Minister of Economic Development and Trade, Mohamed Saeed, has stated that the introduction of the “Pearl Residency Visa” will bolster investor confidence and open up significant investment opportunities in the Maldives.
The government is currently in the process of launching this specialized residency program for investors. The task of designing and structuring the Pearl Residency Program has been commissioned to Henley & Partners, a globally renowned firm specializing in residence and citizenship planning.
Responding to a query from PSM News during a press conference held at the President’s Office, Minister Mohamed Saeed highlighted that the efforts to introduce the Pearl Residency Visa are progressing rapidly. He noted that a specific legislative bill has been drafted for this purpose, which will soon be submitted to the People’s Majlis for approval.
The Minister emphasized that tourism remains the backbone of the Maldivian economy. Given that the global tourism landscape is constantly evolving, he stressed that the Maldivian tourism sector must also undergo modern transformation. Acknowledging that the private sector has been instrumental in modernizing the industry, the Minister reiterated the government’s commitment to supporting and empowering these efforts.
“Following the advice of the Attorney General, it was determined that the most effective approach would be to enact a dedicated law for this initiative. The bill has already been drafted by the Attorney General’s Office. We are currently working closely with the AG Office on this, and the bill will be forwarded to the Majlis to undergo the legislative process. Once submitted, it will be subject to independent debate and potential passage by the parliament,” the Minister explained.
Minister Saeed further remarked that the realization of this program will fulfill a long-standing aspiration of both international investors and Maldivian entrepreneurs. The agreement to design the Pearl Residency Program with Henley & Partners was finalized during the Maldives Investment Forum held in Singapore last year, during the President’s official visit. This program is strategically designed to facilitate long-term residency for those who make significant investments in the Maldives.
