Resorts Face 28 October Deadline under New Currency Rules

Tourism businesses covered by the Maldives’ foreign-currency conversion rules must complete their required conversion of September earnings by 28 October, two months earlier than under the previous timetable.

The Maldives Monetary Authority set out the change in a 15 September announcement. Its example moves the deadline for September revenue from 28 December to 28 October.

The new schedule requires conversion in the month immediately after the earnings month. It replaces a timetable that allowed until the 28th day of the third subsequent month.

Resort conversion requirement rises

The amendment ratified on 31 August took effect on 1 September. Category A tourism establishments must convert 40 per cent of monthly gross sales, and can no longer choose to convert US$500 per tourist instead.

Category B establishments retain a choice between US$25 per tourist arrival and 20 per cent of monthly gross sales. Required amounts must be deposited into a foreign-currency account at an MMA-licensed bank and converted through that bank.

For businesses outside tourism, the annual foreign-currency income threshold rises from US$15 million to US$25 million. Covered businesses must convert 40 per cent of monthly gross sales; the rate for wholly Maldivian-owned businesses is seven per cent.

The amendment also restricts foreign-currency trading to MMA-approved rates or bands. Currency-exchange businesses require an MMA licence.

Selling, attempting to sell or advertising currency above the authorised rate becomes an offence. Fines range from MVR25,000 to MVR1 million for individuals and MVR100,000 to MVR5 million for legal persons.

Which businesses fall into each category?

MMA’s published guidance on the original framework places tourist resorts, integrated resorts, private islands, resort hotels and similar establishments in Category A. Tourist vessels, tourist hotels, guesthouses and homestay guesthouses fall into Category B.

The April 2025 guidance described a Category A choice between US$500 per tourist and 20 per cent of monthly foreign-currency gross sales. The September amendment replaces that choice with the higher percentage requirement.

That earlier guidance also illustrated the former deadline using January 2025 earnings, for which conversion was due in April. MMA’s September notice now illustrates the shorter interval using September earnings and an October deadline.

MMA published the updated timeline on its official X account on 15 September. The accompanying notice explicitly compares the old and new deadlines for the same earnings month.