Although the opposition MDP's Parliamentary Group has submitted a resolution to Parliament to stop the issuance of the Pearl Residency Visa introduced by the government specifically for investors making large investments in the Maldives, the party's chairperson and former President Mohamed Nasheed revealed today that he supports the program.
The designing of the Pearl Residency Program was contracted to world-renowned company Henley & Partners during the Investor Forum held in Singapore during President Dr. Mohamed Muizzu's official visit to that country.
It is a visa program that allows opportunities to invest in the Maldives and reside in the Maldives for a long term.
Raising major allegations against this program, MDP Member of Parliament for the Hulhumalé South constituency, Ahmed Shamheed, submitted a resolution to the People's Majlis to halt it. Debate on that resolution has also commenced.
However, supporting the issuance of residency visas, MDP Chairperson Nasheed stated in a post on X that he views the residency program as a program that will be extremely beneficial to the Maldives. Nasheed stated that it is a different kind of tourism business opportunity.
Regarding this program, Economic Minister Mohamed Saeed also stated at a news conference that starting the investor residency program will further pave the way to diversify the Maldivian economy.
He also stated that this will be carried out with a strong party that markets top-tier luxury residencies.
"This is a very major effort being undertaken regarding increasing revenue received in foreign currency. Progress has been made from this," Saeed had said.
According to the resolution submitted by the MDP Parliamentary Group member against this program, this work must be suspended immediately because the financial benefit to the Maldivian state from the residency program is unknown, and serious issues that could threaten national security and state financial sovereignty have been identified.
The resolution also calls for the disclosure of the agreement related to the matter.
According to the resolution, due to such projects, there is a fear that a 'state within a state' possessing various administrative and legal powers could be created within the state, damaging the sovereign powers guaranteed by the Constitution.
"Giving a foreign private company control over Maldivian lagoons and islands for a period longer than a generation and selling the right to reside in those places in the international market directly conflicts with the decision of the citizens," the resolution stated.
The resolution also urged taking several measures to find a permanent solution to the issue. In that regard, it called for halting authorization for the Pearl Residency Program until a comprehensive law regarding granting residence through investment is passed by Parliament.
