The government has submitted a Real Estate Business Bill to the People’s Majlis that would ban the import, sale and use of pork and alcohol, as well as gambling and other activities contrary to Islamic Sharia, within integrated real estate zones.
The bill received its first reading at Monday’s sitting of the Majlis. Under the bill, the public display of symbols of religions other than Islam and the building of places of worship for other religions would also not be permitted in the zones.
The bill also states that Israeli citizens and companies with Israeli shareholding would not be allowed to buy property in the zones. In addition, no more than 25 percent of a zone’s land could be sold to parties from any single country.
According to the bill, integrated real estate zones would be designated by the President for master plan projects involving an investment of at least USD 1 billion. Such a zone could be leased to a master developer for a maximum of 99 years.
The master developer would have to pay the state at least 10 percent of the revenue earned from the zone as a land premium. The bill also states that a registration fee of four percent of the price would have to be paid whenever a property in the zone is sold.
In addition, security in the zones would be overseen by Maldivian security services. The bill also makes it mandatory to employ Maldivian staff in the projects and businesses operating in the zones.
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