The Island's term limits policy has been axed effective immediately, Home Affairs Minister Michael Fahy announced this afternoon.He said the move is not expected to negatively impact job opportunities for Bermudians as guest workers will still require work permits.Instead, he said the policy change is aimed at encouraging economic growth and creating new job opportunities for Bermudians.Work permit holders will be required to sign documentation over the next few months confirming that they are aware Bermuda law does not confer them the rights of permanent residence, and that they have no expectation of such residence.A refund will be issued for any term limits applications that have yet to be processed, but there will be no refund for applications that have been processed.