Expats hand fronting home over to Govt.
A $1.5 million Southampton home illegally purchased by expatriates has been handed over to Government.
National Security Minister David Burch announced this morning that the home, Laughing Waters, is now owned by the Bermuda Housing Corporation.
Senator Burch said the expatriates who bought the home through fronting, a practice where Bermudians purchase the home with money from expatriates to circumvent the Island's laws, will now lease the property for five years.
The expatriates and the Bermudian who fronted for them will not be prosecuted.
The announcement comes ten days before the deadline for expatriates to license their homes.
Sen Burch said: “Is it unconventional? Yes. Is it unorthodox? For sure. Is it worth it? Absolutely. In simple terms the Bermudian people are the new owners of a $1.5 million dollar property - at no cost to the Bermuda tax payer – a perfect gift for Christmas.”