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.
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:
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1-
Standalone villas
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2-
Standalone rooms
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3-
Individual rooms in a building
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4-
Individual apartments in a building
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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:
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First time - MVR 25,000
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Second time - MVR 50,000
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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.
