Financial Expert Warns Rasmalé Real Estate Bill Could Open Land Ownership to Israeli Companies and Dual Passport Holders

Financial sector expert Ismail Zariyandhu has raised concerns that the Real Estate Business Bill submitted to the People's Majlis by the government in connection with the Rasmalé project would perpetuate land ownership under the "surrender and regrant" principle, warning that it could open the way for Israeli companies and dual passport holders to buy land in Rasmalé and pose major dangers to the religious and social fabric of the Maldives. Speaking in the special coverage carried out under the name "Dhivehin's Land to Dhivehin", Zariyandhu said the bill does not set out the work that must be done to recover expenditure from a place built with state expenditure. Noting that President Dr. Mohamed Muizzu said no party would be given land released from Rasmalé for more than 99 years, Zariyandhu said that under the submitted bill's Article 78, the master developer receives 99 years, and upon resale it is 99 years again. He explained that with every resale, the buying party receives another 99 years, which the bill describes not as 99 years but as "surrender and regrant". "The meaning of surrender and regrant is that whenever a matter is begun, and also when a place is taken on rent, a fixed total amount increases. Its meaning is that a place taken on rent this year, with 99 years remaining from this year, five years later when another party buys it from there, that party receives it for 99 years," he said. Zariyandhu said the bill submitted to the People's Majlis by the government provides for selling off Rasmalé. He added that the concern held regarding ways in which Islam in the Maldives could be undermined and social problems could arise remains as it is, because dual passport holders and Israeli companies could enter this project. He said that one in every eight people in Israel holds two passports, and that 99 percent of them are Israeli settlers. Therefore, Zariyandhu said it cannot be accepted that the bill has been drafted in a way that is visible to the Maldivian people.