Summary
The MMA’s register counts 183 resorts (MATI represents 146). A resort’s state obligations are dollar-denominated: TGST at 17 percent, green tax per bed-night, tourism land rent and airport fees. On top sits mandatory conversion, 20 percent of gross sales (or US875m at April 2026. Compliance with conversion is high, averaging 78.55 percent from October 2024 to April 2026, with a fifth of resorts under-converting, many while exemption requests sit unresolved at the MMA. Resorts are also among the most audited businesses in the country, with MIRA on a yearly cycle.
Why it matters
The gap between surrendering dollars at 15.42 and rebuying them near 23.00 is the central cost of the regime, and it decides margins, wages and investment appetite across the industry.
Related topics
Tourism Industry · Tourist Arrivals · Foreign Exchange · Dollar Shortage · FX Regulation · TGST · MIRA · Maldives Monetary Authority · FX Risk · Tax Risk · Six weeks and a doubling