24 Jul '15, 5am

#singapore #property Maldives relaxes rules on foreign land ownership: Despite concerns...

#singapore #property Maldives relaxes rules on foreign land ownership: Despite concerns...

Comment E-mail to friend Bookmark & Share Despite concerns of military expansion by China, lawmakers in the Maldives have ratified the island nation’s legislation to allow foreigners to own land in perpetuity, reported AsiaOne . With 70 members in favour and 14 against it, the new law paves the way for foreigners investing over US$1 billion to own land provided 70 percent of the area is reclaimed from the Indian Ocean. The constitution prohibits foreigners from owning any part of Maldivian territory, allowing 99-year leases instead. Under the revisions, 10 percent of the Maldive’s existing 298 sq km territory will be given to investors in order to develop more reclaimed land. Members of the opposition Maldivian Democratic Party (MDP) said the legislatation would give foreign parties unprecedented access to operate within the Maldives. The party was divided on the bill, wit...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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