Friday, July 24, 2015

Maldives allows foreigners to buy land for first time

Maldivian President Abdulla Yameen has approved a law passed by the country’s parliament allowing foreign ownership of land for the first time.

Yameen signed the new legislation on Thursday after lawmakers approved it the previous day.

Those who want to buy land in the Maldives must invest more than USD 1 billion provided that only 70% of it is reclaimed from the Indian Ocean country.

The government says it approved the law only to attract foreign investment on a commercial basis, dismissing fears that it could undermine security in the Indian Ocean region.

"We want to mobilize investments worth at least one billion dollars," the country’s Vice President Ahmed Adeeb said.

The Maldives is a sovereign island country made up of almost 1,200 tiny islands situated in the Indian Ocean south of India and west of Sri Lanka.

It has endured considerable political unrest since its first democratically-elected president, Mohamed Nasheed, was overthrown in a coup in February 2012.

No comments: