The Ministry of Finance has revealed that the state generated $120 million (approximately MVR 1.8 billion) over the past year through resort lease extensions and land conversion fees. This revenue was collected from 18 parties that opted for lease extensions and 15 parties that settled fees for land sales and transfers. Under the recent amendments to the Tourism Act, significant financial incentives are offered to lessees who make a lump-sum payment within a specified timeframe. Specifically, those who extend their lease to 49 years within a six-month window are required to pay $5 million; however, this fee doubles to $10 million once the incentive period expires. Currently, there are 179 resorts operating across the Maldives, with a total capacity of 44,977 beds.
