Minister of Construction, Housing and Infrastructure Dr Abdullah Muthalib has denied claims that properties purchased in Rasmalé will automatically be inherited.
The Maldivian government signed an agreement with Abu Dhabi-based developer Eagle Hills on the 21st of this month to develop a $20 billion waterfront and marina project in Rasmalé. Following the signing, opposition figures have criticised the project, claiming that properties purchased in Rasmalé will automatically be inherited and that the land would eventually be sold to foreign parties.
In a post shared on social media, Minister Dr Abdullah Muthalib said that a person purchasing a property in Rasmalé would own only the specific unit or property they purchased. He said the land on which the property is located would remain the property of the Maldivian state.
The Minister explained that if such a property were sold, or if the owner died and the property were to be inherited, inheritance would only be permitted after the Maldivian government had reviewed the matters that must be considered and granted approval.
Minister Dr Muthalib said that if the government approves the inheritance, the approval would be granted after collecting the prescribed fee. Therefore, he said claims that properties purchased in Rasmalé would automatically be inherited were contrary to the facts.
The Minister also noted that resorts and businesses owned by foreign parties in the Maldives can likewise be sold, transferred and inherited assets.
Purchasing property in Rasmalé does not automatically grant a visa
Minister Dr Muthalib said purchasing a property in Rasmalé would not automatically grant the purchaser or their family a visa. He explained that visa issuance is a matter handled by the relevant authority after reviewing the requirements under the Immigration Act.
He said the authority responsible for issuing and cancelling visas would have those powers under the Immigration Act.
Minister Dr Muthalib said the Maldives is a proud and independent nation, and that strengthening and developing the Maldivian state is important to reinforcing its independence and protecting it from the influence of other countries.
He also said strengthening the Maldivian state is not something that would be welcomed by those seeking to exert influence over the Maldives. He stressed that the Maldives needs development projects such as this one that can benefit future generations, rather than projects designed only to generate short-term benefits.
Rasmalé project expected to attract $20 billion investment
The total investment in the Rasmalé project, which will be developed in different phases, is expected to reach $20 billion. The Minister described it as the largest investment of its kind to be undertaken in the Maldives.
The project is expected to attract more than $30 billion in total foreign investment, with approximately $18 billion projected to enter the Maldives as direct foreign investment.
In addition, the project is expected to create more than 54,000 direct and indirect employment opportunities. Once completed, it is projected to attract more than one million tourists annually and generate more than $2 billion in annual revenue from the tourism sector.
