Male’, Maldives, 4th July 2022 – On Sunday 3rd July, President Ibrahim Mohamed Solih ratified the 11th amendment to the Maldives Tourism Act (Act No. 2/99). This amendment was passed by the Parliament on 30 June 2022, during the 22nd sitting of its second session.
The latest amendment outlines the provisions to determine the market value of shares of tourist facilities leased under joint ventures, to ensure the interests of all stakeholders in the event of a buyback or sale of shares. It also empowers local councils to determine the market value of land under their administrative jurisdiction in the most profitable way when being leased for tourism development.
Furthermore, the amendment mandates the relevant ministry to draw up and publish all necessary regulations required by the amendment within 6 months of its enactment. In addition to this, the relevant ministry will be given a 12-month period to revise all existing lease agreements of all tourism facilities as per the amendment. It also outlines that the duration of the lease specified in tourist facilities’ lease agreements should remain unchanged.
Following the bill’s ratification by the President, the Act has been published in the Government Gazette and is now in effect.
