Attorney General Ahmed Usham has dismissed widespread speculation claiming that 30,000 foreign nationals will be brought in and granted permanent residency under the planned Eagle Hills development in Rasmalé, calling the rumours entirely unfounded.
Speaking at the government's public forum "Ahaa," AG Usham clarified that corporate resident visas have been issued under the Maldives Immigration Act since 2015, beginning during former President Abdulla Yameen's administration. He noted that while the initial legal provision granted a 99-year residency visa for a $50 million investment, the previous administration amended the law in 2020 to lower the threshold to $200,000 with a five-year renewable visa. He emphasized that any visas issued in connection with the Rasmalé development will strictly follow statutory regulations and formal legal advice from the Attorney General’s Office.
Addressing legislative work underway to diversify the national economy beyond tourism, Usham pointed out that the forthcoming real estate legislation is not customised for a single venture. Instead, the law aims to establish an open, structured regulatory framework enabling domestic and international investors to undertake real estate projects across the country.
The government signed an agreement on the 21st of last month with Abu Dhabi–based developer Eagle Hills to construct a landmark $20 billion waterfront and marina project at Rasmalé, marking one of the largest foreign investments in Maldivian history.
Despite constitutional challenges filed at the Supreme Court, President Dr. Mohamed Muizzu has reaffirmed that the venture will significantly expand the nation's GDP and directly benefit citizens, calling on all political entities to prioritize national interest over divisive opposition rhetoric.