New regulations have been introduced permitting the lease of islands and lagoons for tourism development to companies in which the government holds a minimum stake of 45%. Under these regulations, such leases will be granted following Cabinet approval, which will be based on an evaluation of the company’s financial and technical capacity.
Furthermore, companies are required to pay a designated lease acquisition fee and contribute $500,000 to the Tourism Fund as a Corporate Social Responsibility (CSR) initiative, or alternatively, undertake a community project of equal value. These projects may also be implemented on inhabited islands in accordance with procedures established by the President. Additionally, all agreement details must be disclosed to the Auditor General’s Office.
