Maldives (MV)
The Maldives is the world's most geographically dispersed country — a chain of 26 coral atolls and 1,192 islands stretching 900km across the Indian Ocean, of which only about 185 are inhabited.
2026 Annual Changes — Maldives
Updated thresholds, benefits, and regulatory changes effective this year.
The Maldives entered 2026 with the TGST already at 17% (effective July 2025) and an 8% general GST applying to non-tourism goods and services. Pension contributions of 14% total remain in effect. Corporate income tax at 15% on profits above MVR 500,000 applies. Enhanced AML/KYC requirements continue for bank accounts. The single-use plastics ban expanded at the start of 2026.
Key Changes for 2026
| Category | 2026 Value | Previous | Effective Date |
|---|---|---|---|
| TGST — Tourism Goods and Services Tax Tourism Goods and Services Tax increased from 16% to 17%. The amendment was ratified November 2024 and came into effect July 2025; the 17% rate applies throughout 2026. | 17% TGST on all tourism sector supplies (resorts, guesthouses, liveaboards, water villas) | 16% (in effect until 30 June 2025) | 2025-07-01 (in effect throughout 2026) |
| General Goods and Services Tax (GGST) General GST applies to non-tourism goods and services in the Maldives. This is a separate tax from TGST and affects local businesses, imported goods and services. | 8% GGST on goods and services excluding tourism-sector supplies | — | 2026 |
| Corporate Income Tax Business profit tax (corporate income tax) on Maldivian business profits, administered by MIRA. | 15% on taxable business profits exceeding MVR 500,000/year. First MVR 500,000 of taxable profit exempt. Filing via MIRA portal (mira.gov.mv). | — | 2026 |
| MPAO Pension — Contribution Rates Mandatory pension contributions via the Maldives Pension Administration Office (MPAO) unchanged. | 7% employee contribution + 7% employer contribution = 14% total on pensionable wage (basic salary as per employment contract). Contributions must be remitted by the 15th of the following month via pension.gov.mv. | 7% + 7% (unchanged) | 2026 |
| Employment Approval (EA) INIS system upgraded with employer compliance scoring and stricter enforcement of Employment Approval conditions for expatriate workers. | Zero-tolerance overstay enforcement active. Employer compliance scoring affects future EA applications. Renew EA at least 60 days before expiry via immigration.gov.mv. | — | 2026-01-01 |
| Banking — AML/KYC Requirements Bank of Maldives (BML) updated AML/KYC requirements: enhanced beneficial-ownership documentation and source-of-funds declaration now required for non-resident account opening. | Non-resident account opening at BML: source-of-funds declaration + Employment Approval or employer letter required (in addition to passport and visa). Keep documents current for all banking relationships. | Standard passport and visa copy previously sufficient | 2026-01-01 |
| Single-Use Plastics — Expanded Ban Expanded single-use plastic restrictions took effect at the start of 2026. Affects expats buying supplies, using food-delivery services and running local businesses. | Plastic cutlery, plates, straws, food packaging, and expanded polystyrene containers banned for supply and use. Fines apply for commercial and institutional violations. Reusable alternatives required. | Single-use plastic bags banned from 2021 | 2026-01-01 |
| Maldives Monetary Authority — Exchange Rate The Maldivian rufiyaa (MVR) is pegged to the US dollar. The peg rate is the primary FX planning constant for expat income and savings denominated in foreign currency. | MVR 15.42 = USD 1.00 (official MMA peg rate) | — | 2026 (ongoing) |
January Checklist
Actions to take each January when new rates take effect.
- 1
Verify Employment Approval (EA) is current and has not expired — renew 60 days before expiry.
- 2
Check MPAO pension statement at pension.gov.mv — confirm contributions are being remitted correctly.
- 3
Review international health insurance policy renewal — most annual policies renew in January.
- 4
Update cost-of-living budget: TGST is 17% (in effect since July 2025) on all resort and tourism-sector billing.
- 5
Review Dhiraagu/Ooredoo mobile and internet contracts — check for auto-renewal and plan suitability.
- 6
Check rental agreement renewal date — many leases run on annual terms.
- 7
Confirm employer has applied any annual salary increments correctly in payroll.
- 8
Review emergency fund — maintain at least 3 months expenses in accessible USD or home currency.
Where to Track Annual Changes
-
Maldives Inland Revenue Authority (MIRA) — mira.gov.mv — TGST, GGST, business profit tax and filing
-
Department of Immigration — immigration.gov.mv — Employment Approval, visas and residency
-
Maldives Pension Administration Office (MPAO) — pension.gov.mv — pension contributions and statements
-
Bank of Maldives (BML) — bml.com.mv — banking regulations and AML/KYC updates
-
Maldives Monetary Authority (MMA) — mma.gov.mv — exchange rate and financial regulation
-
Ministry of Tourism — tourism.gov.mv — resort regulations and TGST policy
-
Environmental Protection Agency — epa.gov.mv — plastics ban and environmental compliance
Maldivian regulatory rules can change more frequently than in established OECD economies as the country implements IMF fiscal recommendations and AML/CFT compliance requirements. The 17% TGST took effect July 2025 and is fully in force for 2026. Always verify current rates and requirements with MIRA (mira.gov.mv) and the Department of Immigration before making financial or immigration decisions.
Annual Changes
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