The government has revealed plans to slash rates for tourism land rent for resorts.

The announcement was made by Minister of Economic Development and the acting Minister of Tourism, Fayyaz Ismail via Twitter, where he wrote that the government is proposing to amend tourism land rent for resorts in the south and north ends of the Maldives.

This is being done to encourage tourism in the southern and northern regions of the island nation, said Fayyaz.

The minister note that slash for tourism land rent will be applicable for resorts in nine atolls.

In light of this, Fayyaz noted that the tourism land rent for resorts in southernmost Addu City (Seenu atoll) and Fuvahmulah City (Gnaviyani atoll) will be reduced to USD two per square meter, with a cap of USD 800,000.

With a cap of USD one million, the tourism land rent for resorts in Haa Alif and Haa Dhaal atolls will be reduced to USD four per square meter.

Tourism land rent for resorts in Shaviyani, Gaaf Alif, Gaaf Dhaal, Thaa and Laamu atolls is to be reduced to USD six per square meter, with a cap of USD 1.5 million.

The slashes prices, the minister stated, will “definitely boost” investment in these atolls.

In a bid to boost local tourism, tourism land rent charged on build-up areas in residential island is also to be slashed.

As such, tourism land rent on built-up areas in Addu and Fuvahmulah cities will be reduced to USD one per square meter, with a cap of USD 400,000.

In addition, tourism land rent on built-up areas in residential islands of Haa Alif and Haa Dhaal aotlls will be reduced to USD two per square meter, with a cap of USD 500,000.

Tourism land rent for built-up areas in residential islands of Shaviyani, Gaaf Alif, Gaaf Dhaal, Thaa and Laamu atolls will be slashed to USD three per square meter, with a cap of USD 800,000.

With a cap of USD one million, tourism land rent on built-up areas in residential islands of other atolls will come with a price of USD four per square meter, said Fayyaz.