Former President and MDP Chairman Mohamed Nasheed has voiced his backing for the government's residency initiative, stating it offers a chance to create an additional tourism enterprise.

The cornerstone of the initial township initiative under the Special Economic Zone (SEZ) Act was set on January 29 this year. The government stated that the SEZ initiative is a crucial element of its plan to transform the Maldives into an economically thriving nation.

Nasheed voiced his backing for the initiative after 13 members of the MDP parliamentary group endorsed a no-confidence motion targeting Economic Minister Mohamed Saeed. A point highlighted in the case is that the government altered the SEZ Act to the disadvantage of the state.

In a short post on X, Nasheed mentioned that the residency program would be advantageous for the Maldives.

He stated that he thinks the residency program will greatly benefit the Maldives, generating new prospects in the tourism sector.

The MDP parliamentary group stated that the townships have been established and certain regions of the Maldives have been transferred to foreign entities.

Saeed launched a residence-by-investment initiative named Maldives Pearl Residence to allow foreigners to reside in the townships for extended durations. The MDP stated that this would result in money laundering and tax evasion, jeopardizing the nation's sovereignty.

Saeed mentioned last month that tourism is the backbone of the Maldives' economy, yet there are further chances to grow the economy. He stated that the government's objective is to establish the Maldives as a competitive and accessible investment hub.