Plan to allow outsiders to buy property in bermuda

A leading Bermudan property agency has welcomed a push to remove current legislation that stops citizens selling homes to non-Bermudans and forces outsiders marrying into Bermudan families to buy a licence before buying real estate on the island group.

Speaking exclusively to OPP, Cris Valdes-Dapena, managing director of Bermudan real estate company The Property Group, that removing these rules would be positive for the property industry.

“Both these policies had the effect of disadvantaging Bermudian property owners or would-be owners and their removal would be welcome,” he said.

The British Overseas Territory’s National Security Minister Wayne Perinchief told delegates at the Real Estate Division of the Bermuda Chamber of Commerce last week that: “I support an urgent review of the ARV (Annual Rental Value) bands with a view to permitting the sale of properties by Bermudans to non-Bermudans provided they fall within that highest ARV band.”

Source: OPP.org.uk