Realtor Welcomes Property Laws Review
A leading Bermudian property agency has welcomed a push to remove current legislation which requires foreigners marrying into Bermuda families to buy a licence before buying real estate on the island and the loosening of restrictions on the sale of property to outsiders.
Speaking to the Overseas Property Professional international real estate news website, Cris Valdes-Dapena, managing director of Bermuda real estate company The Property Group, said today [Nov. 25] that removing the rules would be positive for the property industry.
“Both these policies had the effect of disadvantaging Bermudian property owners or would-be owners and their removal would be welcome,” she said.
National Security Minister Wayne Perinchief told delegates at the Real Estate Division of the Bermuda Chamber of Commerce last week that: “I support an urgent review of the ARV [Annual Rental Value] bands with a view to permitting the sale of properties by Bermudans to non-Bermudans provided they fall within that highest ARV band.”
