Tourism ministry introduces regulations for long-term resort villa rentals
The Ministry of Tourism in the Maldives has unveiled a set of new regulations aimed at governing long-term villa rentals within resorts.
The “Regulation on Long-Term Rental of Villas or Rooms on Strata Basis” officially took effect on Tuesday.
Per these guidelines, any villa within a resort or integrated resort must be registered with the Ministry of Tourism before it can be rented out for extended periods. A registration fee of MVR 5,000 is payable to the Maldives Inland Revenue Authority (MIRA).
The regulations outline that long-term rentals encompass various types of accommodations within resorts, such as:
- Standalone villas
- Standalone rooms
- Individual rooms within a building
- Individual apartments within a building
- Entire beachfront buildings
The regulations also permit long-term leases to be arranged either before or during the construction phase of a rentable property.
In cases where resorts violate these regulations by renting rooms or villas for extended periods without adherence, fines will be imposed as follows:
- First violation: MVR 25,000
- Second violation: MVR 50,000
- Subsequent violations after the second: MVR 100,000
It is noteworthy that even prior to the introduction of these regulations, some resorts in the Maldives had already been offering long-term villa or room rentals.
The introduction of these regulations aims to ensure transparency and accountability in long-term villa rentals within the country’s renowned resort industry.