President Dr Mohamed Muizzu has revealed that the Cabinet is set to discuss the introduction of a residency or citizenship program for investors.

The President’s Office shared a statement on social media ahead of today’s cabinet meeting, where the President shared what the discussions will focus on.

As such, the President said the Cabinet is scheduled to discuss several important issues related to the economy, including a very different but important program to further diversify the economy.

"We will be deliberating on introducing an investor residency program to diversify the economy, as is done in some small countries like Dubai and Singapore," he said.

The Investor Residency Program or Golden Visa Program is a long-term residency visa for investing a fixed amount of money in a country for a certain period of time.

This is a program that is being implemented in many developed countries such as the United Arab Emirates (UAE).

Former President Ibrahim Mohamed Solih's government considered a special program to issue residency visas for long-term purchases of resort villas or such apartments. However, it was never realized fully nor implemented.