Maldives government considering “Second Home Program” for foreign investors.
Speaking at a parliament committee on national security and foreign relations on Monday Minister Fayyaz Ismail revealed the government is planning to provide second home option for foreign investors. The Minister noted that government is planning to run a pilot program for foreign investors and noted that it would done on an inhabited island .
He also noted that the work is underway to establish a “residency act” to facilitate the following. The minister noted that foreign national would be granted residence visa after investing in villas and apartment developed in uninhabited island. He stated that the proposed investment must MVR 300,000 to be granted a visa.
In response to this many lawmakers has noted that the public has press concern over certain investors increasing from one particular country maybe an issue. However, the minister claimed that it is nothing to be concerned with as the government would be monitoring it closely.
The minister also noted that the following program would be conducted in Haa Alif Dhahparu and noted that 60 hectors of land would be reclaimed for the project even earlier plans of developing a resort in the location was scheduled.