Maldives

Research notes

Maldives — family-office tax dossier

Last reviewed: 2026-10-15 Tax year: 2026 Reviewer: research agent (Claude), unreviewed by a tax adviser

Summary

The Maldives has had a personal income tax since 2020 (Income Tax Act 25/2019): 0% up to MVR 720,000 rising to 15% above MVR 2.4M. Full residents are taxed on worldwide income including capital gains and foreign dividends; dividends from Maldivian companies are exempt. But a foreigner living in the Maldives on an immigration permit (and not married to a Maldivian) is a 'temporary resident' taxed only on Maldivian-source income, so a foreign family's foreign portfolio would be untaxed. No wealth, inheritance or gift tax. Long-term residence for wealthy foreigners is hard to obtain.

Residence and eligibility

Resident if the permanent home is in the Maldives or present 183+ days in a 12-month period starting or ending in the tax year. A foreigner present under an immigration permit and not married to a Maldivian is a temporary resident taxed only on Maldivian-source income.

• Work / business visa (EU, US, OTHER): Long-term stay requires a work or business visa tied to employment or an approved investment; no residence-by-investment programme was verified.

Capital gains

Capital gains are part of taxable income and taxed at the individual progressive rates (top 15% above MVR 2.4M) (Income Tax Act 25/2019, ss. 3 and 7). Residents are taxed on worldwide income (s. 10(a)).

• Rate basis: Top marginal rate 15% applies above MVR 2.4M (~EUR 135k); a large gain is taxed at about 15%.
• Foreign assets: Full residents: worldwide, with a foreign tax credit (s. 72) capped at the Maldivian tax.
• Confidence: medium (partially_verified), verified 2026-10-15.
• JSON numbers: headline 0.15; listed domestic 0.15, listed foreign 0.15, private business 0.15, local real estate 0.15, foreign real estate 0.15.

Dividends

Dividends received by a resident from a resident company are exempt (s. 12). Foreign dividends of a full resident are taxable at progressive rates up to 15%, with a foreign tax credit.

• Rate basis: Domestic 0 (exempt); foreign at the 15% top marginal rate.
• Outbound WHT: 10% non-resident WHT on dividends (s. 55).
• Treaty network: Very small (a handful of treaties; not verified).
• Confidence: medium (partially_verified), verified 2026-10-15.
• JSON numbers: headline 0.15, domestic 0.0, foreign gross 0.15, credit method credit.

Inheritance and gifts to children

No inheritance, estate or gift tax. Gifts are exempt income subject to a de minimis rule and conditions (s. 12).

• Gift tax: Exempt income subject to conditions (s. 12).
• Foreign assets: No tax on any asset.
• Domicile rules: Not relevant.
• Important exceptions: Succession, not tax, is the issue: personal status law based on Sharia governs the estates of Muslims (fixed shares; a son typically takes twice a daughter's share; at most one third freely disposable by will to non-heirs). How estates of non-Muslim foreigners are handled (law of nationality, own religious rules, or Sharia by default) was not verified here; non-Muslim families should take local legal advice.
• Confidence: medium (partially_verified), verified 2026-10-15.
• JSON numbers: basis none, children fully_exempt, exemption 0, brackets none, other transfer cost 0.0.

Wealth tax

No net wealth tax.

• Property taxes: No recurring property tax on individuals was found. Foreigners cannot own freehold land (leasehold only).
• Confidence: medium (partially_verified), verified 2026-10-15.
• JSON: type none.

Special regimes

Temporary resident (foreigner on an immigration permit) (temporary_resident)

Foreigners staying under a permit granted under the Immigration Act are taxed only on Maldivian-source income.

• Eligibility: A foreign individual who would otherwise be resident but stays in the Maldives under a permit granted under the Maldives Immigration Act, and is not married to a Maldivian.
• Duration: Status lasts for as long as the person stays under an immigration permit and is not married to a Maldivian; no statutory time limit (Income Tax Act 25/2019, temporary-resident definition; s. 2(c) as amended by Law 15/2021). In practice limited by the availability of long-term permits.
• Capital gains: Temporary residents are taxed only on Maldivian-source income, so gains on foreign securities and foreign real estate are untaxed. Maldivian-source gains are taxed at up to 15%. Foreign listed securities and foreign real estate 0 (outside the source rule). Domestic assets at the 15% top rate.
• Dividends: Foreign dividends are outside the scope for temporary residents; dividends from Maldivian companies are exempt. Foreign dividends 0 (foreign source); domestic 0 (exempt).

Company taxation (kept separate from personal tax)

Companies 15% above MVR 500,000 (0% below); banks 25% (Income Tax Act 25/2019, ss. 8-9).

Cost of living notes

No cost-of-living items were sourced in this pass.

US citizens: US citizens remain US-taxed; no US-Maldives tax treaty.

Open questions

• Lloyds Bank Trade states 'no capital gains tax is levied', contradicting CTL's reading of the Act; the Act itself (MIRA site blocks automated access) was not read.
• Individual rate brackets after any 2024-2026 amendments were not verified (Lloyds lists the same brackets as '2023 brackets').
• Conditions of the s. 12 gift exemption not verified.
• Source rules for gains on foreign shares held through a broker were not verified against the Act.

Sources

• Income Tax Act: Overview & Impact (Jan 2020)
• Maldives: Business environment - taxes
• First amendment to the Income Tax Act (Law 15/2021)

Change log

• 2026-10-15: initial research.