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No intention to change Resident Visa terms: Economic Ministry

Mariyam Malsa
11 November 2020, MVT 16:30
Foreigners seeking services at the immigration office. PHOTO: MALDIVES IMMIGRATION
Mariyam Malsa
11 November 2020, MVT 16:30

The Ministry of Economic Development, on Tuesday, stated that authorities had no intention of implementing the leniencies granted to Corporate Resident Visa holders under the regulation publicized by the previous administration in 2015.

According to the statement issued by the ministry, the "duty-free, tax-free and fast track services" mentioned in the initial iteration of the Corporate Resident Visa published in the national gazette, would not be introduced by the current government.

As per the new amendments to the Immigration Act 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.

Corporate Resident Visas will be issued under two circumstances. Those who wish to acquire this visa must either invest USD 250,000 in Maldives, or keep the same amount of money for five years in a fixed deposit account of a Maldivian bank.

Under previous laws, resident visas were only granted to foreigners who invested a minimum of USD 50 million in Maldives.

Opposition aligned politicians have raised concern regarding the considerable leniency granted to foreigners seeking Corporate Resident Visas, urging the government to clarify the motivations behind the decision.

Certain members from the ruling Maldivian Democratic Party (MDP)'s parliamentary group have also expressed concern regarding the recent amendments.

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