One in eight Israelis holds dual citizenship, and these dual passport holders have the opportunity to integrate into the Ras Male' project: Zariyand
13 ނޮވެމްބަރު 2026 | ހުކުރު 16:57Financial expert Ismail Zariyand has raised concerns over the government's Real Estate Bill regarding the Ras Male' project, warning that the "surrender and regrant" mechanism could effectively grant permanent land ownership. Zariyand cautioned that the legislation may allow Israeli companies and dual citizens to acquire land in Ras Male', potentially posing significant risks to the Maldives' religious and social fabric.
Ismail Zariyand reporting for the "Dhivehinge Bin Dhivehinnah" coverage. | Raajje MV
Financial expert Ismail Zariyand has stated that one in eight Israelis holds dual citizenship, warning that such individuals and Israeli companies could potentially gain entry into the Ras Male' Waterfront and Marina project.
Speaking during the special coverage titled "Maldivian Land for Maldivians," Zariyand stated that the real estate business bill submitted to Parliament by the government fails to outline the necessary measures to recover the state's expenditure on land reclamation projects.
Furthermore, Zariyand highlighted President Dr. Mohamed Muizzu’s assurance that land leases in Ras Male' would not exceed 99 years. However, he noted that each subsequent resale of the property would reset the lease term to a full 99 years.
Under the current provisions of the proposed bill, Article 78 grants the master developer a 99-year lease. However, the legislation stipulates that for every subsequent resale, the new buyer is also granted a fresh 99-year term. Rather than explicitly stating "99 years" for each transaction, the bill utilizes the concept of "surrender and regrant." In practice, "surrender and regrant" ensures that the total lease duration resets to the maximum period whenever a property is transferred. This means that even if a property is purchased five years into an existing 99-year lease, the new owner would not receive the remaining 94 years, but would instead be granted a brand new 99-year term starting from the date of their acquisition.Ismail Zariyand
Zariyand stated that the bill submitted to Parliament by the government includes provisions to sell off Ras Male'.
Furthermore, Zariyand stated that concerns remain regarding potential threats to the Islamic faith and the emergence of social issues in the Maldives. He attributed this to the possibility of dual passport holders and Israeli companies infiltrating the project. Zariyand noted that one in every eight Israelis holds dual citizenship. He further claimed that 99 percent of these individuals are among Israel's wealthiest elite.
Zariyand stated that he does not believe the bill was drafted in a manner that reflects the will of the Maldivian people.
