The Maldivian government has rolled out major reforms to foreign investment regulations, with a particular focus on the real estate sector, as part of a broader effort to curb capital outflows and strengthen the role of domestic enterprises in the national economy.
Announcing the changes, Minister of Finance and Planning Moosa Zameer said the new measures represent a strategic policy shift toward economic self-reliance and the empowerment of local businesses. The initiative is also part of a wider government effort to reinforce fiscal stability and ensure national wealth remains within the country.
Speaking at a ceremony held to allocate development projects to Maldivian private firms, Minister Zameer said the government had identified the real estate industry as a key channel for capital flight, with large sums being transferred overseas through the conversion of property sale proceeds from Maldivian Rufiyaa (MVR) into US Dollars (USD).
“To address this, the Finance Ministry has issued new directives instructing state-owned enterprises to prioritise local contractors, suppliers, and real estate businesses,” Minister Zameer explained. “At the same time, the National Tender Board and other authorities have already awarded hundreds of projects to Maldivian private companies, strengthening local participation in the economy.”
The government has also revised its Foreign Investment Requirements, introducing new restrictions for the real estate sector. For the first time, projects valued below USD 100 million will be reserved exclusively for local firms. The move aims to protect high-potential domestic industries from foreign dominance while channelling state and private sector support toward homegrown enterprises.
Officials say the reforms are intended not only to limit foreign currency outflows but also to enhance the resilience of Maldivian tax-paying companies, fostering a more sustainable and equitable economic environment.
Minister Zameer added that the new framework underscores the administration’s commitment to elevating local businesses, ensuring they receive both opportunity and institutional support to expand and thrive.
“Our goal is to build a self-sustaining economy where Maldivian companies can compete, grow, and contribute meaningfully to national development,” he said.
