The government is considering a “second home” programme targeting foreign investors.

Minister of Economic Development, Fayyaz Ismail revealed this after being summoned to the parliament’s committee on national security and foreign relations on Monday.

Speaking there, the minister said that the government is considering a pilot programme for foreign investors, noting that it will be carried out in uninhabited islands.

He added that work is underway to establish a “residency act” to facilitate this.

The minister noted that foreigners will be granted residency visas after investing in villas and apartments developed in the uninhabited islands. Noting that he proposes an MVR 300,000 investment for the visas to be granted, Fayyaz said that this is yet to be finalized.

He said that all this will be finalized, when the act is drafted.

While a lawmaker noted public concern over the matter given the possible increase in investors from India, China and Europe due to the country's location, the economic minister said that said that increase in investors from a certain country is not a concern. He said that the aim is to develop the country.

Fayyaz also emphasized that the second home programme has been conducted successfully, in various other nations.

The second home programme is to be launched in Dhahparu island in Haa Alif atoll. While the tourism ministry previously announced plans to develop the island to a resort, reports indicate plans to reclaim about 60 hectares of land for the project.