Malé, Maldives – President’s Office and Government’s relevant authorities have begun searching for areas to operate real estate tourism in the Maldives.
Targeting foreigners who wish to live in Maldives, the Government began the project of establishing real estate tourism in Maldives to operate a second home program through integrated tourism model and private island models.
Senior Policy Director of Tourism Ministry, Mohamed Hassan spoke to local media outlet “Adhadhu” and revealed that most important laws for real estate has been completed. These include of laws related to developing private islands and renting them and laws on developing integrated tourism resorts.
Tourism Ministry is expected to draft and gazette all the laws within the upcoming two to three weeks, according to Hassan.
Rules so far publicized by the Government regarding real estate tourism state that companies with 100% state ownership will only received permission to develop areas for real estate tourism.
Real estate tourism is one of the new things brought up to increase income for the Government. In fact, the states budget consists of an foreseen income of MVR 150 million through real estate tourism this year.