Renowned for its crystal-clear waters and idyllic paradisal setting, the Maldives boasts a reputation of being one of the world’s top luxury getaways. However, in the next five years it has ambitions to become a financial hub.
To realise this goal, the Government of the Maldives, in partnership with MBS Global Investments, has announced the Maldives International Financial Centre (MIFC). The landmark initiative valued at US$8.8 billion is set to redefine the island nation’s economic landscape.
Finance Epicentre
Positioned in Malé, MIFC will become a wholly sustainable financial freezone designed to attract global financial institutions, fintech innovators, and digital nomads. The development represents a strategic shift to diversify the Maldives’ economy beyond its traditional reliance on tourism.
President Dr Mohamed Muizzu called the centre “a beacon of innovation and national pride”, adding that it would drive economic resilience and benefit future generations. The government projects revenues exceeding US$1 billion by the fifth year of operation, with a significant boost to GDP within the first four years.
MIFC promises an attractive suite of incentives for investors and residents, including zero corporate tax, tax-free inheritance, full foreign ownership, and no residency requirements. It will also feature multi-currency banking, offshore private banking, and forward-looking regulation for digital assets and green finance.
Development Boost
The centrepiece of the development will be a state-of-the-art conference centre with capacity for 3,500 attendees, intended to host international events, cultural showcases, and technology-driven hackathons. Complementing this will be three iconic residential and commercial towers, seafront branded residences, luxury hotels, retail experiences, an international school, an oceanographic museum, and a mosque.
Designed by renowned architect Gianni Ranaulo, the master plan reflects the Maldives’ marine biodiversity and is fully climate-resilient. The project will span 780,000 square metres, accommodate over 6,500 residents, and attract a daily footfall of 35,000.
A key innovation of the design is its car-free upper level, with all transport and logistics moved underground to preserve a pedestrian-friendly environment. Powered entirely by renewable energy, MIFC will promote a lifestyle focused on wellness, with green spaces, cycling tracks, and cutting-edge health facilities.
Nadeem Hussain, CEO of MBS Global Investments, said the project “will set a new global benchmark, advancing financial innovation by at least two decades.” Construction is scheduled to be completed by 2030, with the Maldives positioning itself as the leading business and financial hub in the Indian Ocean region.
