Minister of National Security Wayne Perinchief has set up a working group to conduct an urgent review of land policy rules relating to Bermudians, permanent residency certificate holders and expatriates.In a speech he’s due to deliver in the House of Assembly today, Mr Perinchief says the group will look at which homes can be bought by foreigners.It will also explore the idea of relaxing a moratorium on the acquisition of land by permanent residency certificate holders, to allow them to purchase certain condominiums.Government has been criticised in recent years for implementing policies to protect land for Bermudians, which some have perceived as being unfair to expatriates and spouses of Bermudians.Mr Perinchief is due to tell fellow MPs: “This Government makes no apologies for the fact that we give great weight to the rights and legitimate expectations of Bermudians when formulating policy in this area. Our people deserve the assistance of their Government in meeting their aspirations and fulfilling their potential.“Land holding policy in Bermuda is a complex area that is a mixture of free market ideals and protectionist regulations. The Government’s role is to balance both effectively.“Since my appointment as the Minister responsible I have canvassed and discussed land policy issues widely. The divergence of views, taken with the state of the economy, and recognising the significant role that real estate has played in the economic fortunes of our people, makes the time right to reassess our policies.”According to Mr Perinchief, the land policy review working group will consist Government technical officers who will “work closely with private sector stakeholders with whom useful dialogue has already commenced”.The group will be drawn from the Ministries of Finance, Environment, Planning and Infrastructure Strategy and the Sustainable Development Unit, under the policy guidance of the Ministry of National Security.He is due to tell the House he will ask the group to consider four key issues. The first is: “Does the state of the market presently support the creation of three bands of annual rental value (ARV) as a guide to land holding policy and the sale/purchase of land, differentiated by nationality or status?”At present, foreigners can only buy luxury properties with an ARV of more than $153,000 and they can only buy them from other foreigners, not Bermudians.The Minister will also moot changes relating to permanent residency certificate holders, who have to comply with strict guidelines on property. At present, they are restricted to acquiring licensed land or condominiums in designated developments direct from the developer, and have to pay a fee.Mr Perinchief said the working group will ask the questions: “Can the fee of 18 percent for the purchase by PRC holders be reduced to stimulate this sector of the real estate market? Can the moratorium on the acquisition of land by PRC holders be relaxed to permit the purchase of condominiums that are not Government owned and not within a certain ARV bracket?”In addition, it will ask: “Can the policy on the acquisition of land by non-Bermudians be stated more clearly to eliminate differences in interpretation between relevant stakeholders?”In an apparent reference to controversy over a law passed in 2007 that required Bermudians married to non-Bermudians to buy a licence when purchasing property together, Mr Perinchief added: “This is not an exhaustive list and I expect that several other issues will necessarily arise. In particular, I am keenly aware of the feelings of those Bermudians who are married to non-Bermudians and who feel slighted by the law applicable to them in the area of land ownership. I am not empowered to promise change but I can offer an open mind.”Realtors have been lobbying Government to scrap the rule requiring homeowners with non-Bermudian spouses to get licences for their property as they believe it has badly affected the real estate market.Mr Perinchief will tell MPs that the group will not take long to complete the study.“I expect to have its recommendations by August 31 so that in September, Cabinet can further consider these matters. In the interest of encouraging public participation in this important exercise I encourage interested parties to make submissions to the Ministry of National Security either in hard copy or by e-mail,” he said.He added: “This is an opportunity for many to influence policy-making and for the Government to remain responsive to the needs of all of the people.”The email address for the working group is landreview[AT]gov.bm.