Govt hikes pre-lease pay in cross subsidy tourism pacts
If the total amount due for a island, lagoon or land exceeds $10 million (MVR 153 million), 50% of that amount shall be paid before signing the lease agreement
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The amount to be paid before signing the lease agreement when leasing islands, land or lagoons for tourism purposes as cross-subsidies to fund government-run projects has been increased.
The tourism ministry has amended the rules and published them in the government gazette on Wednesday.
Previously:
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When the rules were first made, the lease agreement could be signed only after the total amount of the project was paid to the government within 60 days
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The first amendment to the rules changed the requirement for the applicant to pay $1 million (MVR 15.3 million) of the total project amount
Latest revision:
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If the total amount due for a island, lagoon or land exceeds $10 million (MVR 153 million), 50% of that amount shall be paid before signing the lease agreement
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The remaining amount should be paid in instalments by the end of this year
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