By Malé, Maldives – The Government of Maldives announced that it will not continue the current investor residency visa program but will introduce a new initiative aimed at attracting $6 billion in investment over the next five years.
Originally launched in 2014-2015, the corporate residence visa required a minimum deposit of US$1 million in a Maldivian bank. However, under the revamped program, investors will need to invest between $5-10 million, either through bank deposits or in Treasury bonds, according to government officials.
“This initiative aligns with investor residency programs in countries like Saudi Arabia, the United Arab Emirates (UAE), Switzerland, and Spain,” a government representative stated during a press conference held by the President’s Office.
The new program will target high-end residential property markets, leveraging expertise from global leaders in real estate promotion and marketing. “We’re partnering with some of the most advanced promoters and marketers in the world, following successful models from places like Australia and Dubai,” the minister explained.
This initiative marks a shift towards what the government describes as “realistic tourism,” with the goal of developing the Maldives similarly to how Dubai and other high-profile destinations have evolved. The program is expected to bring economic diversification to the Maldives, moving beyond conventional tourism.
Minister of Homeland Security and Technology Ali Ihsan noted that similar programs are being implemented in countries like Sri Lanka and that the Maldives aims to expand its investor residency offerings to bring in large-scale investments. “We are adopting models from Dubai and Malaysia, which have successfully run investor residence programs, to diversify our economy,” he said.
The program is expected to attract 1,500-2,000 primary and secondary applicants within the first five years, leading to an estimated $1.1 billion in direct investment and $6 billion in indirect investment.
Foreign Minister Moosa Zameer emphasized that the program is being developed with input from international experts and will be tailored to the unique sensitivities of the Maldives. “This is one of the most effective tools for attracting foreign investment, and we are consulting with the best in the world to ensure its success,” he said.
The government is prepared to make necessary legal changes to support the program’s implementation, aiming to set a new standard for residency-based investment in the Maldives.