Realtors are calling for reviewing foreign property ownership requirements for long term owners.The call comes in reaction to concerns expressed by Canadian homeowner Larry Marsland who said that a policy change on foreigners owning Bermuda property had reduced his options for the disposal of his property, and made it “more likely” that he will leave the Island taking his economic contribution with him.Mr Marsland, who has owned a Tucker’s Town home since 1974 said that when the revised rules on foreign property ownership became effective in June this year, his house became inaccessible to foreign buyers as its ARV fell just below the threshold.He argued that as a good faith investor, the property should have been grandfathered.Government’s policy review was aimed at having only the top 250 homes in Bermuda available to foreigners, so as to protect Bermuda homeowners and potential owners from undue competition for Island properties.“There is a fine line between protecting properties for Bermudians and encouraging/permitting foreign ownership,” said Dale Young, President of the Chamber of Commerce Real Estate division.“Mr. Marsland is correct that foreigners do add a great deal to the Bermudian economy in the way of jobs and financially supporting charities and organisations on the island.“We believe that the policy should be reviewed particular for long standing foreign owners of 20+ years.“In most cases, Bermudian are not purchasing properties in the upper ten to 20 percent of the market as it would be assumed that this property would be in that range.”She added: “Failure to allow foreign owners in this range of the market to sell to another foreigner is a huge disadvantage and will substantially reduce the selling price.“The Chamber is always willing to work with government by providing data that could help arrive at a ‘fair’ policy to all.”The United Bermuda Party has suggested that the policy could be relaxed on a case-by-case basis.