Constitutional amendment on foreign land ownership up for debate tonight
A parliamentary debate on amending the constitution to allow foreigners to own land in the Maldives will be up for debate at an extraordinary parliament sitting tonight, only hours after it was submitted to parliament.
21 Jul 2015, 6:45 PM
Minivan News
A constitutional amendment to allow foreigners to own land in the Maldives will be up for debate at an extraordinary parliament sitting tonight, only hours after it was submitted to parliament.
The amendment allows foreign parties to own land for projects worth US$1 billion. Ownership is dependent on the parties reclaiming more than 70 percent of the plot.
The constitution at present prohibits foreigners from owning land under any circumstances, but allows the government to lease land to foreign parties for up to 99 years.
The amendment is the second amendment proposed to the constitution since it was ratified in 2008. It was proposed by Ahmed Nihan, MP of the ruling Progressive Party of the Maldives (PPM) and the majority leader.
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