The government has announced their decision to launch an investor residency programme that will enable investors to purchase residential spaces in the country.

Speaking at a press conference held at the President's Office today, Economic Minister Mohamed Saeed said that the introduction of the investor residency programme will increase the USD inflow into the country's economy.

"It is a great effort to increase foreign exchange revenues," the Minister said.

He said discussions are underway with some of the most globally renowned companies for the residency programme. Minister Saeed said the government will do this with a group of people who market high-end luxury residency and have already invested in some resorts seeking such an opportunity.

Speaking at a press conference, Foreign Minister Moosa Zameer said that the investor residency programme has expanded significantly across the world and the decision to grant residency to investors was taken to expand the market in the maldives as well. He pointed out places like Dubai and Singapore.

At the meeting, Housing Minister Ali Haidar said the investor residency programme will begin from February 1, 2020.

During the meeting, Home Minister Ali Ihsan said that the investor residency programme will ensure the source of income of those who are given the opportunity and the Maldives will not allow anyone who suffers any loss from it.

Investor residency refers to a residency visa when a certain amount of money is invested in a country for a specified period of time.

Countries known for investor residency include the United Arab Emirates (UAE), Turkey, Jordan, Cambodia, Hungary, Greece, Egypt, Panama, Singapore and the United States.