Minister of Economic Development and Trade has reiterated the vision of President Dr. Mohamed Muizzu, to introduce investor visas in the Maldives, after consulting with experts from real estate markets in developed countries. This vision has been outlines in the government's manifesto. Expanding and diversifying the economy is one of the biggest priority of the president.
Speaking at a press conference, Minister Saeed highlighted that the introduction of investor visas is expected to facilitate the influx of dollars into the country. The minister noted the significant progress made in the works to introduce the visas. Shedding light on the visas currently issued in the Maldives, he revealed that the Maldives has been issuing corporate residence visas since 2013. He noted that some updates were brought to the visa in 2020.
Meanwhile, Minister of Homeland security and Technology Ali Ihusaan stated that the Investor Residence Programme is a programme conducted widely in several developed countries. The minister underscored the pivotal role of the programme in driving economic growth in these countries. He anticipates that approximately 2,000 potential investors will seek investor residence visas once the programme is officially introduced in the Maldives, with the number of investors expected to increase annually. He projects that this could lead to investments totalling USD 6 billion over the next five years.