Second Amendment to the Immigration Act
On 25 November 2020, the Second Amendment to the Immigration Act was published. The Amendment introduces a new type of visa – meeting visa, and amends the requirements for issuing corporate resident visa.
Meeting Visa
The Amendment introduces meeting visas – a new category of short-stay visa for persons visiting the Maldives for meetings, conferences, or conventions hosted by the following entities listed below:
- Businesses approved by the Registrar of Businesses;
- State institutions;
- Any entity with the approval of the relevant state institution.
Corporate Resident Visa
- Corporate resident visa is a long-stay visa issued for the following persons:
- Directors, shareholders, partners and senior officials of a foreign investment registered in the Maldives. The visa will also be granted to family members of any of those persons provided they do not undertake employment during their stay in the Maldives.
- Foreigners who have deposited USD 250,000 in a fixed deposit account for a period of 5 years in a bank operating in the Maldives. ( Previously the law required the person to deposit USD 1 million for a period of 2 years or invest USD 1 million in financial securities.)
- Foreigners who have invested USD 250,000 in businesses approved by the government accordingly with policies determined by the government. (Previously the law required the person to invest USD 50 million in the Maldives or invest not less than USD 1 million in a government-approved real estate project.)
- Corporate resident visas are valid for 5 years and are renewable provided that they meet the requirements detailed above.
- Under the Amendment, the Registrar of Businesses is required to formulate Regulations for issuance of the corporate resident visa for foreign investments, and business visa. The Regulation must also set out rules on the extension of the visa and conditions for termination of the visa.
Resident Visa
The Amendment further introduces changes to resident visa for foreign spouses. The Amendment now provides that foreigners with Maldivian spouses or have children with a Maldivian spouse who is now divorced or deceased will be eligible for the resident visa.
Effective Date
The Amendment is effective from 25 November 2020.
