Maldives bets on tax-free $8.8B digital hub developed by Qatar

A new $8.8 billion financial oasis is rising in the Maldives with a focus on blockchain and digital assets, and it’s entirely tax-free.

MBS Global Investments, the Dubai-based family office of Qatar’s Sheikh Nayef Bin Eid Al Thani, will co-develop the Maldives International Finance Centre in Malé with the Maldivian government, Bloomberg reports. The completion date is scheduled for 2030.

The project promises zero corporate taxes, tax-free inheritance and no residency requirements.

It will include key features such as a 3,500-seat conference center, residential and office towers and access to multi-currency and private offshore banking.

The project is expected to generate over $1 billion in revenue within five years, a potential lifeline for the Maldives as it grapples with rising external debt and a deteriorating credit rating.