The Reefs Club is not the only residence club offering the benefits of fractional ownership to overseas visitors.

Tucker's Point Club, the Newstead Belmont Hills Gold Resort and Spa, the Horizons and Cottages Resort and the Coral Beach and Tennis Club have all gone into the market now.

And Ariel Sands, the Fairmont Southampton and Coco Reef have also announced plans for shared ownership schemes.

Tucker's Point Club was the first and original combined luxury resort, private residence club and residential community in Bermuda.

Located in Tucker's Town, Tucker's Point Club has two, three and four-bedroom villas overlooking Harrington Sound, Castle Harbour and the championship golf course at Tucker's Point Golf Club.

The Residence Club at Tucker's Point is sold out and a second residence club at Harbour Point is set to open in mid 2008, while, from initial groundbreaking to sell-out prices at Tucker's Point Club rose approximately 30 percent.

The Reefs Club and Tucker's Point Club are both members of The Elite AllianceSM, an exchange programme offering owners luxury beach, ski and golf vacations at other Equity Residence ClubsSM around the world, allowing those who wish to spend several weeks per year at their home, but without the hassle and expense of maintenance, security, taxes and insurance costs associated with the whole ownership properties.

The Newstead Belmont Hills Golf Resort and Spa is a full-service resort that offers fractional ownership of one, two and three-bedroom suites.

The resort, which is located on Hamilton harbour with views of the capital and surrounding areas, is a small boutique hotel and cottage community, with prices ranging from $129,000 to $360,000.

Meanwhile, the Horizons and Cottages Resort and Coral Beach and Tennis Club announced plans to offer fractional ownership of proposed new luxury cottages at the end of 2006.

Planning applications were submitted to build 10 new cottages at Coral Beach and eight at Horizons, with the new accommodations earmarked for fractional ownership.

The plans for the Horizons cottages feature a pair of en-suite bedrooms, with the master bedroom, including a balcony, and there will also be a basement with multiple storage rooms.

The proposed two-storey cottages at Coral Beach would also have a basement with various storage facilities, ground floor with living space and an upper floor with two en-suite bedrooms.