The People’s Majlis has on Monday approved amendments to the Maldives Immigration Act, allowing foreigners with investments of over USD 250,000 to be issued corporate resident visas.

53 lawmakers voted in favour of this. Three MPs abstained from the vote.

The amendment bill was reviewed by the parliament’s committee on national security and foreign relations, and its report was compiled after extensive deliberations.

As per the amendment, the corporate resident visas are to be issued with an investment of at least USD 250,000 and the deposition of USD 250,000 to be maintained in a Maldivian bank’s fixed deposit account for a period of at least five years.

While the committee had initially approved a USD 500,000 investment for corporate resident visas, it did not specify a duration. Hence, the committee report was sent back.

While the revised report reduced the required investment amount to USD 250,000 and includes that the resident visas must be renewed every five years, the decision was made given the current dollar shortage in the country.

Another amendment to the Maldives Immigration Act is regarding foreigners who marry locals; they can be granted residency after five years of marriage. In the instance of a deceased spouse, he or she can continue residing in the Maldives with their children after renewing visa; a one-year visa initially which is to be renewed every five years.

Currently, the law stipulates that resident visas can be issued to individuals who invest at least USD 50 million and are maintaining a deposit of USD one million at a Maldivian bank for a period of not less than two years or who has invested in a financial security. Further, investors should have invested at least USD one million in real estate, approved by government authorities.