For seven long years, Bermudians have been struggling with our own great recession.

One area that has been particularly hard hit is the property market – both hotels and residential – which have suffered from slack demand and falling values.

Many Bermudian homeowners owe more on their houses than what they can sell them for. Condo owners have been particularly hard hit.

The Immigration and Protection Amendment Act passed in the House of Assembly on Friday aims to encourage hotel development and boost the property market by liberalising restrictions, while ensuring Bermudians are not unfairly disadvantaged.

What the Bill does not do is change the overall acreage of land in Bermuda that may be held by non-Bermudians which will remain at 2,500.

Whilst the Opposition have done their utmost to spin this Bill into something negative, this is a positive move for economic growth and job creation.

The highlights of the Bill are as follows:

• The Annual Rental Value [ARV] has been lowered from $177k to $153k for house purchases for non-Bermudians and non-PRC holders. The lower level was put in place by the former Government, before being raised in June 2012. An ARV of $153,000 equates to a home value of approximately $2.5 million. The Bill will also allow non-Bermudians and non-PRC holders to purchase condos with a minimum ARV of $32,400 or higher. The total number of properties they can purchase, whether residential unit or condo, will be capped at two.

• PRC holders can now purchase homes or condos of any ARV. The total number of properties they can purchase will also be capped at two, and they will still pay the land-holding charge for a licence, currently 4 per cent of the property value and rising to 6 per cent on September 30. PRC holders cannot purchase in developments where there has been government assistance.

• The Bill will lift the current restrictions on time periods that buyers of fractionals and other tourist accommodation can stay in those units in any one calendar year, but they will still be subject to immigration control in that they will be required to seek residential certificates from the Department of Immigration.

• The Bill will allow the Minister to extend time for estate representatives to deal with probate matters under exceptional circumstances.

• The Bill will remove parish restrictions on acreage held by non-Bermudians but will keep the cap island wide of 2,500 acres. The level was raised to 2,500 from 2,000 by the former Government. PRC purchases will remain in the acreage count. Non-Bermudians currently own 2,003 acres of residential property and 171 acres are attributable to designated condominiums (where at least one unit in each is owned by a non-Bermudian).

The government carried out extensive consultation before making amendments to this Act.

While many recommendations were regarded as acceptable and in keeping with government’s overall policy thrust, some of the changes suggested would, in the government’s view, have the unintended consequence of removing protections offered by the anti-fronting provisions brought in by the previous government in 2007.

We have made every effort to ensure that the intent of the anti-fronting provisions is maintained.

The economic benefits of this Bill are clear. The sale of properties to non-Bermudians provides government revenue from the stamp duty on the purchase, land-holding charge on the property and the licence application fee. These transactions also provide opportunities in the banking, legal, realtor and construction sectors.

As industry stakeholders have reported, when high-net-worth, non-Bermudian purchasers acquire property in Bermuda, they typically expend considerable funds renovating the property and, in some cases, the renovation costs have matched or exceeded the initial purchase price.

This contributes to an economic multiplier effect with increased Government revenue from import duties and payroll tax on construction, landscaping and housekeeping workers. More jobs and more money circulating within the local economy is the result.

This Bill is good for Bermuda and Bermudians.

The opposition are using a playbook that seeks to confuse the public by blurring the lines between truth and fiction. As a former PLP Premier recently wrote in an open letter to an OBA Senator, the opposition must engage in: “… a sustained programme of information, disinformation and criticism,” which he considers an acceptable strategy for the PLP to take back the Government.

A sustained programme of disinformation? Is this what the electorate expects from our elected officials?

The record shows that since the OBA became the Government, property sales and planning applications have increased and the market outlook is positive. Investments are being made in hotels and new residents are renting homes.

This Bill aims to provide further stimulus to continue this trend.

This Government is working to nourish the green shoots of recovery that are growing from St George’s to Somerset. We are working to empower Bermudians and will not be swayed by political partisanship while we focus on moving Bermuda forward.

• Sylvan Richards JP, MP is Junior Minister of Home Affairs