Maldives

{"ftc_utility":"medium","fbar_trigger_notes":"Expats employed in the Maldives frequently receive salary payments into offshore or home-country accounts rather than local Maldivian bank accounts (MVR accounts). If any local MVR account or offshore account holds over $10,000 at any point in the year, FBAR filing is required. Resort employees often receive compensation in USD held abroad, which may still trigger FBAR if the account balance exceeds the threshold.","ftc_utility_reason":"The Maldives levies personal income tax at rates up to 15%, which is below the US top marginal rate. Foreign Tax Credits can offset some US tax liability on Maldives-taxed income, but since the Maldives rate is lower than US rates, partial US residual tax may still apply. Most lower-income expats will find FEIE more beneficial than FTC.","presence_day_count_notes":"The Maldives issues work visas and expatriate permits tied to an employer. Most expats work in the tourism sector on resort islands under employer-sponsored arrangements. Long-term stays are tied to valid work permits. Overstaying or gaps in employment-linked permits can complicate presence counts. The 330-day physical presence test is achievable for workers on continuous resort contracts.","typical_qualifying_method":"either","housing_exclusion_available":true,"physical_presence_test_applies":true,"estimated_housing_exclusion_usd":18000,"local_tax_rate_on_earned_income":0.15,"bona_fide_residence_test_applies":true}

{"pension_income":{"notes":"Foreign pension income received by a Maldives tax resident is taxable under the Income Tax Act at progressive rates up to 15%. No treaty relief is available. The top 15% rate applies to income above MVR 2,400,000 per year.","tax_rate":0.15,"locally_taxed":true},"social_security":{"notes":"No US-Maldives totalization or income tax treaty. US Social Security benefits received by a Maldives tax resident are potentially subject to Maldives income tax as foreign-source income. No treaty exemption is available.","locally_taxed":true,"treaty_protection":false},"roth_distributions":{"notes":"Roth distributions represent after-tax contributions and qualified distributions are not taxable in the US. The Maldives has no specific provision exempting or taxing Roth distributions; in the absence of a treaty, qualified Roth distributions would likely be treated as non-taxable return of capital, but no formal guidance exists from MIRA on this.","locally_taxed":false},"us_401k_ira_distributions":{"notes":"No US-Maldives income tax treaty exists. US-source 401k and IRA distributions received by a Maldives tax resident could in principle be subject to Maldives personal income tax at progressive rates up to 15%. In practice, most expats in the Maldives are employed under contracts that do not make them long-term tax residents, but if tax residency is established, foreign pension distributions are taxable income.","tax_rate":0.15,"locally_taxed":true,"treaty_protection":false}}

{"rate":0,"notes":"The Maldives does not impose a separate capital gains tax on individuals. Corporate gains on certain asset disposals may fall under Business Profit Tax.","details":{"tax_type":"Capital Gains Tax","country_name":"Maldives","country_iso_code":"MDV","source_references":["Maldives Inland Revenue Authority (MIRA) - Income Tax Act 2019","Maldives Business Profit Tax Act","KPMG Maldives Tax Profile"],"last_verified_date":"2026-06-03","general_description":"No standalone capital gains tax exists in the Maldives. Individual capital gains are not taxed under the Income Tax Act. Gains arising within a business context for corporate entities may be subject to Business Profit Tax (BPT) at 15%.","corporate_capital_gains":{"rate":0.15,"tax_treatment":"Capital gains realized by companies in the course of business are included in taxable profit and subject to BPT at 15%. A reduced rate of 25% applies to banks and financial institutions on profits exceeding MVR 500 million."},"individual_capital_gains":{"rate":0,"tax_treatment":"No capital gains tax on individuals. Gains from disposal of assets are not taxed under the personal income tax regime."}}}

{"notes":"Dividends paid to non-resident individuals and foreign companies are subject to a 10% withholding tax under the Maldives Income Tax Act. Dividends received by resident individuals from Maldivian companies are generally exempt from personal income tax at the recipient level to avoid double taxation, as the company has already paid BPT.","rates":[{"rate":0.1,"type":"withholding","notes":"Withholding tax on dividends paid to non-residents - both individuals and companies."},{"rate":0,"type":"exempt","notes":"Dividends received by resident individuals from Maldivian-registered entities are generally exempt at the individual level."}]}