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The Maldives government has launched several new initiatives to attract both local and foreign investment that it hopes will boost the economy. Its concept of having the best resorts in Maldives each on a private island has paid rich dividends; such properties like Grand Park Kodhipparu, Maldives continue to draw travellers the world over leading to vital income generation for the country.
However, the government is looking to diversify with plans to lease private islands for residential purposes as well as offer time-share opportunities and real estate development for long-stay tourism. To encourage foreign investors, a five-year extendable resident visa is being granted for those investing $250,000. As part of these new measures, the government concluded a bidding application process in June 2021 for 16 islands and island clusters that are to be auctioned off for a 50-year lease.
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