Govt regulates long-term lease of resort villas
Even before the introduction of the regulations, some resorts in Maldives have been renting out villas or rooms for long periods of time.
Top Stories
-
Amendment passed to exempt bulk plastic bag packs from levy
-
Parliament accepts bill to raise non-resident contractor tax
-
MTDC schedules AGM for 31 August amid proposed rights issue
-
Falah urges opposition to back tax hike on foreign contractors
-
Bill proposes raising non-resident contractor tax rate to 10%
By
Ahmed Mizyal
Tourism ministry on Tuesday introduced a new set of regulations to regulate the long-term rentals of villas in resorts.
The Regulation on Long Term Rental of Villas or Rooms on Strata Basis comes into force on Tuesday.
According to the regulations, a villa in a resort or integrated resort must be registered with the tourism ministry before being rented out on a long-term basis. A registration fee of MVR 5,000 is payable to Maldives Inland Revenue Authority (MIRA).
Long-term rentals, according to the regulations, of a villa in a resort or integrated resort:
-
1-
Standalone villas
-
2-
Standalone rooms
-
3-
Individual rooms in a building
-
4-
Individual apartments in a building
-
5-
A building on the beach
According to the regulations, a long-term lease may be made before or during construction of a premise described as rentable.
If a resort rents a room or a villa for a long period of time in violation of the regulations, the fines are:
-
First time - MVR 25,000
-
Second time - MVR 50,000
-
Each violation after the second time - MVR 100,000
Even before the introduction of the regulations, some resorts in Maldives have been renting out villas or rooms for long periods of time.
