This plan is part of the Government’s long-term plan of securing USD 7 billion in investments in the Maldives within the next five years of this administration.
SunOnline International
When it comes to getting a visa in the Maldives, the conversation differs depending on whether you’re a tourist or a foreigner trying to obtain a residency visa. Although getting a tourist visa to the Maldives is as easy as it comes, as travelers do not need to go through a long ling of bureaucracy to visit the country, one of the biggest complaints from foreigners who live in the Maldives are the difficulties when it comes to getting a residency visa - no matter how long they’ve lived and worked in the country, or even if they are married to Maldivians and already have a family in the country.
While this ongoing discussion is still persistent among foreigners who are married to Maldivians, the Maldivian Government has announced its plans to introduce a residency visa in the country - but it’s not for the group of people who had hopes for easier visa-policies in the Maldives. In a move to attract investors and increase the revenues of the debt-ridden country, the Maldivian Government announced its plans to introduce a residency program in order to attract large investors. This plan is part of the Government’s long-term plan of securing USD 7 billion in investments in the Maldives within the next five years of this administration.
Although this may seem like a step towards exploring yet another avenue of tourism, which may take off considering the Maldives is a market that people may seek to invest in due to its popular tourism industry, The Economic Minister Mohamed Saeed stated that this concept is not for conventional tourism, but it's a step towards integrating a strategy similar to how Dubai and other destinations have evolved into the business-centric cities with high investments.
This is also not the first time that the Maldives is exploring this avenue as a corporate residence visa between 2014 and 2015, however, according to the Economic Minister, the new residency program is going to be based on a different concept with an initiative to revitalize the real estate tourism sector in the Maldives.
The Maldives Cabinet has already approved the launch of the Investor Residency Program on 1st September 2024.
