The Maldives government and MBS Global Investments are set to spend US$8.8bn on the new Maldives International Financial Centre (MIFC) to attract financial institutions, fintech pioneers and digital nomads. 

The 780,000m² development has been designed by architect Gianni Ranaulo and inspired by local fauna and marine ecosystems. It will be completely car-free, with all transport and logistics infrastructure to be located underground for a pedestrian-friendly and open-air environment. 

In a bid to diversify beyond tourism, the new MIFC will be located in Malé to pursue a future in finance. It is expected to be completed by 2030.

Maldives International Financial Centre

President Dr Mohamed Muizzu says the project “will thrive in harmony with nature.” 

The centre will offer no corporate tax, tax-free inheritance, ownership as per the constitution of the Maldives and privacy. Residents can expect offshore private banking and future-ready regulations to support digital assets and green finance. 

With an aim to increase the country’s GDP within four years, the projected revenue is predicted to be more than US$1bn by its fifth year. 

With a conference centre for 3,500 people, the venue will host global conferences and cultural events. The plan also includes residential and office towers, retail, hotel brands, a museum, a mosque and an international school.