The President of the Maldives, Dr. Mohamed Muizzu, has ratified and gazetted the new Foreign Investment Act.

This law is designed to strengthen the foreign investment principles that have been in place for 45 years, providing legally enhanced opportunities for investors compared to the current situation.

According to this law, opportunities will be available to identify and study investment needs related to various business sectors in the Maldives, conduct feasibility studies, and allow foreign investors to invest in the Maldives in specified areas with proper authorization.

The law also outlines the sectors and conditions under which foreign investors can invest in the Maldives.

According to this law, when the Ministry of Economic Affairs issues a foreign investment license to those parties, the Ministry must register and maintain the information of the license holder.

The sectors in which investors can invest will be determined in consultation with the Cabinet.

If an application for investment permission meets all the requirements specified in the law, the Ministry must decide on that application within 30 days of receiving it.

Furthermore, if the investment is an unauthorized investment, it will be fined an amount not exceeding 30 percent of the total business value. 
The new law also states that if it is proven that false information was submitted in obtaining a foreign investment license, a fine between one hundred thousand and one million rufiyaa will be imposed.

According to Attorney General Ahmed Usham, the  law will come into effect after three months.