Bermudians are no longer restricted from selling their homes to non-Bermudians as a result of a series of long-awaited changes to Government land holding policies.Local realtors hailed yesterday’s announcement by Government as “exciting” news for the industry.National Security Minister Wayne Perinchief said the changes were aimed at showing that Bermuda was “open to high-net-worth individuals while preserving a market share for Bermudians”.The bill tabled in Parliament allows Bermudians to sell their property to non-Bermudians providing the home has an ARV of over $177,000.In addition, special spousal alien licences for non-Bermudians are no longer required for the purchase of a primary residence.However, the bill increases the ARV on homes for purchase by non-Bermudians from $153,000 to $177,000.It’s not clear yet whether the land holding policy changes affect the condominium market.The changes have boosted realtors’ inventory of homes available to non-Bermudians, with several large multimillion dollar Bermuda estates now becoming available to international purchasers.“We are pleased with this announcement and the spirit in which the Minister presented the bill in the House,” a Coldwell Banker Bermuda Realty spokeswoman said.“The changes in this legislation have come as a result of a consultative process and we are hopeful that other issues surrounding PRC holders and available condominium inventory will be addressed in due course.”She added: “It is really too soon to tell if the rise in ARV will significantly impact the market. This clear delineation is fairly simple to understand and less complex than many of the restrictions endured in the last several years. I suspect potential purchasers in the non-Bermudian category will accept the change in ARV as necessary to uphold Bermuda’s objective as aptly outlined by the Minister in his statement.”Penny Pascual MacIntyre, executive vice president of Rego Sotheby’s International Realty said: “Today’s land policy changes are an essential start to reinvigorating our real estate sector starting with the luxury market and Bermudians married to non-Bermudians.”She added: “We are receiving calls from buyers and sellers alike which we hope will stimulate sales activity and encourage home ownership confidence in Bermuda once again.“We applaud our Government and industry colleagues for the team effort aimed at bringing about sensible and comprehensive real estate policies.“We hope to see land policy changes which progress buying opportunities for PRC holders and international businesses who wish to further invest in this country where they continue to make invaluable contributions as well as fuelling sales within the saturated condominium market.”Announcing the changes, Mr Perinchief told the House: “I can confirm to Honourable Members that the provisions of what has become known as ‘the 2007 Act’ have expired such that Bermudians can now sell properties meeting the requisite criteria to non-Bermudians.“As we indicated throughout this process, these provisions were transitional and would eventually expire.”Mr Perinchief said that “a return to the market conditions which prevailed at the time these provisions were enacted is not in the best interests of property owners or those of our citizens seeking to become homeowners”.He said: “A real estate market which is overly weighted and is sustained in favour of any one group is not healthy and defeats a primary aim of this Government to promote conditions for young families to acquire their own homes.“Mr Speaker, as I indicated publicly on previous occasions, the ARV threshold for those properties available for purchase by non-Bermudians must be set at a level that promotes Bermuda as open to high-net-worth individuals while preserving a market share for Bermudians that makes home ownership and asset improvement a realistic goal.“Mr Speaker, I will introduce into this Honourable House a set of regulations that have been Gazetted today which set the ARV threshold for those properties available to non-Bermudians at $177,000.“Mr Speaker, as I previously indicated, setting the ARV at this level is consistent with a long-standing policy to provide the top 250 valued properties in Bermuda as available for purchase by non-Bermudians. This figure is not arbitrarily set but is based upon current data supplied by the Land Valuation Department.“Mr Speaker, I am also pleased to be tabling amendments to the Bermuda Immigration and Protection Act to remove the requirement for couples, in which one spouse is a non-Bermudian, to obtain a licence on the purchase of their own family home.“This change is a responsive one and delivers on a promise this Government made earlier this year.”Mr Perinchief added: “Mr Speaker, the Bill is forward-looking in its scope and provides the framework that will support the intended development of the tourism products planned for Morgan’s Point, Tucker’s Point and Park Hyatt.”As of February 8, 2005, under the previous policy, only homes and condominiums currently owned and held under license by non-Bermudians could be sold to other non-Bermudians.“Bermudians were restricted from selling their properties to non-Bermudians.