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Maldives gov't mulls plans to extend lease on islands to 99 years

Xinhua, April 20, 2015 Adjust font size:

Investors in the Maldives may have a chance to lease islands for up to 99 years, provided they pay the government 5 million U.S. dollars, if new legislation is approved by parliament, local media reported on Monday,

Parliament's Economic Committee over the weekend passed an amendment that extends the 50 year lease given on local island resorts to 99 years given that the leaser pays the state a sum of 5 million U.S. dollars.

The amendment was proposed by Hoarafushi Constituency's MP Mohamed Ismail. It was only the pro-government parliamentarians that supported MP Ismail's bill. Jumhooree Party (JP) leader MP Qasim Ibrahim, JP MP Abdulla Riyaz and Maldivian Democratic Party (MDP) MP Fayyaz Ismail had abstained from voting.

The motions against the amendment bill -- filed by MPs Ibrahim and Riyaz -- failed to get passed, local media outlet Haveeru reported.

Even though the bill has been passed by the committee, for it to be turned into law, it has to be passed on the parliament floor, ratified and gazetted.

Parliamentarian Ibrahim had proposed that the 5 million U.S. dollars sum be reduced in order to expand opportunity for more investors.

The Tourism Act states that resorts and lagoons can be leased for only 50 years. However, the Maldivian constitution allows a lease period of up to 99 years.

Maldives earns more than 70 percent of its Gross Domestic Product (GDP) from tourism and the sector attracted more than 1 million travellers in 2014. Endi