Maldives plans luxury residency program and artificial islands for the ultra-rich amid money laundering and environmental concerns

Maldives plans luxury residency program and artificial islands for the ultra-rich amid money laundering and environmental concerns

The Maldives, renowned for its turquoise waters, coral reefs, and luxury tourism, is pursuing an ambitious strategy to attract wealthy foreign investors through artificial island developments and a new residency-by-investment program. Facing mounting national debt and limited land resources, the government hopes these initiatives will generate billions of dollars in investment. However, the plans have raised concerns about money laundering, tax …