Business Tourism

Maldives to allow resort development in island lagoons

loama

Loama Resort. PHOTO LOAMA RESORT

The Ministry of Tourism established a new policy to allow resort islands to reclaim the lagoon and develop another resort.

According to a statement released by the ministry, the existing resort islands can reclaim their lagoon and develop a new resort on the reclaimed land. Permit for a new resort will be given after the acquisition cost is settled with the state. An amount between USD 600,000 and USD 150,000 has to be paid per hectare of land.

The ministry already charges acquisition fees for leasing islands to develop resorts.

The highest amount is charged for reclamation of lagoons in the capital Male Atoll, while the lowest fees are for the three northernmost atolls and four southernmost atolls.

The new policy dictates that the acquisition cost will be determined after referring to a concept approved by the tourism ministry where the size of the reclaimed area will be detailed. Once the amount has been finalized, it must be paid to Maldives Inland Revenue Authority (MIRA). The policy notes that MIRA has the power to ask for the full payment in advance.

The tourism ministry and the contractor must sign a lease agreement after paying MIRA.

Full details are available at the link below:

Source URL: Mihaaru-News

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