SEZ Apartment Buyers Not Required to Reside in Maldives: Rasheed
20 އޯގަސްޓު 2026 | ބުރާސްފަތި 14:54In an interview with RaajjeTV, Rasheed highlighted that while other countries typically require a period of residency before allowing foreigners to purchase land or property, the current legal framework for Special Economic Zone (SEZ) township projects grants buyers the immediate freedom to travel to and from the Maldives at any time.
Ibrahim Rasheed (Bonda), the former Member of Parliament for the Central Maafannu constituency. | Social Media
Former Member of Parliament for the Central Maafannu constituency, Ibrahim Rasheed (Bonda), has stated that under the Special Economic Zone (SEZ) Act, individuals who purchase apartments are not required to reside in the Maldives.
In an interview with RaajjeTV, Rasheed noted that in other countries, individuals are typically required to reside in the nation for a specific duration before becoming eligible to purchase land or property. However, he pointed out that under current Maldivian law, anyone purchasing a home through a township project developed under the Special Economic Zone (SEZ) framework is granted the freedom to enter and leave the Maldives at any time.
While the Maldives considers settling foreigners by granting citizenship, this law specifies that an individual purchasing a flat or apartment is not required to reside in the country. In contrast, the United States and other parts of the world mandate residency for a specific duration. Under this provision, even without residing here, a buyer grants their family lifelong authorization to travel to and from the Maldives.Ibrahim Rasheed (Bonda)
Furthermore, Rasheed stated that in the future, residents of the township would be distinguished from those living in other islands across the Maldives, as the area is set to become a zone offering significant economic advantages. He further noted that within a short period, the country's entire economy, business landscape, and traditional customs are expected to undergo a complete transformation.
Rasheed stated that the previous MDP administration had planned to execute this project through a long-term real estate model, similar to the schemes currently operating in the Maldives.
While land reclamation is already underway to develop Dhigufaru and Dhekunufaru in Noonu Atoll as a 262-room ultra-luxury tourist resort under "Project Isla," President Dr. Mohamed Muizzu’s administration has granted the project Special Economic Zone (SEZ) status. This follows sudden legislative amendments to the SEZ Act, which introduced a new category titled "Sustainable Township."
