Maldives Hosts Its First Private Island Auction, And It’s Not Highest Bid Wins
Image via CreativeVideo / Shutterstock.com
Ever thought of retiring to your own private island, à la Richard Branson?
Well, now you may have the chance. The Maldives government is putting 16 islands up for auction, and you can lease one for 50 years.
However, you can’t do anything you’d like. Successful bidders are expected to start construction of a resort of some kind within 36 months.
If you spend at least US$250,000 investing in an island, you’ll be eligible for a five-year resident visa, so you can live on your slice of paradise in the ocean.
Unlike other auctions, this one isn’t highest bidder wins. The government will also be considering other aspects of each proposal, including the gender parity of staff, and carbon impact of the development.
Owners will also have to build their resort in adherence with the Maldives’ special standards.
“No buildings can be built above tree height, and the built up area [on any atoll] is capped at 30%,” Ali Shinan, Director of the Planning Section of the Ministry of Tourism, told Robb Report.
Each island up for auction will come with a “minimum number” – the minimum occupancy required that the aforementioned resort owners will have to accommodate. On some islands, land reclamation to recover extra land will be possible, too.
Keen to place a bid? You’d better hurry, as the submission deadline for relevant documents is June 6. International bidders will also be required to pay a non-refundable fee of US$3,250 to apply.
There isn’t a minimum bid, so maybe it’s time to try your luck – you could end up with a private resort island!
[via Robb Report, cover image via CreativeVideo / Shutterstock.com]
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