Parliament passed an amendment to the Tourism Act during yesterday’s sitting.
The Tourism Act states that resorts can be leased for 99 years, under the condition that the company is registered in Maldives and has sold 55 percent shares of the resort to the public, reports Miadhu.
The Act states that if rent charged from land smaller than 200,000 square metres is more than US$1 million, the rent is set at US$1 million per year, Miadhu reported.
US$1.5 million per year is charged for 200,000 to400,000 square metres, while where rent of land larger than 400,000 square metres is more than US$2 million, the rent of the land is set at US$2 million per year.