Realtors praise Minister Wayne Perinchief over new approach to land policy review
National Security Minister Wayne Perinchief was yesterday warmly praised by the real estate sector for his approach to land policy review.
Mr Perinchief had signalled to the sector some key policy changes in his speech to the AGM of the real estate division of the Chamber of Commerce last week. He announced a review of property rights of Permanent Residence Certificate holders, reported that legal barriers, such as the land license, to non-Bermudian members of Bermudian families owning property would be removed and said that Bermudians will no longer be barred from selling property to non Bermudians if the property fell within the highest Annual Rental Value band.
“We’ve been working with the Minister and his PS for a long time. I have to say that this is a Minister who listens,” said Dale Young, the new president of the real estate division of the Chamber of Commerce.
Ms Young said that the sector believed that the changes would help stimulate the economy.
“I’m sure Government has noticed less income from the stamp duty and we’ll see a lot of properties coming on the market because there are more people they can sell to,” she said.
She noted that the sale of Bermudian owned property to non Bermudians had always been based on the ARV before the government ban.
And she said she was hoping that the Government would reduce the fees payable by PRC holders who buy property. Currently, they have to pay 18 percent of the value of the property.
But Ms Young noted that government had lowered the fees to about 6 percent in the case of condominiums built at Tucker’s Point. “Maybe they could lower (the PRC rate) to the same,” she said. “It would be great if they abolish it altogether.”