Parliament votes down call to halt investor residency scheme

The People's Majlis on Tuesday rejected a resolution calling for the immediate suspension of the government's Pearl Residence Visa programme, a residency scheme aimed at foreign investors.

The resolution was submitted by Hulhumalé South MP Dr Ahmed Shamheed of the opposition Maldivian Democratic Party (MDP).

During a vote in parliament, 55 members voted against accepting the resolution, while 10 members voted in favour.

The Pearl Residence Visa programme traces its origins to an agreement signed with Henley & Partners during the Maldives-Singapore Business Forum held in Singapore in July last year.

In March, Minister of Economic Development Mohamed Saeed stated that legal work was underway in coordination with the Attorney General's Office to facilitate the programme's implementation.

Dr Shamheed's resolution sought parliamentary scrutiny of the programme and called for all agreements related to the initiative to be submitted to parliament.

The resolution argued that the government's policy of granting permanent residency to foreign nationals under the programme was being implemented through administrative decisions rather than legislation approved by the People's Majlis.

It also raised concerns over the appointment of Henley & Partners to manage the programme, stating that financial and legal details of the arrangement had not been disclosed to lawmakers.

Among the issues highlighted in the resolution were the potential implications of the programme for immigration policy, taxation, land ownership, public finance and national security.

The resolution further argued that policies of this nature should be subject to parliamentary oversight and public accountability.

According to the resolution, the Pearl Residence Visa programme has not been established through legislation passed by parliament and details of the agreement with Henley & Partners remain undisclosed.

The document also noted that a 2020 amendment to the Immigration Act already provides a pathway for foreign nationals to obtain a Corporate Residence Visa by maintaining a fixed deposit of US$250,000 in a Maldivian bank for five years.

It argued that the investment threshold proposed under the Pearl Residence Visa programme is similar, with one route involving the purchase of property from a foreign developer.

The resolution also referred to marketing materials promoting residential developments linked to the programme and raised concerns about the long-term implications of such projects.

In addition, the resolution cited concerns regarding Henley & Partners, including its involvement in Malta's Citizenship by Investment Programme, which was ruled unlawful by the European Court of Justice in 2025. It also referred to reports that the company had been mentioned in investigations by the United States Financial Crimes Enforcement Network (FinCEN).

The resolution criticised the government for not disclosing the criteria used to select the company.

Had it been accepted, the resolution would have called on the government to suspend application processing and approvals under the programme until parliament enacted legislation governing residency by investment.

It also sought the submission of all agreements, fee structures, commissions and exclusivity arrangements entered into with Henley & Partners within 14 days.

The resolution further proposed summoning the Minister of Economic Development, the Attorney General, the Controller General of Immigration and the Governor of the Maldives Monetary Authority before a parliamentary committee to answer questions on the programme.

With parliament rejecting the resolution, the proposal will not proceed for further consideration.