Maldives gov't to introduce residency visa to attract foreign investment

The Maldives government will introduce corporate residence visas for foreign entrepreneurs who have invested more than 50 million U.S. dollars in the country in a bid to improve investment, local media reported on Tuesday.

The new corporate resident scheme aims to provide foreign investors in the Maldives with privileged and fast-track services.

"My government will accord hospitality to all foreign investors who come here. We would like foreign investors to feel like friends among friends, Maldivians among Maldivians," Maldives President Abdulla Yameen was quoted as saying describing the new facility.

The government is seeking "to attract net worth high value investments" to the Maldives, he added. Yameen's government last year outlined an ambitious plan to build 60 new resorts in the next five years.

The corporate resident visa holders will belong to "a privileged, elite club," Yameen said. Card holders will have permanent residency and will not have to wait in queues at immigration.

Maldives hopes the visa scheme will attract more foreign companies to invest and diversify its largely tourism-based economy. Endi