News Desk
MALE’ — Former President and Maldivian Democratic Party (MDP) Chairperson Mohamed Nasheed has publicly endorsed the government’s proposed “Pearl Residency Programme”, breaking ranks with his own party’s parliamentary group, which has mounted formal opposition to the scheme.
The internal divergence emerged after Dr Ahmed Shamheed, an MDP lawmaker representing South Hulhumalé, submitted a motion to Parliament seeking an immediate halt to the residency initiative, alleging serious procedural flaws and potential national security risks.
However, writing on social media platform X on Saturday, Mr Nasheed offered a contrasting assessment, asserting that the investment migration programme would bring substantial financial benefits to the country as an innovative branch of real estate tourism.
“I view the residency programme as something that will be exceptionally beneficial to the Maldives,” Nasheed wrote, describing it as an expanded frontier for the nation’s core tourism sector.
The initiative, designed in partnership with London-based investment migration firm Henley & Partners, aims to grant residency rights to high-net-worth foreign nationals purchasing luxury real estate in the country.
Former Foreign Minister Moosa Zameer previously defended the partnership, describing residency programmes as a premier instrument for attracting foreign direct investment globally. Zameer noted that while previous legal frameworks dating back to 2016 allowed for similar mechanisms, they lacked effective global marketing—a gap the collaboration with Henley & Partners is intended to address while tailoring the scheme to local sensitivities.
The MDP parliamentary group’s resolution, by contrast, warns that the programme lacks transparency regarding direct financial returns to the state treasury and poses serious risks to national security and fiscal sovereignty.
