Foreign investors to get residency in Maldives

The government of Maldives has decided to introduce a foreign investor residency programme which would allow foreign investors to purchase housing in dedicated areas.

Speaking at today's press conference at the President's Office, Economic Minister Mohamed Saeed said that the investor residency programme would help to diversify the country's economy and increase foreign currency inflow.

"This is a huge effort to increase foreign exchange earnings. There have been improvements with this. We are working with some of the world's leading companies," he said.

The programme is scheduled to begin in February next year.

Saeed said the investor residency program will be done with a strong team that markets top-class luxury residences.

"The government is designating, for example, some area from Gaafaru or Fushidhiggaru. The residences can be developed in that area," he said.

He also added that this practice is common in some resorts as well, noting that such a programme would instil trust in investors.

Foreign Minister Moosa Zameer said the investor residency program is being brought to Maldives in consultation with foreign experts and in a way that aligns with Maldives.

“Residency programs are heavily promoted in other countries through specialised companies,” he said.