In a move aimed at promoting non-economic activities and preserving natural resources, the Ministry of National Planning, Housing, and Infrastructure has announced new regulations allowing the lease of uninhabited islands for up to 21 years. The regulations, recently published by the planning ministry, outline the rules for utilizing these pristine islands for non-economic purposes, excluding activities related to fisheries, agriculture, industry, or economic ventures.
According to the released guidelines, prospective leaseholders can obtain the rights to these uninhabited islands for a maximum period of 21 years. However, in special cases where certain conditions are met, the lease term may be extended up to 50 years. To qualify for an extension, leaseholders must adhere to a designated project timeline and achieve a minimum of 75% completion.
Under the new rules, leased islands can also be subleased or used as collateral, subject to meeting specific conditions set forth by the ministry. Additionally, to ensure responsible management of the islands, local councils will be responsible for overseeing the leasing process. Islands falling outside the jurisdiction of local councils can be leased with approval from the President, based on the recommendations of cabinet ministers.
To discourage any violations and safeguard the intended use of these islands, the regulations impose a hefty fine of USD 65,000 for any breach of the usage restrictions. Furthermore, should a leaseholder decide to sell their investment or sublease the island to a third party, they will also be subject to the same fine.
The new leasing regulations mark a significant step in harnessing the potential of uninhabited islands for non-economic purposes while ensuring their ecological and environmental conservation. By promoting responsible utilization, the ministry aims to strike a delicate balance between development and preservation, providing unique opportunities for various non-economic projects while safeguarding the natural beauty of these island treasures.
