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Parliament votes in leeway for resident visa

Shahudha Mohamed
10 November 2020, MVT 08:48
A Parliament sitting in progress. PHOTO: PARLIAMENT
Shahudha Mohamed
10 November 2020, MVT 08:48

The Parliament, on Sunday, passed amendments to the Immigration Act allowing foreigners to acquire resident visa.

The report prepared by the Parliamentary Committee on National Security and Foreign Relations, after researching the amendments submitted by the Parliament representative of Thinadhoo North constituency Abdul Mughnee on behalf of the state, were approved with a majority vote of 52 members. No MPs voted against the report while three MPs abstained from voting.

According to the amendments passed on Monday, shareholders and partners of businesses registered and operating in Maldives can acquire the corporate resident visa for themselves and their families, under a set of rules and regulations determined by the Registrar of Businesses.

As per the Parliament committee’s report, Corporate Resident Visa will be issued under two circumstances. Those who wish to acquire this visa must either invest USD 250,000 in Maldives, or keeping the same amount of money for five years in a fixed deposit account of a Maldivian bank.

However, some ruling party members are against issuing resident visa under the new amendments.

Maldivian Democratic Party (MDP)’s Parliament representative of Maafannu Central constituency, Ibrahim Rasheed, told local media Mihaaru that keeping some funds in Maldives is not foreign investment, adding that it should be properly invested in such a way it benefits Maldivians.

He added that selling flats for USD 250,000 does not help in achieving financial benefits, opportunities, development or productivity for Maldivians.

In addition to corporate resident visa, the amendments grant marriage visa for spouses of Maldivian citizens, to be renewed every five years.

The report passed on Monday stipulates that relevant authorities must draft rules and regulations regarding the amendments to the Immigration Act, within 14 days after Parliament approval.

Under the current laws, resident visa is only granted to those who invest a minimum of USD 50 million in Maldives.

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