The Maldives Inland Revenue Authority (MIRA) has reported that the State collected MVR 1.3 million in foreign investment registration fees by the end of September 2020, reflecting a significant increase compared to the same period last year.

MIRA noted that the State earned a total of MVR 1.3 million in registration fees, up by about MVR 600,000 from the MVR 700,000 collected during the same period in 2019.

The authority further revealed that 15 foreign investments were registered in the Maldives so far this year. Each registration carries an administration fee of USD 5,000, with total receipts amounting to roughly USD 76,000 by the end of September.

The rise in registrations comes as the Government continues efforts to create a more attractive environment for international investors. In this regard, the Foreign Investment Act has been repealed and replaced with a new law to strengthen the legal framework governing foreign investment in the country.

However, recent amendments to the Act have also restricted certain sectors exclusively to Maldivians. These include wholesale and retail trade, logistics, public sea transportation, bunkering services, construction projects valued under USD 15 million, and real estate developments worth less than USD 100 million.

Additionally, the Government has announced plans to launch a “Residence by Investment” programme, which will grant long-term visas to individuals who invest in the Maldives.

With these policy reforms, authorities expect an increase in foreign investment inflows, further supporting economic diversification and growth in the coming months.