Maldives government generated USD 120 million (MVR 1.8 billion) in revenue last year through resort lease extensions, land sales, and land conversion fees, according to the Ministry of Finance’s latest Budget Position Report.

The report states that 18 parties paid the required fees to extend the lease periods of their tourism properties during the special window offered in 2025.

In addition, 15 parties paid a combined MVR 196 million in land sale and land conversion fees associated with resort development projects.

Before the amendment to the Tourism Act, lease extensions were subject to an annual fee of USD 100,000 for each year of the extension.

Payments were required within six months, while extensions paid after that period incurred a higher annual rate of USD 200,000 per year.

Legislative changes introduced last year revised the fee structure by offering reduced lump-sum rates for lease extensions completed within a specified timeframe, providing significant financial incentives for early payment.

Under the amended law, operators leasing an island or lagoon for tourism for an initial 50-year period can secure a 49-year extension by making a one-time payment of USD 5 million, provided the payment is made within the first six months after the amendment took effect.

The revised framework also allows a 20-year extension for a lump-sum payment of USD 2.5 million and a 25-year extension for USD 3 million.

However, operators seeking a 49-year extension after the initial six-month period must pay a lump sum of USD 10 million.

According to the latest statistics released by the Ministry of Tourism, the Maldives is now home to 179 resorts, offering a combined total of 44,977 beds across the country.