Minister Faisal said that the Attorney General's Office will soon submit the amendments to Parliament.
Minister of Tourism Ibrahim Faisal said today that a decision has been made to amend the law to facilitate investment opportunities in the atolls.
Responding to a question from Thimarafushi MP Ahmed Riyaz, Minister Faisal said that tourism has expanded in the atolls close to the capital, Male'.
He highlighted that the most developed areas for tourism in the Maldives include Male' atoll, Raa atoll, Baa atoll, Vaavu atoll, Alifu Alifu atoll, and Alifu Dhaalu atoll.
He highlighted the intention to promote tourism in regions with minimal to no current tourism activity by providing incentives to investors.
He said that discussions are ongoing to amend the law to reduce both acquisition costs and taxes.
"We believe that the acquisition cost of these properties should be lowered, and land rent should also be reduced. Tax concessions should be provided," Faisal said.
He added that these changes appear to be the only viable solution for attracting investors to more remote atolls quickly.
Minister Faisal said that the Attorney General's Office will soon submit the amendments to Parliament.
Sign In
