Dubai Firm to Launch Tax-Free Financial Hub in the Maldives

The Maldives is about to add "financial powerhouse" to its list of tropical bragging rights. Teaming up with Dubai-based MBS Global Investments, the island nation has unveiled plans for the Maldives International Financial Centre (MIFC)—an $8.8 billion mega-project designed to diversify its economy beyond beach resorts and honeymoon packages.

Set in the capital Malé, MIFC is being developed with no chill on ambition. Think: zero corporate tax, no residency requirements, tax-free inheritance, and multi-currency offshore banking. The centre will also embrace digital assets, green finance, and high-end urban living, making it a playground for digital nomads, global financiers, and next-gen entrepreneurs.

“With the MIFC, we are shaping the Maldives of tomorrow,” said President Dr Mohamed Muizzu. “The financial centre will be a symbol of economic resilience and will set a new global benchmark that will massively benefit the people of the Maldives for generations to come.”

What's the Plan?
The futuristic development spans a whopping 780,000 sqm and will include:

• Three towering skyscrapers with a mix of residences and offices

• Branded seafront apartments, international hotels, and retail

• A giant oceanographic museum and mosque

• A 3,500-capacity global conference centre

• An international school, wellness centres, and sports facilities

• Cycling/running tracks and a fully car-free upper level

The project aims to house 6,500 residents and is expected to draw a daily footfall of 35,000. And yes—it will be fully climate-resilient and 100% powered by renewable energy, according to a statement by MBS Global, the family office of Sheikh Nayef bin Eid Al Thani of Qatar.

Tax-Free Dreams, Real-Estate Goals
While tourists soak in the sun, the Maldives government is betting that international finance will fuel its GDP growth. Revenue from MIFC is projected to hit $1 billion by year five, with the entire complex set for completion by 2030.

“This project offers a great opportunity to diversify our economy beyond tourism... and will attract the best businesses and visionary entrepreneurs in the world,” said Moosa Zameer, Maldives’ Minister of Finance and Planning.

But Not Everything’s Rosy
According to the International Monetary Fund, the Maldives still faces serious challenges, including rising inflation (expected to hit 2.3% in 2025), foreign exchange pressures, and growing fiscal deficits.

“The Maldives is navigating a pivotal moment to urgently restoring macroeconomic stability and debt sustainability,” said Piyaporn Sodsriwiboon from the IMF, urging for policy shifts.

Despite the headwinds, MIFC is being pitched as a bold step toward economic transformation, with a strong focus on sustainability and resilience in the face of climate change.

TL;DR?
Tropical finance is officially a thing. And the Maldives just turned up the heat with a skyscraper-packed, tax-free zone built for the future.

Join our FREE WhatsApp channel to dive into a world of real-time engagement!