The true cost of Rasmale is the opportunity cost of developing the other cities in Maldives. This will cause further centralization and misery, and erosion of Dhivehi identity.
Imagine if the government were willing to spend 10 billion (cost of reclamation without establishment of infrastructure and services) on developing the cities? For reference, only 2.1 billion was allocated to ALL 200 councils in 2025.
Fuck you @MMuizzu ! I have a serious neurological condition, a condition which doctors here in Maldives couldnt diagnose despite several visitations to ER & specialists! I COULDNT SLEEP FOR WEEKS, get up, do basic everyday tasks, I had to fucking quit my job!
In 2021, while working at Ministry of National Planning, Infrastructure and Housing, I came across a case where the then head of public works had registered his private vehicle to a ministry garage.
I reported the matter to the @ACC_Maldives along with all relevant documents.
Now he is the MD of @TeamFenaka.
Today, ACC informed me that despite finding sufficient grounds against Mohamed Afeef Hussain, the @PGO_MV has decided not to press charges.
The same corrupt individuals continue to be recycled over and over again by a system that enables and protects them.
@TransparencyMV@presidencymv@pcb_gov
Crypto Scammer Nasheed is contesting for the chairperson of MDP. It seems MDP members have no problem with that. Internal ehves due process eh neh thaneh dhoa party aki ves @SikkaMohoree
@__almaas__ they are already laying down the framework for digital ID with forcing portals for everything and buidling dependency on efass. its already here with no way to opt out
Healthcare is not a privilege, it’s a basic right. Citizens shouldn’t have to fight to be heard or beg for proper care or leave a hospital feeling abandoned during their most vulnerable moments. We urge you to investigate and address these deep rooted failures within the system
Not all international transactions are for gaming & shopping! Our survival & jobs depend on it!
The ones that are struggling, people like us, we will never forgive you! Stop trying to limit our lives, fucking wannabe dictator!
The Ayla SEZ could create a private tax haven within the zone for their high-net-worth (HNW) residents. Within their SEZ, they can create their own exclusive version of the British Virgin Islands inside Maldives for their population.
As I said in my previous tweet as well, the dormant SEZ law is finally waking up, and it will be used to its full extent by the Ayla SEZ population. The SEZ law authorizes the operation of offshore banks and offshore non-bank financial businesses inside any designated SEZ. The non-bank category covers insurance companies, finance leasing firms, trust services providers, remittance businesses, and money-changing operations.
Consider a HNW foreign investor who purchases a villa at Ayla under the Pearl Residence programme. The legal minimum threshold for Pearl Residence qualification is USD 250,000 in a fixed deposit at a Maldivian bank. That amount has to pass through a bank licensed under Banking Act. Ayla's offshore banks would be licensed under SEZ Act so this will be the only time their wealth would touch the Maldivian banking system. The investor doesn't even need to go through the golden visa programme to do any of this. (As per current SEZ laws it would be more preferable for them to stay as non-residents. SEZ law is over a decade old, and the golden visa programme is fairly new. I expect a few amendments to the Act in the coming months)
Now consider everything above that minimum threshold. An investor bringing USD 10 million, or USD 50 million, or USD 200 million in wealth does not need to route any of that through the Maldivian banking system. If an offshore bank were licensed within the Ayla SEZ, that investor's remaining wealth could be managed entirely within the SEZ. Portfolio management, foreign currency transactions, financial advisory, and safe deposit facilities are all permitted under the 2015 offshore banking regulation.
The bank would be authorized to operate in any currency other than MVR, serving SEZ investors, ring-fenced from the domestic economy. The domestic banking system, with all its international compliance obligations, would see USD 250,000. The offshore bank inside the SEZ would see everything else.
The trust service is where it gets interesting. An offshore bank inside a SEZ is legally permitted to provide trust services. A trust is an arrangement where one party holds assets on behalf of another. In this context, the offshore bank could hold the title to a strata villa on behalf of the actual owner, who becomes the trust's beneficiary. On any public registry, the registered holder of the unit would be the trust or the bank acting as trustee. The beneficial owner, the person who paid for the villa and qualifies for Pearl Residence, would not appear on any publicly accessible document. Disclosure of beneficial owners will only be with appointed auditors and the MMA/CMDA. They are prohibited by the regulation to reveal anything without a court order.
The non-bank financial services permitted takes this even further. Under the 2016 regulation, the SEZ could also host an offshore insurance company and a finance leasing entity. An insurance company within Ayla, with capital of MVR 10m, could write property insurance on every villa in the development. Instead of premiums flowing to an external insurer, they accumulate within the SEZ structure, taxed at the preferential SEZ rates of five percent for the first decade and ten percent for the second, rather than at standard rates. The same logic applies to finance leasing of high-value assets. Yachts, aircraft, and equipment could be leased through a SEZ-licensed entity, with lease income staying within the SEZ.
For the first time in Maldivian history, the first SEZ permit was given to Abraxas for their Solar City in the Muizzu government; and the second to Ayla a few months ago. We are stuck with them forever. Revoking either permit would expose the Maldivian state to a claim worth USD billions in international arbitration.