Under the Maldives Tourism Act (Act No: 2/99), the President decrees projects eligible for cross subsidies and the minimum thresholds of investment required for them.
Below is the updated list (Decree No: 2023/2) published on 16 February 2023:
Development of domestic airports in 6 different territories
- Proposed territory: HDh. Makunudhoo, Sh. Bilehfahi, a yet-to-be declared area of west of Raa Atoll, B. Thulhaadhoo, F. Magoodhoo and Th. Vilufushi
- Minimum threshold of investment (USD): 3,000,000
Development of a residential city after dredging and reclaiming lagoon
- Proposed territory: Giraavaru lagoon, Male' atoll
- Minimum threshold of investment (USD): 5,000,000
Development of an international airport
- Proposed territory: L. Kahdhoo
- Minimum threshold of investment (USD): 5,000,000
Development of an international airport
- Proposed territory: Lh. Madivaru
- Minimum threshold of investment (USD): 5,000,000
Contractors who undertake and financiers who contribute to one of these projects will qualify to lease an island or lagoon for resort development under cross-subsidisation.
For more background on the above, please refer to our recent memo on the Cross-subsidy Regulation attached.
Download
Update: Projects Eligible for Cross Subsidies
March 11, 2023
Introduction The 8th amendment to the Public Finance Regulation (Regulation No: 2023/R-69) (“8th Amendment& ....
March 8, 2023
Relevance Under the Evidence Act 2022 (EA), in determining the relevance of a fact or evidence, if the evidence i ....
March 4, 2023
Introduction Prior to the enactment of the Evidence Act 2022 (EA), there was no statutory definition to the term ....