The Senate has approved legislation that will remove the requirement for companies to obtain the consent of the finance minister for certain landholdings for up to 21 years.

Leslie Robinson, the Junior Minister of Economy and Labour and Public Works, brought the Companies and Limited Liability Company Amendment Act 2024 to the Upper House and said it was intended to cut back red tape for companies and limited liability companies that wished to lease residential or recreational space for their employees.

The legislation, which was passed in the House of Assembly on Friday, also removes the $100 fee for making such a request for consent.

Ms Robinson said there had been significant delays in the rental process in some instances owing to the consent required.

She said: “Imagine being a Bermudian property owner, having a mortgage to pay and coming to agreement with a prospective lessee, only to incur a hold-up in executing the lease due to an administrative process.

“This amendment will overcome that hurdle.”

Dwayne Robinson, an opposition senator, asked for clarity around the definition of recreational facilities in the Act.

Ms Robinson responded: “Recreational facilities isn’t defined in the Act so it would take on its normal meaning — a place that may be rented for corporate hospitality events.”

Ms Robinson said the Government received fewer than 25 applications for consent a year, and there was not one recorded case in which consent was not granted.