interior for your long-stay visa and biometric resident card.
Weigh these before you register anything
A government in transition
Colonel Michael Randrianirina took power after deadly 2025 protests over water and power shortages. A presidential election is set for October 2027.
Level 2 advisory
The State Department says to exercise increased caution (December 2025), citing armed robbery, especially after dark and on national roads in the south and west.
Thin medical care
Care is severely limited outside major cities and serious cases often need evacuation. Malaria is present across the island; it's rare in Antananarivo.
Company tax
Larger companies pay 20% of profit. Below 400 million ariary (about $91,000) in yearly turnover, a turnover-based tax applies instead.
Personal tax
Once you're resident, Madagascar taxes you on worldwide income, and your U.S. return doesn't go away.
Moving money
The law lets investors send operating payments abroad without prior approval, but the ariary isn't freely convertible. Keep a U.S. account open.
After you arrive
Keeping your resident card valid
Your resident card lasts as long as the stay visa behind it. Local firms report investor visas granted for one to ten years, with no cap on renewals; a French relocation guide lists two years for a first card.
The one rule that can end it early: keep your shares. Investor status lapses the day you stop being a partner or shareholder.
Help for the parts you can handle from the U.S.
Hunter Schultz
Healthcare Coach
A healthcare coach who helps you plan how you'll get care in your new country before you go.
ExpatInsure
Global Health Insurance
Global health insurance for people living abroad. Ask about plans that include medical evacuation.
Legalize That Doc
Document Preparation
A document preparation service for getting U.S. records, like your birth certificate, ready for use abroad.
Moneycorp
Currency Exchange
Currency exchange and international payments, for moving dollars into your company's account in Madagascar.
MyExpatTaxes
U.S. Expat Tax Service
A U.S. expat tax service for the American returns you still file while living overseas.
Madagascar investor visa: common questions
Is it safe to start a business in Madagascar right now?
It takes caution. The U.S. State Department rates Madagascar Level 2, Exercise Increased Caution (December 2025), citing violent crime and regular strikes and protests, especially near elections. A military-led transition took over in October 2025, and a presidential election is scheduled for October 2027.
How much does the Madagascar investor visa cost?
The government fee at the embassy in Washington is $48.16, according to visa agency TravelDocs (2026). In Madagascar, the 2026 finance law sets the stay-visa fee at 292,500 ariary (about $67) for three months to three years, 390,000 ariary (about $89) for three to five years, and 487,500 ariary (about $111) for longer stays, at September 2026 rates. Company setup, translations and any local help cost extra.
Can the Madagascar investor visa lead to citizenship?
Not directly. Madagascar's Nationality Code normally requires five years of habitual residence in the country before you apply to naturalize. We couldn't confirm how Madagascar treats a second nationality, so get legal advice before assuming you can hold both passports.
Can I switch to the investor visa after arriving in Madagascar as a tourist?
No. Visas for stays of 90 days or less can't be transformed into long-stay visas. Americans get a transformable visa from the Embassy of Madagascar in Washington first, then file for the long-stay visa and resident card at the Ministry of the Interior within one month of landing.
Can my spouse and children move with me on the investor visa?
Yes, through a separate route. The Embassy of Madagascar in France lists family reunification as its own long-stay visa category, so family members file their own applications. Marrying someone who lives in Madagascar doesn't by itself give the right to settle there. Confirm age limits and fees with the embassy in Washington.
Can I buy property in Madagascar with an investor visa?
Not land. Foreign individuals and foreign companies can't own land in Madagascar directly. They can sign a renewable lease of up to 99 years without prior authorization, and Malagasy companies managed by foreigners can use the same kind of lease.
Is there a minimum investment for the Madagascar investor visa?
No. Madagascar's 2023 investment law (Law 2023-002) grants the investor visa to any foreign partner or shareholder in a local company and sets no minimum amount. Advisers say to expect a substantial investment anyway, and the visa file needs a company bank attestation from a bank in Madagascar.
Do Americans need a yellow fever vaccine for Madagascar?
Not when arriving from the U.S. The CDC says Madagascar requires the vaccine only for travelers 9 months and older coming from countries with yellow fever risk. Malaria is the bigger health question: it's present across the island, though transmission is rare in Antananarivo.
Weighing Madagascar against other investor routes?
Talk it through with an Expatsi advisor before you register a company or sign a lease.
Why not you?