The Maldives Scraps Prior Approval Requirement For Resort Share Transfer

The Maldives Scraps Prior Approval Requirement For Resort Share Transfer

Tuesday 21st of February 2023

This month, the Ministry of Tourism of the Maldives brought significant revisions to the regulations governing the transfer of shares by resort owners and operators. Amendments brought to the regulations repealed two clauses which previously prevented resort share transfers from proceeding without prior approval. The two revoked clauses are:

-The requirement for a prior written permission from the Ministry of Tourism for share transfers related to tourism businesses.

-The requirement to submit a share certificate issued by the Ministry of Economy and Trade to the Ministry of Tourism upon completion of share transfer.

With this modification, it will make business transactions in tourism-relevant establishments much easier and make the Maldives more attractive to foreign investors. This in turn, will lead to increase in investor confidence as the government seeks to draw in more investments into the sector in the coming future. Regardless of the alterations brought to the regulations, the Tourism Ministry will still continue to accept public complaints every time it is notified about a share transfer.

Resort investments are currently growing swiftly in the Maldives with new investors and properties opening in the country. The government of Maldives is also facilitating more islands for resort development in accordance with the Tourism Master Plan of the country.

Coco Bodu Hithi

Cover Photo credits: Soneva Jani