Maldives eases norms for residential visa

The Maldives’ parliament committee approved an amendment to the immigration laws, allowing foreigners a residential visa upon the investment of at least $2,50,000, reported Sun news

Nov 09, 2020
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The Maldives’ parliament committee approved an amendment to the immigration laws, allowing foreigners a residential visa upon the investment of at least $2,50,000, reported Sun news. Earlier the limit was $50 million for the same.
 
To seek a corporate residential visa, a person needs to invest at least $2,50,000 in stipulated businesses allowed by the government and an additional deposit of $2,50,000 in one of Maldives’ banks for a period of no less than five years. 

Under the rules, a residential visa can be issued for owners, directors, partners, shareholders, and the family members of those who wish to stay in the Maldives to run the business. 

The move is being seen as an attempt to boost small investments in the country. The Maldives’ economy suffered a blow when tourism stopped in March due to the COVID-19 pandemic. The situation further deteriorated due to rising debts. 

Recently the Fitch Rating also downgraded the country’s credit rating to “CCC” from earlier “B negative.”  The rating agency also raised the possibility of the Maldives defaulting on its loan obligations the next year. 

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