Maldives

Abu Dhabi-based Eagle Hills told Bloomberg it plans a USD 12 billion mixed-use development on a 5.2 million square metre island about 20 minutes from Malé, which would be the largest foreign direct investment in the country's history. Dubai's Emaar may also take part, which points to large opportunities for contractors, suppliers and hospitality operators if the project gets approval and financing.

Bloomberg · 2026-09-21

The US State Department's 2026 Investment Climate Statement calls the Maldives open to FDI in tourism, telecoms, banking, renewables, logistics, construction and manufacturing. It also highlights public debt of about 126% of GDP, capital controls under the Foreign Currency Act, courts seen as favouring state-owned enterprises, and a public-private partnership law that has still not been passed. Investors should look at structuring and dispute-resolution protections before committing capital.

U.S. Department of State · 2026-09-30

From 1 October 2026, Law No. 10/2026 brings inbound tourism products (accommodation, meals, transport and activities) and the agency and booking services that sell them into GST, including suppliers and online travel platforms with no base in the Maldives. Foreign tour operators and booking platforms selling Maldives trips need to check whether they must register with the Inland Revenue Authority (MIRA) and adjust their pricing and invoicing.

Lookuptax (summarising MIRA / Law No. 10/2026); see also KPMG TaxNewsFlash, Aug 2026 · 2026-10-01

The First Amendment to the Foreign Currency Act, signed on 31 August and in force from 1 September 2026, requires tourism operators and other businesses earning dollars to convert 40% of that income into rufiyaa through the Monetary Authority. The rule raises the cost and difficulty of repatriating dollar earnings. Investors in tourism and hospitality should take it into account in cash-flow and dividend planning.

Lanka Newspapers · 2026-09-30

In response to the soaring black-market dollar rate, the government has limited foreign-exchange trading to licensed businesses and made it a crime to sell currency above permitted rates. Firms that relied on informal channels for dollars now face legal risk, and these measures do not fix the underlying shortage of dollars.

The Diplomat · 2026-09-23

Monetary Authority data show annual consumer inflation fell to 0.8% in August 2026 from 2.3% in July, mainly because tobacco prices dropped, while official reserves were USD 643.8 million at end-August, 20.5% lower than a year earlier. The Authority still projects 5.3% real growth for 2026, but reserves this thin mean foreign firms should expect continued rationing of dollars through banks and delays in sending profits and paying for imports.

Maldives Monetary Authority (Viya statistics database) · 2026-09-28

The dollar shortage has become President Muizzu's main political weakness: both the opposition MDP and former President Yameen, who has said he will run again, are attacking him over it. Muizzu was named the PNC's 2028 presidential candidate at its September congress without a primary. Entrants should expect economic policy to be driven more and more by the election campaign through 2027–28.

The Diplomat · 2026-09-23