Foreigners allowed involvement in guesthouse operations

A guesthouse located in suburban Hulhumale'. (File Photo/Sun)

Tourism Ministry has revised the regulation on tourist guesthouse operations in Maldives to allow for foreign nationals to be involved in the business.

The regulation previously limited issuance of permits for guesthouse operations to Maldivian nationals, partnerships that do not involve foreign nationals established under the Partnership Act, and companies established under Companies Act.

The revision published on the Government Gazette this Wednesday expands those eligible for permits for guesthouse operations to companies and partnerships that involve foreign nationals.

The regulation states that permit to such parties will be issued in accordance with criteria set under foreign direct investment policy, and to the limit on investment by foreign parties on tourist guesthouses established under the policy.

The policy states that foreign parties involved in companies and partnerships to run guesthouses can only hold maximum 49 percent shares.