Maldives readies investor residency amid AML warnings

The Maldives is preparing its first residency-by-investment scheme, the Maldives Pearl Residence programme, according to a 14 October investigation by OCCRP and its partner, the Maldives Independent. No minimum investment or launch date has been announced. The Ministry of Economic Development says the scheme still depends on completing its legal and regulatory framework.

The programme is linked to Project Ayla, a US$790 million private development in Noonu Atoll (as of 14 October 2026, per OCCRP) that is building 25 artificial islands and islets with more than 70 luxury homes. The site is a Special Economic Zone. There, foreigners can take 99-year leases and pay reduced or no local taxes, including capital gains tax. Offshore banks in the zone can serve trusts, and disclosing who ultimately owns their clients is illegal without a court order or the owner's consent.

Critics see a money-laundering risk. OCCRP reports that the Asia/Pacific Group on Money Laundering has flagged weak rules on trusts, and that the government's own risk assessment rates real estate as highly vulnerable. Transparency International's Maldives chapter and opposition MPs have raised concerns too. Parliament rejected a motion to suspend the scheme in August.

The ministry says applicants will face multi-layered due diligence, including international screening and checks by national security agencies. The scheme is being developed with Henley & Partners, which rejected OCCRP's criticisms and says the government will decide on applications.