Exempt companies could be allowed to buy hospitality units on hotel properties, announced Minister of Finance Paula Cox yesterday.

Under the Companies Amendment Act 2010, hotel accommodation could be occupied or rented to individuals of companies on a long-term basis. Legislation for this is expected to be debated in the House of Assembly today.

If passed it could enhance the development of the Island's hotel sector as developers would have access to a wider pool of capital. Local companies would also be able to broaden their investment in the tourism sector beyond the developmental stage. While exempt companies would be able to control housing costs spent on employees.

It is expected to "add to Bermuda's attractiveness as a jurisdiction and generate additional private investment for local as well as international investors," a government press release said. Finance Minister Paula Cox said: "I am committed to creating jobs and have approved this policy to advance economic recovery in the wake of the credit crisis. "The new policy will better protect the Bermuda businesses community from rising costs, create more investment opportunities for all companies, and allow the hotel sector to continue to grow."