The relevant regulations have been amended to permit the lease of lagoons and sea areas outside the jurisdiction of islands for aquaculture activities.
Previously, only uninhabited islands were allocated for aquaculture under the Uninhabited Islands Act.
The government is undertaking broader efforts to advance the fishing sector, including aquaculture efforts. Various amendments are being made to existing laws and regulations to strengthen these efforts. In this regard, the Ministry of Fisheries and Ocean Resources has introduced further amendments to the 2020 Aquaculture Regulations which allows for lagoons and sea areas which are not under the jurisdiction of any island councils to be leased for aquaculture.
According to the amendment, such areas can only be leased to a Maldivian citizen, a private enterprise, a foreign investment company or a corporate society registered in the Maldives.
Under the amended rules, special conditions must be met before area can be approved for aquaculture. The proposed projects for the area must be beneficial to the economy and the people of Maldives. The applicants must have the financial and technical capacity to carry out the proposed activities. In addition, the area in question must be environmentally appropriate for the proposed work.
If an uninhabited is leased for aquaculture under this rule, the minimum land rent will be USD 0.006 per square foot per annum. The minimum rent for lagoon areas and sea areas not connected to any island will be USD 0.003 per square foot per annum. With this amendment, the Ministry also has the option to exempt the first 36 months of lease agreements related to aquaculture projects.