Ministry of National Planning, Housing, and Infrastructure has allowed the lease of uninhabited islands for 21 years for non-economic purposes.
The planning ministry has published new regulations that define the rules for leasing uninhabited islands for use other than for fisheries, agriculture, industrial and economic purposes. The regulations state that uninhabited islands can be leased for a maximum of 21 years for non-economic or non-industrial purposes. However, the lease term can be extended to 50 years if certain conditions are met. Similarly, the island can be subleased or the lease can be mortgaged if certain conditions are met. The extension will be granted if the project adheres to the designated timeline with at least 75% completion.
Islands can only be leased under the regulations if they cannot be designated for tourism development, fisheries, agriculture, industrial, or economic use. The regulations further stipulate that local councils are responsible for leasing the islands, and islands that do not fall under the jurisdiction of local councils can be leased with the approval from the President following the recommendations of the cabinet ministers.
Furthermore, any violation of the restrictions placed on using the islands may result in a fine of USD65,000. In addition, a fine of USD65,000 if the leaseholder sells the investment or lease the island to a second party.