Attorney General (AG) Ahmed Usham has revealed that foreign nationals purchasing property and settling in Rasmalé—under the government’s project with UAE-based Eagle Hills—will be granted a special visa subject to periodic renewal. The remarks were made during a meeting with religious scholars.
According to leaked audio from the meeting, Usham stated that the residency arrangement for Rasmalé would mirror Malaysia’s "My Second Home" (MM2H) project.
"In [the Malaysian program], once they invest a specific amount or maintain a certain balance in a bank account for a year, they are granted a 10-year visa. This means they don't have to renew it for 10 years; it remains valid for that duration. After 10 years, they must renew it, provided they continue to meet the specified requirements," Usham explained.
"If we introduce such a program, it will follow that same model."
Usham noted that the government is considering a distinct visa category for Rasmalé residents because Eagle Hills is unwilling to participate in the "Pearl Residency" program. The Pearl Residency is a separate initiative that the government had planned to launch in collaboration with Henley & Partners to grant residency in exchange for investment.
The Maldivian government signed an agreement with Henley & Partners on July 1, 2025, to expand the existing Corporate Residency Visa under the Immigration Act into a broader Investor Residency Program. However, the legal framework required to implement this program has yet to be passed.
"The reason this is stalled—why the Pearl Visa remains unfinished—is because the investors for Rasmalé do not agree that the approach proposed by Henley & Partners is the right way forward," Usham said.
Usham further explained that Henley & Partners seeks exclusivity, requesting that all residency programs in the Maldives be channelled through them. He noted that the firm has even requested that this exclusivity be codified into law.
However, Usham told the meeting that other real estate developers are not in agreement with such terms.
"We will not be issuing visas to those involved in the Rasmalé real estate business under the Pearl Residence Visa. Because we are still in the process of drafting these laws, a final decision has not yet been reached," Usham said.
"What is certain is that this will not fall under the Pearl Residence framework managed by Henley & Partners."
Usham also confirmed that efforts are underway to amend the Maldives Immigration Act. He indicated that the government intends to issue a Corporate Residence Visa under the Immigration Act for those settling in Rasmalé.
