No more special privileges with Corporate Resident Visa: Economic Ministry

Economic Minister Fayyaz Ismail | Photo: Economic Ministry

Male’, Maldives – The Ministry of Economic Development revealed that unlike the previous government, they will not be giving any special privileges with the Corporate Resident Visa.

On Tuesday, the Ministry of Economic Development announced that the incumbent government will not be giving the “duty-free, tax-free and fast track services” gazette that was issued by the previous government in 2015.

The Ministry stated that the new amendments made to the Immigration Act on Monday will help people to get the Resident Visa much easily compared to the previous method that was being followed.

Although the previous gazette states that the Corporate Resident Visa of Maldives will only be given to those who spend at least USD 50 Million in Maldives, the new amendment states that it will be given to any foreigner who invest either $250,000 in Maldives or for anyone who can keep $250,000 in a fixed deposit account of a Maldivian bank for five years.

While several members of the opposition party has raised concerns regarding the leniency of the visa, some of the members from Maldivian Democratic Party (MDP) have also raised their concerns on this bill. Maafannu central constituency member, Ibrahim Rasheed (Bondey) had criticized the bill stating that foreign investments are not just a means to bring in money to the country and that it should be more beneficial to the people than that.

MP Rasheed told that such investments should improve the capacity of Maldivians and also improve the productivity of the nation through which people would be able to earn more income. He also added that selling a flat for USD 250,000 was not a means for such benefits and that this bill beats the purpose of foreign investment benefits. However, the government informs that they have no intention of providing special privileges with the visa.