Tourism Ministry invites tourism development proposals under cross-subsidy regulations
The Tourism Ministry has announced the opportunity to submit proposals under cross-subsidy regulations for leasing islands, land, or lagoons for tourism purposes.
An announcement by the ministry invited proposals from interested parties for tourism development in islands, and land and lagoon as major projects to be implemented under a Presidential Decree as outlined in the Tourism Act, aligning with economic and social policies intended to serve the public interest.
The opportunity to submit cross-subsidy proposals follows recent amendments to the regulations, providing concessions on repayment terms for cross-subsidized land valued at over $10 million. According to the new rules, if the total amount for leasing an island, land, or lagoon on a cross-subsidy basis exceeds $10 million, 50 percent of the amount must be paid before signing the lease agreement, with the remaining amount payable in installments by the end of the year.
