Real estate bill would let resorts and hotels operate inside new integrated zones
Tourism facilities in the proposed zones would be licensed under the Tourism Act, while the bill bans alcohol and pork within them.
A Real Estate Business Bill that the government introduced in Parliament on 9 November would allow resorts, hotels and other tourism facilities to be built and run inside designated "integrated real estate zones", The Edition reports. The zones could cover islands or lagoons.
Tourism rules still apply
Tourism facilities within a zone would be governed by the Tourism Act and its regulations rather than the new real estate law. Operators would need the usual licences and permits from the Ministry of Tourism, and the ministry's standards on tourist safety, security and service quality would apply. Other property dealings inside the zones would fall under the Real Estate Act.
Other provisions
The bill would bar developments and businesses within the zones from importing, selling or using alcohol or pork products. Businesses in the zones would be treated as tourism-sector suppliers for tax purposes, so the tourism rate would apply to their transactions.
A zone could be leased to a master developer for up to 99 years, and leasehold rights to individual properties could be transferred for up to 99 years. The bill also restricts selling or renting property in the zones to people barred from entering the Maldives, and to anyone facing proceedings or arrest warrants from international courts.
What happens next
The bill has only been introduced and still has to go through Parliament. The Edition separately reports that the government sees the legislation as supporting the planned Maldives Waterfront and Marina project in Rasmale.
