President Dr. Mohamed Muizzu ratified the 13th Amendment to the Maldives Tourism Act (Act No. 02/99) on Thursday, introducing notable changes to lease payment deadlines for islands and land leased by the Ministry of Tourism.
The amendment, passed by Parliament on August 19, 2024, during the 30th sitting of its second session, aims to streamline fee structures for lease extensions.
Under the new amendment, leaseholders must now pay their fees for lease extensions within a six-month period. If paid within this window, the annual fee will be USD 100,000. Payments made after the six-month period will incur a higher fee of USD 200,000 per year.
The amendment also revises the terms for extending leases on tourist resorts and integrated tourist resorts for an additional forty-nine years. Leaseholders are required to pay a lump sum of USD 5,000,000 within the first six months following the amendment's implementation. Failure to meet this deadline will result in the fee doubling to USD 10,000,000.
Additionally, the amendment updates provisions for islands leased under specific sections of the Tourism Act, allowing for a forty-nine-year extension if leaseholders pay USD 5,000,000, along with any outstanding rent, fines, or taxes.
The ratified amendment has been published in the Government Gazette and is now in effect.
The amendment, passed by Parliament on August 19, 2024, during the 30th sitting of its second session, aims to streamline fee structures for lease extensions.
Under the new amendment, leaseholders must now pay their fees for lease extensions within a six-month period. If paid within this window, the annual fee will be USD 100,000. Payments made after the six-month period will incur a higher fee of USD 200,000 per year.
The amendment also revises the terms for extending leases on tourist resorts and integrated tourist resorts for an additional forty-nine years. Leaseholders are required to pay a lump sum of USD 5,000,000 within the first six months following the amendment's implementation. Failure to meet this deadline will result in the fee doubling to USD 10,000,000.
Additionally, the amendment updates provisions for islands leased under specific sections of the Tourism Act, allowing for a forty-nine-year extension if leaseholders pay USD 5,000,000, along with any outstanding rent, fines, or taxes.
The ratified amendment has been published in the Government Gazette and is now in effect.
