Maldives is Auctioning Private Islands to Investors On Lease
The government of Maldives is auctioning these islands on a condition
Have you always wanted to own a private island? Well, now you can buy an island in the Maldives. The government of Maldives has decided to auction leases for the next 50 years to 16 Islands and clusters that are spread throughout the region.
Maldives island auction
However, you cannot certainly expect to turn an entire island into a private estate. Instead, the government of Maldives is auctioning these islands on the condition that bidders must agree to build a public resort on the Island.
This is certainly an intelligent move, especially after the economy of Maldives is still recovering after the impact of Covid-19 on tourism. After all, most of the country’s economy was driven by tourism.
According to the Maldives government, bidders will receive 36 months to begin their construction. Investors who are willing to spend up to $250,000 (USD) will also receive a 5-years resident visa in the Maldives. This would allow them to work in the region seamlessly.
However, the bidding will not depend on the money only. Other factors of the proposal such as the gender gap in staffing and carbon emissions during development must also be considered. According to the Ministry of Tourism in the Maldives, the resorts must also consider the surroundings.
The director of planning, Ali Shinan stated, “No buildings can be built above tree height, and the built-up area [on any atoll] is capped at 30 percent”.
For instance, one cannot cut excess trees during the construction of the resort without written permission. In case a single tree is cut, two trees must be planted to counter the effect.
Indeed, all of this looks like an expensive endeavour. However, many multi-millionaires will not hesitate to invest their money. After all, the returns might be lucrative too.
The bidding for these islands in the Maldives will begin on the 6th of June, and all the relevant documents can be obtained from the Maldives Ministry of Tourism website.
In other news, a video just recently surfaced on the internet showing the animation of a Tesla Roadster going from 0 to 60 mph in 1.1 seconds. Though, speculators wonder whether such a high performance will even be safe for the roads.
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