Realtors, a campaigner and the Opposition have all welcomed news that Government has set up a working group to conduct an urgent review of controversial land policy rules.Minister of National Security Wayne Perinchief announced the move in the House of Assembly yesterday.Government has been criticised in recent years for implementing policies to protect land for Bermudians, which some have perceived as being unfair to locals, foreigners and spouses of Bermudians alike.Reacting to the news, Buddy Rego, president of Rego Sotheby’s International Realty told The Royal Gazette: “Personally, I am elated they are reassessing the current policies. It’s a hugely positive move.”Leroy Douglas, president of the Real Estate Division of the Bermuda Chamber of Commerce said: “I hoped that Government would be more receptive to some of our input. I’m delighted to see this coming to fruition.”He added: “In the past, rules and regulations were put into practice and we were given no opportunity to have a say. This is a start.”He said Mr Perinchief has already met with concerned realtors and has pledged to do so again.“We hope this will be the beginning of a good working relationship with Government,” he said.Mr Perinchief told the House he will ask the group to consider four key issues, the first being: “Does the state of the market presently support the creation of three bands of annual rental value (ARV) as a guide to landholding policy and the sale/purchase of land, differentiated by nationality or status?”At present, non-Bermudians can only buy luxury properties with an ARV of more than $153,000 and they can only buy them from other foreigners, not Bermudians.Realtors argue this has negatively affected the market and discriminates against Bermudians who are unable to find Bermudian buyers for their homes.According to Mr Rego, the policy has decreased the value of Bermudians’ homes and hit Government in the pocket too.“We’re talking about the highest end of the market where Government is losing the licence fees and stamp duties,” he said.Mr Perinchief told the media yesterday that the policy needs to be “more equitable” .“There are some properties that Bermudians will never purchase. The ARV is too high ... they have got a very valuable property but they can’t sell it to a foreigner. That’s one thing we are looking at straightening out,” he said.The Minister also mooted changes relating to permanent residency certificate (PRC) holders, who have to comply with strict guidelines on property. At present, they are subject to the same rules as foreigners when it comes to buying homes.They are restricted to acquiring licensed land or condominiums in designated developments direct from the developer, and paying a fee of 18 percent of the purchase price. When they buy a house, they have to pay a fee of 25 percent.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?“Can the policy on the acquisition of land by non-Bermudians be stated more clearly to eliminate differences in interpretation between relevant stakeholders?”Mr Rego said: “The determinant ought to be the ARV, not the nationality of the buyer. There are more restrictions related to nationality than the type or the value of the product.”Mr Perinchief also alluded to controversy over a law passed in 2007 that requires Bermudians married to non-Bermudians to buy a licence when purchasing property together.He told the House: “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 Rego described the current policy as “onerous” and said it can take up to six months for a licence to be approved.“I suppose if the policy was necessary and it involved putting a form like when renewing your car licence, and within a week you would get it back, we probably wouldn’t be having this discussion, but the time it takes has been hugely detrimental to couples who are buying properties. It puts them at a huge advantage against Bermudians.”Mr Douglas said in his experience, the licensing process has taken up to eight months.“By that time the property is no longer available and an opportunity has been lost. That’s being punitive to Bermudians who happen to marry non-Bermudians,” he said.Mr Perinchief suggested, during a press conference after his speech, that the licence process may be streamlined.At present, foreign spouses have to provide the same documents to Government twice; once when obtaining a spousal letter proving they are married to a Bermudian for Immigration purposes, and again when applying for a land licence.The Minister said he was looking at avoiding this “duplication of documents”.Ronnie Viera headed a campaign group set up to protest against the licence law when it was passed in 2007. The group collected a petition and presented it to Government, to no avail.Mr Viera, a Bermudian who is married to a non-Bermudian, said of yesterday’s news: “I am cautiously optimistic that finally some change will take place.“For the first time since the legislation was passed in the House in May 2007, we have a Minister who is willing to have an open mind on the issue relating to Bermudians who have been discriminated against with respect to land ownership simply by being married to a non-Bermudian.“While the situation looks more positive, it is important to note that the costs incurred by Bermudians in this situation over the past four years have been substantial, including legal fees associated with getting advice, applying for the land licence and of course, the land licence fee to Government.”Mr Viera said: “I would encourage anyone who has been impacted by the land license legislation/policy to make a submission to the Minister so he can further appreciate the need for a change. Silence will be viewed as agreement, which means a change is unlikely to be made.”One Bermuda Alliance MP Trevor Moniz said: “The Government has belatedly and finally started the process that we have been urging for two to three years; a serious review and rollback of these policies of restriction on landholding.“We are in a very serious recession which is continuing to deepen in most areas of the economy.“The Government has a duty to free up the property market which will be good for buyers, sellers and the Government and also the banks. We have a serious glut in the market particularly with respect to the overbuilding of condos.“Presently, a PRC holder can only purchase a condo from a non-Bermudian putting a premium on those properties held by non-Bermudians to the disadvantage of Bermudian sellers.“If the market picks up, Government will receive more revenue from stamp duty on sales. The banks will benefit as those people who are unable to keep up their mortgage payments will be better able to sell their properties and repay the bank.“At the top end of the market it will encourage wealthy non-Bermudians to put down roots here and to contribute greatly to the local economy. This Government must get away from the very unfriendly face it has put on over the past years.“People are leaving our Island because it is no longer welcoming for a litany of reasons, which we in the OBA can, and will, address.”Mr Perinchief said the group is expected to complete its recommendations by August 31 so that in September, Cabinet can further consider the matters.He told the House the land policy review working group will consist of Government technical officers who will work with private sector stakeholders with whom dialogue has already commenced.Interested parties can e-mail submissions to the Ministry of National Security, landreview[AT]gov.bm.