The government has signed an agreement with Henley & Partners, a private consultancy firm in the UK, to design and launch a residency visa program for investors in the Maldives.
Economic Minister Mohamed Saeed signed the agreement at the Investment Forum held during President Dr. Mohamed Muizzu's visit to Singapore. Philippe Amarante, Managing Partner of Henley & Partners, signed on behalf of the company.
The government said the program will be designed to attract the wealthy to invest in the Maldives.
The government decided in September last year to expand the existing corporate residency visa under the Immigration Act and launch it as an investor residency visa programme.
Residency visas were included in the Immigration Act on November 25, 2020, with an amendment to the Immigration Act by the former Maldivian Democratic Party (MDP) government.
Previously, the visa was issued to people who invested at least USD 50 million. The change brought that amount down to USD 250,000.
In addition, corporate resident visas will be issued to foreigners who have deposited at least USD 250,000 in a fixed deposit account with a Maldivian bank for five years.
Who are Henley & Partners?
It is a London-based consultancy firm specializing in investment migration. Henley & Partners has more than 55 offices around the world.
The company's main activities are based on providing high-income earners with the opportunity to invest abroad and obtain residency or citizenship.
It designed and implemented the world's first citizenship by investment model. The program was implemented in partnership with the government of Saint Kitts in the Caribbean. The company subsequently worked with the governments of Malta, Cyprus, Thailand, Nauru and Namibia.
The company has attracted USD 15 billion in foreign investment, including from various countries, through programs in partnership with governments.
