Foreign Investments Committee passes bill on investors owning land

 

 

 

62 MPs had voted in favour of accepting the bill, while six parliamentarians challenged it and two abstained. The bill was then sent, with the support of 64 MPS, to a parliamentary committee for evaluation. 

Ruling PPM (Progressive Party of Maldives)’s parliamentary group leader Ahmed Nihan had on Tuesday night proposed to add an additional eight-clause article to the 301 articles of the Constitution, as a 15th statute. 

This bill amends article 251, which states that Maldivian property cannot be leased to a foreign national or company and can only be leased for a maximum of 99 years. The bill explicitly states that selling land under a ‘free hold’ policy would not undermine the sovereignty and independence of Maldives. 

Land ownership would only be transferred to investors if the fulfill the criteria included in the bill; that over a billion dollars be invested in the land, the project be approved by the parliament, and that 70 percent of the land be reclaimed by the investor. 

This bill is the largest and most significant to be proposed since the current constitution’s establishment on August 7th, 2008. 

The bill received acknowledgement in parliament as even opposition MPs stated that it would benefit the country’s economy.@haveer