The Maldives International Financial Centre, to be built in the Malian capital over the next five years, will have no corporate taxes or residency requirements and will also offer tax-free inheritance, MBS said in a statement.
MBS, the family office of Qatari royal Sheikh Nayef bin Id Al Thani, is backing the project, according to a statement that did not disclose financial terms.
The hub is envisioned as a “free zone” for blockchain and digital assets. Plans include a 3,500-seat conference center and three residential and office towers. Residents will have access to multi-currency and private offshore banking.
The Maldives, located in the Indian Ocean southwest of Sri Lanka and India, is struggling with a debt crisis and is having difficulty raising funds to repay future debts.
According to Moody's, the country's external debt will be around $600-700 million this year and will exceed $1 billion by 2026. Last year, the country avoided a potential default on its Islamic bonds after India provided an interest-free loan of $50 million.
Source: Bloomberg
