The proposed Pearl Residency Visa is expected to strengthen investor confidence and create new opportunities for investment in the Maldives, Minister of Economic Development and Trade Mohamed Saeed has said.
The government is currently working to introduce a special residency visa scheme aimed at foreign investors. Hanley & Partners has been commissioned to design the Pearl Residency Programme.
Speaking at a press conference held at the President’s Office, Minister Saeed said progress on the initiative is advancing rapidly, with a dedicated bill already drafted. He added that the legislation will soon be submitted to Parliament for approval.
The minister highlighted that tourism remains the strongest sector of the Maldivian economy, noting that the global tourism industry continues to evolve. He said the Maldives must also adapt to these changes through modernisation. While acknowledging ongoing efforts by the private sector to transform the industry, he assured that the government will continue to support and facilitate further development.
“The Attorney General’s advice is that it would be best to make a separate law. The bill has now been drafted by the Attorney General’s Office. The AG’s office and we are working together,” he said.
Minister Saeed noted that the programme responds to long-standing interest from both foreign investors and local businesses seeking expanded opportunities in the Maldives.
Hanley & Partners was awarded the contract to design the Pearl Residency Programme during President Dr Mohamed Muizzu’s visit to Singapore last year, where an investor forum was also held. The initiative is intended to attract investment into the Maldives while offering long-term residency options for eligible investors.