Many affluent individuals dream of owning an island or villa in the Maldives. Frequently, foreign businesses with extended business strategies seek opportunities to acquire land in the Maldives. But is it possible for foreigners to buy land/property or villas in the Maldives? In this article, we'll answer your questions and provide insights into making your Maldivian property dream a reality.
The short answer is no, foreigners cannot own land in the Maldives. However, there are alternative ways for foreigners to invest in property, such as leasing land or villas.
You can lease a villa on a resort island through a regulated process. These leases are typically long-term and provide you with exclusive rights to your villa during the lease period. This can be a lucrative investment opportunity. You can read more on the regulatory protections and requirements from the ‘Regulation on the Long-Term Strata Leasing of Villas or Rooms’.
A strata lease allows you to own a part of a building, like a villa or room, within a resort. You'll have rights to use and lease your strata property, making it a popular choice for foreigners.
Strata properties are typically villas, rooms, or apartments within a resort. They have their own entrances and exits and are separate from the resort's infrastructure.
Strata property owners have rights to access, quiet enjoyment, mortgage, sublease, and use utility services within the resort.
You'll need to enter into a lease agreement with the lessor, usually the resort or property developer. This agreement will outline the terms and conditions of your lease.
Yes, there are registration fees and taxes associated with leasing a strata property. Make sure to understand these costs before entering into a lease.
While owning land in the Maldives may not be possible for foreigners, strata leases offer an excellent alternative. By understanding the process and your rights as a property owner, you can turn your dream of owning a piece of paradise into a reality. If you're considering this investment, be sure to consult with legal and financial experts who are well-versed in Maldivian property laws to guide you through the process. With the right information and guidance, you can make your Maldivian property dream come true.
