Maldives enforces new foreign exchange rules: $500 per tourist at resorts, $25 at guesthouses

The Maldives Monetary Authority (MMA) on Tuesday implemented new regulations requiring resorts and guesthouses to exchange a portion of their foreign currency earnings, effective immediately. Under these rules, tourism service providers must exchange foreign currency income based on tourist arrivals, with separate requirements for resorts and guesthouses.

According to the regulations, Category A tourism service providers, which include resorts, integrated resorts, resort hotels, and tourist vehicles, are required to exchange $500 per tourist arriving during a given month. This exchange must be completed through a bank by the 28th day of the third month following the month of service.

Category B service providers, such as guesthouses and hotels with fewer than 50 rooms, are required to exchange $25 per tourist within the same timeframe.

Tourism operators must also submit details of the goods and services provided to tourists to the MMA by the 28th of each month. Additionally, all foreign exchange income, including sales proceeds, must be deposited into a foreign exchange account at a bank within the same three-month period. The deposit can be made in US dollars or any other foreign currency approved by the MMA.

Failure to comply with the exchange requirements could result in fines ranging from MVR 5,000 to MVR 1 million.

Tourism service providers are required to register with the MMA within 30 days of their registration with the Maldives Inland Revenue Authority (MIRA), as part of the broader compliance framework outlined in the regulations.