Maldives Extends Rent Deferral Period for Resort Upgrades

The Maldives' Ministry of Tourism recently announced the third amendment to its regulations governing rent deferrals for resorts undergoing maintenance and upgrades. These changes include:

Extended Deferral Period: The maximum period for rent deferral has been extended to three years for resorts that suspend operations for upgrades. Previously, the maximum deferral period was 18 months.

Redevelopment Deferral: In cases where a resort is completely demolished and redeveloped, the rent deferral period can now be extended to a maximum of three and a half years.

Simplified Extension Process: The Ministry of Tourism has streamlined the process for extending construction periods for resorts. Previously, extensions required inspections and reports from authorized surveyors or engineers. Now, extensions can be granted based on a simple declaration of the availability of materials and workers.

Our experienced team is committed to keeping you informed about the key changes and their implications on relevant tourism laws and regulations. Should you require legal advice, please do not hesitate to contact us.