Maldives, Republic of

Individual - Other issues

Last reviewed - 10 September 2023

Treatment of trusts

A trust shall pay tax under the Income Tax Act on its taxable income as if it were a separate legal entity. Notwithstanding anything to the contrary specified in the deed of trust, the taxable income of a trust shall be taxable in accordance with the provisions of this Act. The trustees of a trust shall be jointly and severally liable to meet all the obligations imposed on the trust under this Act.

Exchange controls

At present, there are no exchange controls in Maldives.

Visa requirements

A foreigner is permitted to enter Maldives and stay in Maldives for work under the following visa categories:

Work visa

A work visa is granted to a foreign national visiting the Maldives for the purpose of working in Maldives. Employers are required to obtain employment approval for the foreigners before applying for work visas. Employment approvals are issued by Maldives Immigration, which requires that employers deposit a sum of money as a work permit deposit for each employee. A monthly visa fee of MVR 250 applies for foreign workers.

An employee working under a work visa shall be treated as a temporary resident and subject to tax on his/her income derived from Maldives.

Business visa

A business visa is granted to a foreign national visiting the Maldives not as an employed person in the Maldives, but for the purposes of doing a business or work that has been permitted and approved by the concerned Maldivian government authority. Business visas also can be obtained from a Maldivian sponsor for a maximum of 90 days.