Government’s policy against sales of property owned by Bermudians to non-Bermudians is set to change if a recommendation made by National Security Minister Wayne Perinchief is accepted by Cabinet.Speaking to the Annual General Meeting of the real estate division of the Chamber of Commerce last week, Minister Perinchief said that such sales could in future be dependent on the Annual Rental Value of the property.His comments came in an update on the review of land policy in Bermuda.“Some of your colleagues have urged that I throw the rule book overboard and let fly the colours of genuine capitalism,” he told the meeting.“To borrow a phrase from my predecessor: ‘It ain’t gonna happen’. Historically, the ARV band at the highest level was adjusted periodically to ensure that about 250 properties were available to non-Bermudians at any given time.“The advent of the fractional product and the ability of foreign purchasers to participate in this form of the market have slightly changed the paradigm.“I am also conscious of the debate surrounding the sale of any property by a Bermudian to a non-Bermudian and I recognise the tried and tested use of real estate to fuel personal wealth in Bermuda.“Investment properties have formed the crux of many portfolios over the years and again, the balance to be struck in this area must be weighed carefully.“The time is right to also review this aspect of the policy.“I have done so and I support an urgent review of the ARV bands with a view to permitting the sale of properties by Bermudians to non-Bermudians provided they fall within that highest ARV band. This too has been recommended to Cabinet.”Government imposed a moratorium on sales of property by Bermudians to non Bermudians which was supposed to last until June this year. In July, the Minister announced that land policies will be reviewed.Minister Perinchief informed his audience that the review also encompassed the 2007 law that requires non-Bermudians married to Bermudians to get a licence in order to purchase property, as well as the rights of permanent residents to hold property.The property rights of permanent residents was still under consideration, the Minister said.“In many cases, these persons have Bermudian children and our research indicates that through their children, PRC holders are able to purchase properties outside of what might ordinarily have been available to them.“Rather than view this as a criminal circumvention of the law or policy, I take the view that this is a demonstrated commitment to Bermuda and a validation of this Government’s policy to provide these long term residents with the permanency natural justice demands of a modern society.“I continue to consider how best to address this unique class of individuals and property rights. That consideration includes an examination of the fees that are payable when PRC holders purchase land in Bermuda.”He confirmed that legal barriers to home ownership by non-Bermudian members of Bermudian families will be removed.“In my analysis, the needs of the affected group, their life expectations and the importance of stimulating the economy outweigh any continued, intense regulation punctuated by intrusive vetting, additional fees and administrative delays,” Mr Perinchief said.But the Minister noted that such couples have long had to have a license to purchase property in Bermuda.“It predates the 2007 Act and it, in fact, predates this Government; but we have certainly reaped the blame.”He ended his remarks with a call to the private sector to do its part in stimulating the economy.“Will the lending institutions reduce the incredibly high down payment required for first-time homeowners?” he asked. “Will law firms reduce the fees charged for basic exercises in conveyancing?“Will agents reduce their commissions from five percent, even symbolically, for a period until the market turns around?”He continued: “I must challenge private sector activism because Government deregulation can only go so far.“We can lighten the touch of regulation, increase the intangible confidence factor and even eliminate processes that unduly delay closings and real estate deals.“However, the real action must come from those who control access to capital and from those whose profits depend on Government action.“I am committed to action and unless we act together to strengthen this economy, we will not defy the odds as we have always done and we will not deliver for our people as we have often done; and when most successful, we have done it together.”