500+ condos can now be sold to non-Bermudians
More than 500 condominiums across the Island, including The Waterfront in town and Mizzentop in Warwick, can now be sold to non-Bermudians.Government amended a section of the Bermuda Immigration and Protection Regulations Act and added 43 condominiums to the list of units that can be bought by expatriates.These amendments were made through a notice in the Official Gazette a month ago.Forty-three of the units are on former tourist properties.The Government notice stated the “following condominium units are eligible to be held or acquired by restricted persons”.The list included:l 50 units at Manor House, Smith’sl 48 units at Mizzentop, Warwickl 44 units at Southdown Farm, Southamptonl 43 units at Landmark, Southamptonl 40 units at Mount Wyndham, Hamiltonl 36 units at Innwood, Pagetl 30 units at Roxdene Apartments, Pembrokel 30 units at The Waterfront, Pembrokel 30 units at Cloverdale Apartments, Devonshirel 26 units at Warwick Villas, Warwick,l 21 units at Panorama Apartments, Paget,l 18 units at Grosvenor Apartments, Pembroke,l 18 units at Queen’s Cove Apartments, Pembroke,l 16 units at Mount Langton, Pembrokel 12 units at Grove Apartments, Smith’s,l 12 units at St James’ Village, Hamiltonl 4 units at Pomander Gate, PembrokeIn addition to these units 19 condos at the Pink Beach Club/Hidden Cove property can now be sold to non-Bermudians as well as six units at Palmetto Hotel and Cottages and 12 units at the former Mermaid Beach Club/Breakers.The former Surfside, now Cliffside will be able to sell six units as condos.Opposition MP Trevor Moniz said the notice appears to be an “about face” from Government’s previous policy.However, he added it was unclear if the condominium units would still be included in Government’s moratorium against selling property to foreigners.Mr Moniz said: “It’s a complete about face. There used to be a group of condos known as the ‘magic dozen’, the ones that could be sold to non-Bermudians.“Now the Government have allowed those to be sold to non-Bermudians again and added a lot more. What is not clear though, is if these condos are subject to the moratorium against selling property to non-Bermudians, which was extended until June 2011.“Government doesn’t seem to have a plan. When times were booming they put the restrictions in place, put the moratorium in place and they got carried away.“But now, the property market is dead. I believe real estate agents made representations to Government saying ‘you’re killing us’. Government is now trying to stimulate this market.”Two weeks ago Minister of Housing David Burch announced a review of the Bermuda Immigration and Protection Act is underway.He did not mention the condominium designations and instead focused on reviewing the land licence policy.In 2007 Government introduced the land licence rule. It also put in place a moratorium on selling property to non-Bermudians, which was supposed to last for three years.It was extended until June 2012 last year. Mr Moniz said it is not clear if the Gazetted condominiums fall under the moratorium.Since announcing a review of the land licence policy was underway, Sen Burch has not expanded on any changes to the Act.The policy meant many married and cohabiting couples, where one partner is an expatriate, needed to get a $1,375 licence.The rule also applied to homeowning Bermudians with a foreign parent who has put money into the property.Often people found the licence cost more than the $1,375 as it involved getting assistance from lawyers.Government stated the rule was designed to prevent fronting, the practice of non-Bermudians gaining an unlawful interest in land by using a local as a front.