Properties built under the “Maldives Waterfront and Marina” project, being developed in Rasmale with Dubai-based Eagle Hills, can only be sold to parties approved by the Maldivian government, Housing Minister Dr. Abdulla Muththalib has said.

Speaking to Mihaaru, the minister said the agreement involves no transfer of land ownership and no freehold. Every property sale in Rasmale must be submitted to the government, which will review the buyer and decide whether to approve the transaction.

According to Muththalib, buying property in Rasmale does not give anyone the right to enter or reside in the Maldives. Visas will be issued only after an independent review by the government, which retains the authority to withhold or revoke them at any time. The developer will have no say in who receives a visa. As an example, the minister noted that since Israeli passport holders are barred from entering the Maldives, an Israeli national who buys property in Rasmale would still not be allowed into the country. Tourism, immigration and all other relevant laws will apply to Rasmale in full.

The government says that 5,000 housing units, worth roughly MVR 7.7 billion, will be handed to the state before construction begins, without the government taking any loan or issuing any guarantee. The state is also expected to receive 10 percent of revenue from the sale of more than 8,800 properties, as well as an estimated USD 3 billion in land value after the 10-year development period. All sale proceeds will be deposited into a government-controlled escrow account in the Maldives, which the government says will help ease the dollar shortage. No tax exemptions have been granted under the SEZ or tourism laws, meaning TGST and all other taxes will be paid to the state in full.