Minister of Tourism Dr. Abdulla Mausoom revealed plans to reform current policies to allow foreign parties to invest in guesthouse ventures.
Minister Mausoom said the new reform will allow 51% local ownership and 49% foreign ownership or investment opportunities with similar arrangements. He further clarified saying the new reform will only provide a maximum of 49% in shares or property ownership for foreigners. Moreover, he said this will provide locals with stronger property ownership for guesthouses.
Existing policies require 100% local ownership for local tourism or guesthouse ventures and currently there are more than 600 guesthouse properties in Maldives.