The Maldivian government has announced plans to introduce a new residency program designed to attract large investors, with the goal of securing $7 billion in investment over the next five years. The Cabinet approved the launch of the Investor Residency Program during a meeting on Sunday.
Speaking at a press conference held at the President's Office, Economic Minister Mohamed Saeed said while a corporate residence visa was previously introduced in 2014-2015, the new program will be based on a different concept and is expected to be more successful. He said the initiative also aims to revitalize the real estate tourism sector, focusing on sustainable development.
"This is not conventional tourism. It's a strategy similar to how Dubai and other destinations have evolved," Saeed explained.
The government is also preparing to launch additional economic initiatives, including bunkering services later this month, as part of a broader effort to diversify the economy and reduce reliance on tourism. Diversifying income streams and promoting sustainable economic growth are key promises made by President Dr. Mohamed Muizzu.
