Maldives allows foreign ownership of land

The Maldives will now allow foreigners to own land - with one big caveat.

The island nation previously only allowed foreign investors to purchase 99-year leases, but has now ratified law that will allow buyers from overseas to own land, reports Reuters. The vote, opposed by 14 and supported by 70 assembly members, permits foreigners to own land on a project site, as long as a minimum of 70 per cent of the area is reclaimed from the sea.

The move is an attempt to diversify The Maldives' economy away from its primary core of tourism, although some opposers are concerned that it could open the doors to Chinese involvement.

For those already planning their first investment, though, there is one major condition to foreign ownership of Maldivian land: investors must spend more than $1 billion.