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.
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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.
