Government needs to review its policy on non-Bermudian ownership of land and property, according to a Chamber of Commerce division.

At the same time Government should also provide the leadership to encourage Bermudians -- and not foreign companies -- to invest in local schemes.

The calls came yesterday from Chris Valdes-Dapena, chairwoman of the Chamber's real estate division, amidst concern over Bermuda's 60/40 ownership rules and the protection of property rights.

"When you look at the property market and in particular condos -- at one point there was a blanket rule but then there are exemptions to such an extent that we no longer have a coherent policy,'' said Ms Valdes-Dapena.

"We think that is the wrong way to approach these things and there should be a comprehensive policy.'' According to Ms Valdes-Dapena the condominium policy has been added to so many times it is now nine pages long.

"We view it as essential that whatever policies the Government adopts should be equitable, but we think that a policy should be formulated,'' she added.

Recently insurance companies ACE and EXEL launched a bid to take over the Bermudiana Hotel site from Argus Insurance -- which took control of the land from the Bermuda Financial Centre Ltd., a Bermudian-owned firm.

Changes to 60/40 land ownership rules urged The deal hinges on planning permission for the site as well as the passing of a Bill bypassing the 60/40 rule -- as both companies are non-Bermudian.

It is expected that the Bill will be passed when the House of Assembly re-opens next month -- enraging BFCL who say the land should be sold to a Bermudian company.

Yesterday Ms Valdes-Dapena said the 60/40 rule -- which says land or businesses should be at least 60 percent Bermudian owned -- is important to the protection of property rights for Bermudians.

"We are not saying that foreign capital should not be involved in developing the Bermudiana project. We are saying that property rights should be protected.

"There is a problem to be solved and there is a need for leadership to solve it and international companies are providing that leadership.

"There was no objection to ACE/EXEL's Bermudiana project, but there was concern about looking at alternative ways of providing leadership and financial leadership,'' said Ms Valdes-Dapena.

"One view point is that Government might exercise leadership in formulating schemes which would offer a broad based kind of ownership.'' Ms Valdes-Dapena added: "As a group we would be willing to share ideas, such as a broad share ownership, with the Government.

"Government could seek out the ideas of business leaders from a variety of sectors of the economy as to how to approach the issue.

"If a rule does not work then it is a good time to look at the possibility of change in a global way.'' Issues surrounding ownership of homes and land are dealt with by the Immigration Department and Minister Quinton Edness is off the Island.

However Finance Minister Grant Gibbons, who can grant companies exemptions to the 60/40 rule if they are in the public interest, said he welcomed the Chamber's input.

"If Ms Valdes-Dapena is recommending that there should be extra ways that ownership of property should be encouraged, it is fair to say that we would be very pleased to hear what she has to suggest.'' He added: "I think there are many ways in which there are partnerships between Government and the private sector, but investment in property is clearly a business decision on behalf of a company or individual.'' GOVERNMENT GVT