The Tourism Ministry has changed the rules to allow places allocated for tourism purposes to expand their property by including the surrounding lagoons, islands and sandbanks.
The amendment allows the expansion of the area of tourist resorts by paying a price, such as rent. However, development projects cannot be carried out in any of these expanded areas.
With this change, all investors who have invested or proposed an investment of more than USD 250,000 to the Tourism Ministry have the opportunity to request to expand the area of the property.
The area of resorts includes lagoons or islands or sandbanks not exceeding 50 hectares within a radius of 1000 meters from the lagoon of the property. The acquisition fee is based on the size of the lagoons, islands or sandbanks.
Acquisition Fee Prices
- USD 500,000 for less than 20 hectares
- USD 1 million for area between 20 and 30 hectares
- USD 1.5 million for area between 30 to 40 hectares
- USD 2 million for area between 40 to 50 hectares
Rent
- USD 100,000 per year for less than 20 hectares
- USD 200,000 for an area between 20 and 30 hectares
- USD 300,000 for an area between 30 and 40 hectares
- USD 400,000 for an area between 40 and 50 hectares
Tourist resorts are defined as resort islands, resort hotels, integrated tourist resorts, hotels and yacht marinas.
Currently, the area of tourist resorts extends from the beach to 500 metres. This area can be extended up to 1,000 meters for a fee of USD 100,000.
