Changes to the Maldives Immigration Act
The People’s Majlis has recently approved significant amendments to the Maldives immigration act, which now permits the issuance of residency visas for foreigners who invest over USD 250,000. This change aims to attract foreign investments and bolster the country’s economy. A total of 53 lawmakers supported the bill, highlighting a strong backing for this initiative.
Investment Requirements for Residency Visas
According to the approved amendment, foreigners seeking residency visas must deposit USD 250,000 into a Maldivian bank’s fixed deposit account for a minimum of five years. Initially, the committee had proposed a higher investment threshold of USD 500,000, but the lower limit was introduced in response to the current dollar shortage in the country. This adaptive strategy shows the country’s intent to remain competitive in attracting foreign investors.
Residency for Foreigners Married to Locals
In addition to the investment criteria, the revised immigration act also provides pathways for foreigners who marry Maldivian nationals. After five years of marriage, they can apply for residency. In cases of the spouse’s death, these individuals can continue living in the Maldives, ensuring their family stability during difficult times. The law previously required a more substantial investment and lengthy deposit periods, making these new provisions a welcome relief for many.
Overall, the amendments reflect a progressive change within the Maldivian immigration policies, aimed at fostering a more inclusive environment for foreign investors and residents alike. These residency visas for foreigners hold the potential to strengthen the financial landscape of the Maldives further.
