Changes Made to Tourism Lease Rent Rates

In an effort to encourage investments within the tourism industry, the Government of the Maldives has decided to bring changes to the tourism lease rent rates for islands leased within the north and south atolls of the Maldives.The Minister of Economic Development, Uz. Fayyaz Ismail announced today via Twitter, that the Government has proposed to amend lease rents for resorts being operated in far regions of Addu atoll and Gnaviyani. atoll to $2.00 per square meter with a cap of $800,000, for Haa Alif. and Haa Dhaalu. atolls, $4.00 per square meter with a cap of $1,000,000 and for Shaviyani, Gaafu Alif, Gaaf Dhaalu, Thaa and Laamu atolls, $6.00 per square meter with a cap of $1,500,000.Additionally, it has also been proposed to amend lease rents for tourism establishments in inhabited islands to $1.00 per square meter with a cap of $400,000 for Addu atoll and Gnaviyani. atoll, for Haa Alif. and Haa Dhaalu. atolls, $2.00 per square meter with a cap of $500,000, for Shaviyani, Gaafu Alif, Gaaf Dhaalu, Thaa and Laamu atolls, $3.00 per square meter with a cap of $800,000 and for the other remaining atolls, $4.00 per square meter with a cap of $1,000,000.