The Parliament’s Committee has passed amendments to the Immigration laws of the Maldives where corporate resident visas to foreigners will be issued upon the investment of at least USD 250,000.
Currently, the law stipulates the resident visas can be issued to individuals who invest at least USD 50 million.
A total of 53 MPs voted to pass the amendments.
The Parliamentary Committee voted to pass the report on the amendments last night.
The amendments proposed now stipulate the corporate resident visas can be issued with an investment of at least USD 250,000 and the deposition of USD 250,000 in Maldivian bank’s fixed deposit account for a period of no less than five years.
The investments must be made under government policies for specific stipulated businesses. The resident visa must also be renewed every five years. In the first instance, the visa will be issued for a period of one year.
The amendments state that the visa is issued for business owners, directors, partner or a shareholder or a family member of one of these figures who wish to stay in the Maldives to run the business which is to be registered as a foreign investment under the policies set out by the government.
The next biggest amendment is regarding the resident visas for foreigners who marry locals. They can be granted a resident after five years.
A one-year visa will be issued initially and will have to be renewed every five years. Upon the death of the spouse or divorce, the individual can request to remain in the Maldives with children, where they will be granted a visa.
The amendment is to come into effect within 14 days.