The criteria for determining the lease acquisition cost for cross-subsidized island and lagoon leases has been changed.
The changes were brought to the acquisition costs announced by the Tourism Ministry last June. As per the new changes announced Monday, the base rate and hectare rates for islands in some atolls have been halved. The size premium prices were also reduced by the ministry.
In a statement issued on Monday, the Tourism Ministry said the 'criteria for determining the lease acquisition cost' attached to the notice was the new criteria for calculating the minimum lease acquisition cost that can be charged when leasing an island or lagoon in an area. Therefore, the lease acquisition cost for islands and lagoons in an area will be decided through negotiations with interested parties such that it is not less than the cost determined as the minimum lease acquisition cost, the ministry said.
Base rates as per the new changes
- Haa Alif, Haa Dhaalu, Gnaviyani, and Seenu atoll
Base rate: $500,000
Rate per hectare: $50,000
Size premium for islands between 20 to 40 hectares: $500,000
Size premium for islands over 40 hectares: $2 million
- Shaviyani, Thaa, and Laamu atoll
Base rate: $1 million
Rate per hectare: $100,000
Size premium for islands between 20 to 40 hectares: $500,000
Size premium for islands over 40 hectares: $2 million
- Noonu, Raa, Baa, Lhaviyani atoll
Base rate: $2 million
Rate per hectare: $300,000
Size premium for islands between 20 to 40 hectares: $1 million
Size premium for islands over 40 hectares: $3 million
- Kaafu atoll
Base rate: $3 million
Rate per hectare: $600,000
Size premium for islands between 20 to 40 hectares: $1 million
Size premium for islands over 40 hectares: $3 million
- Alif Alif, Alif Dhaalu, Vaavu atoll
Base rate: $2 million
Rate per hectare: $450,000
Size premium for islands between 20 to 40 hectares: $1 million
Size premium for islands over 40 hectares: $3 million
- Meemu, Faafu, Dhaalu atoll
Base rate: $1.5 million
Rate per hectare: $200,000
Size premium for islands between 20 to 40 hectares: $1 million
Size premium for islands over 40 hectares: $3 million
- Thaa, Laamu atoll
Base rate: $1 million
Rate per hectare: $100,000
Size premium for islands between 20 to 40 hectares: $500,000
Size premium for islands over 40 hectares: $2 million
- Gaafu Alifu, Gaafu Dhaalu atoll
Base rate: $750,000
Rate per hectare: $75,000
Size premium for islands between 20 to 40 hectares: $500,000
Size premium for islands over 40 hectares: $2 million
