21 parties request to extend resort construction period

Requests have been made at the Tourism Ministry to extend construction period of 21 islands which were leased for resort development.

Tourism Minister Ali Waheed said construction of 70 islands leased for resort development has been delayed, due to which the ministry gave the opportunity for the resorts to extend construction period. Out of the 70 resorts, 21 resorts took up on the offer, and the extension process is currently in progress.

If, for any reason, a resort developer wishes to increase the amount of time between the lease and resort opening, they are required to pay US$ 15,000 for the first two years, and US$ 20,000 for every subsequent month of extension as CSR funds. Investors have to pay the CSR funds directly to Maldives Inland Revenue Authority (MIRA), which will then be utilized to develop the atoll in which the respective resort is situated.

Tourism Ministry's statistics show 140 resort development projects are currently underway in the Maldives.