Tourism land rent to be cut in south, north Maldives

Economic Development Minister Fayyaz Ismail announced on Monday the government plans on reducing tourism land rent in the southernmost and northernmost regions of the country.

Fayyaz, who also serves as Actin Tourism Minister, made the announcement on Twitter on Monday night.

He said the government made the decision to reduce tourism land rent to promote tourism in the southern and northern regions of the country.

The reductions in tourism land rent for resorts will be applicable to resorts in nine atolls.

As such, the tourism land rent for resorts in Addu City and Fuvahmulah City will be reduced to USD 2 per square meter, with a cap of USD 800,000.

The tourism land rent for resorts in H. A. Atoll and H. Dh. Atoll will be reduced to USD 4 per square meter, with a cap of USD 1 million.

And, the tourism land rent for resorts in Sh. Atoll, G. A. Atoll, G. Dh. Atoll, Th. Atoll and L. Atoll will be reduced to USD 6 per square meter, with a cap of USD 1.5 million.

“This will definitely boost investment in these atolls,” said Fayyaz in his tweet.

Meanwhile, Fayyaz has also announced reductions to the tourism land rent charged on built-up areas in residential islands in a bid to promote local tourism.

As such, the tourism land rent on built-up areas in residential islands in Addu City and Fuvahmulah City will be reduced to UDS 1 per square meter, with a cap of USD 400,000.

The tourism land rent on built-up areas in residential islands in H. A. Atoll and H. Dh. Atoll will be reduced to USD 2 per square meter, with a cap of USD 500,000.

The tourism land rent on built-up areas in residential islands in Sh. Atoll, G. A. Atoll, G. Dh. Atoll, Th. Atoll and L. Atoll will be reduced to USD 3 per square foot, with a cap of USD 800,000.

And, the tourism land rent on built-up areas in residential islands in other islands will be USD 4 per square meter, with a cap of USD 1 million.