PO: Foreigners aren’t being sold land; they are being leased land for 99 years

Foreigners aren’t being sold land from Thilafushi, but rather, they are being leased land for 99 years, states the President’s Office.

In a press conference Thursday, President’s Office spokesperson Miuvaan Mohamed said the government hasn’t decided to sell land from Thilafushi, and does not even have the authority to. He said the opposition was deliberately misleading the public regarding the project.

“Foreigners cannot own land in Maldives. Its clearly stated in the law. So, we will not do it. And that its even what’s in the announcement,” he said.

Muivaan said that it is not just local businesses that operate in Maldives, but also foreign businesses. He said that foreign investors must be issued land from Maldives.

He pointed out that foreign investors are already issued land for long term for resort development.

“We are talking about the lease of land from an industrial island. Some politicians are trying to distort this to push their political agendas. They know very well that foreigners cannot own land in Maldives,” he said.

Muivaan said that 90 percent of the land issued from Thilafushi are allotted for local businesses.

Foreigners will not be sold land, they will be leased land, he said.

Housing Development Corporation (HDC) released its policies on the sale of land from the industrial area in Thilafushi last week. According to the policies, while local businesses have the chance to own the land, foreign businesses can only purchase the land for up to 99 years.

The minimum bidding rate is MVR 1,700 per square foot.