The Maldivian government has unveiled plans for a new residency program strategically designed to entice large-scale investors. The program’s objective is to secure a substantial $7 billion in investment over the next five years. The Cabinet gave the green light for the Investor Residency Program during a meeting on Sunday, marking a significant step towards economic growth.
At a press conference held at the President’s Office, Economic Minister Mohamed Saeed announced that a new corporate residence visa program will be introduced. This program, based on a different concept from the one introduced in 2014-2015, is expected to be a resounding success. The initiative aims to revitalize the real estate tourism sector with a focus on sustainable development, instilling hope and confidence in the future of the Maldives.
“This is not traditional tourism. It’s a strategy similar to the evolution of Dubai and other destinations,” Saeed explained.
The government is gearing up to introduce more economic initiatives, such as bunkering services, later this month. This is part of a larger effort to diversify the economy and reduce its reliance on tourism. President Dr. Mohamed Muizzu has made diversifying income streams and promoting sustainable economic growth key priorities, signaling a promising future for the Maldives.
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