Companies Able To Buy Specific Properties

July 10, 2010

The Deputy Premier and Minister of Finance Paula Cox announced that companies incorporated in Bermuda will now be permitted to acquire residential property in Bermuda that forms part of a tourism development.

The Government says that the Companies Amendment (NO.2) Act 2010 is expected to add to Bermuda’s attractiveness as a jurisdiction and generate additional private investment for local as well as international investors.

The stated objective of the policy change is to enhance the development of the hotel sector in Bermuda by providing access to the residential component of a tourism zoned/based development by companies incorporated in Bermuda. There are two components covered by this objective: the investment component and the accommodation component:

  • Hotel Developers will now have access to a wider pool of capital;
  • Local companies will now be able to broaden their investment in the tourism sector beyond the development stage
  • Exempted companies will now be able to control their housing costs which will make Bermuda more attractive as place do to business.

The Finance Minister said, “I am committed to creating jobs and have approved this policy to advance economic recovery in the wake of the credit crisis. The new policy will better protect the Bermuda businesses community from rising costs, create more investment opportunities for all companies, and allow the hotel sector to continue to grow.”

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