Tourism Ministry introduces fee for extending resort construction period

[vc_row][vc_column][vc_column_text]Ministry of Tourism has introduced a fee for extending the construction period of resorts and hotels. The new fee was announced following an amendment to the guideline governing the extension of construction period of resorts, hotels, training resorts, transit hotels, and city hotels.

As per the amendment to Article 2, Clause 1 of the Guideline on the Extension of Construction Period and Deferment of Rent and Fines, the ministry will be levying separate fees for extending the construction period for periods less than 24 months, and over 24 months.

According to the second amendment to the guideline, the tourism ministry will be imposing a fee of US$15,000 for extending the construction period by not more than 24 months. If the developer wishes to extend the construction period for more than 24 months, the ministry will be charging a fee of US$20,000. The new amendment came into effect on April 11.

As per the guidelines, the tourism ministry grants an initial construction period of 24 months free of any fees, since the signing of the contract. The Maldives is set to see a flurry of new openings in 2018 and 2019, with work currently underway on a collection of new resorts and hotels. Following a push to improve hotel capacity, the Indian Ocean archipelago will play host to a dozen new hotels, with international brands all planning openings.[/vc_column_text][/vc_column][/vc_row]