Legislation allowing restricted persons to buy residential units in the City of Hamilton for the next four years has been approved by senators.

Leslie Robinson, the government senator and Junior Minister of Economy and Labour, told the Senate on Monday that the Economic Development Amendment Act 2024 is intended to encourage investment in residential developments in the City outside the Economic Empowerment Zone.

In 2019, the Economic Development Act was amended to provide for approved residential schemes, in which units could be purchased by restricted persons — people without Bermudian status under immigration law — without the limitations usually in place.

The aim was to encourage economic activity and development in all EEZs, primarily in North East Hamilton.

This amendment seeks to further facilitate foreign direct investment in the EEZs by removing restrictions around ownership of residential real estate.

Douglas de Couto, the shadow finance minister, said the One Bermuda Alliance is supportive of the Bill but asked if those who buy units are able to sell the property on to non-Bermudians.

Ms Robinson said: “Reselling will be subject to the usual laws that apply.”

She added that the Government will consider extending the provision beyond the four years.