Maldives Parliament on Monday approved an amendment to the Tourism Act giving resort operators six more months to extend lease terms at a reduced US$5 million fee, after which the fee reverts to US$10 million. The amendment passed with 76 votes in favour and none against.
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Parliament on Monday approved an amendment to the Tourism Act, granting a six-month extension to the reduced fee window for resort lease term extensions.
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The two-year window for the reduced payment is set to expire on 27 December 2024, meaning any extensions sought after this date would require the full $10 million payment.
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The current government’s amendment allows resort operators an additional six months from the date of the amendment’s adoption to extend their lease terms at the reduced price of US$5 million.
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After this period, the fee will revert to US$10 million, in line with previous stipulations.
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Under the existing Tourism Act, an island or land parcel can be leased for up to 50 years to develop a resort or integrated resort.
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The lease term can be extended by an additional 49 years if specific conditions are met.
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