The real estate sector yesterday applauded a reduction in the licence fees for non-Bermudians to buy property.Coldwell Banker Bermuda Realty described them as “an amazing opportunity”.Finance Minister Bob Richards had earlier said the changes amounted to “a jobs programme, pure and simple”.“This tax incentive will in no way increase the number of properties in Bermuda available for sale to non-Bermudians,” he said.“With these two tax initiatives Government has found a way to stimulate the economy and create jobs without resorting to major tax cuts which would jeopardise the solvency of the Government.”He added: “The cut in licence fees for non-Bermudians purchasing property is also a sensible change that will give a much-needed boost to the property sector. It also sends the message ‘Bermuda is open for business’.”Chamber of Commerce board member, realtor Buddy Rego stated: “We are delighted that the Government has listened to the industry and has seen the natural correlation between reducing the cost of purchasing property and the positive impact it will have in the construction and other related industries.“When housing starts to move again we can only expect construction to rally, and the economy to strengthen as new homeowners purchase furnishings, fittings and other home improvement supplies. Government will also enjoy a significant increase in revenues through additional stamp duty fees.”Realtor Albert Moura described the cut as “long overdue”.“As Bob Richards has stated, not only will it result in more Government revenue from licence fees and stamp duty but increased property sales will create employment opportunities for those industries involved in the home improvement industry from masons, painters, plumbers, landscapers and electricians,” he said.“Additionally, retailers that supply home improvement and building products will benefit as well.”Coldwell Banker general manager Kendra Mello said: “We are grateful that the policy amendments outlined in today’s budget create opportunity in the real estate market and are hopeful that these and other initiatives will stimulate growth in Bermuda’s economy.”The changes essentially include:- Reduced licence fees for non-Bermudians who purchase houses. Once 25 percent of the value of the property, fees will be reduced to eight percent for 18 months and thereafter 12.5 percent. Applies to houses with single ARVs over $177,000.- Condominiums not in hotel residential developments will see fees for non-Bermudians reduced from 18 percent of purchase price to six percent for 18 months. The fees will then rise to eight percent. Non-Bermudians can purchase condos with a minimum ARV of $32,400 in designated developments.- Reduced licence fees for Permanent Residency Certificate holders. Where such persons once paid 18 percent for condos and 25 percent for houses, it is proposed to reduce the fees to four percent for 18 months and six percent thereafter. PRCs are able to purchase houses with single ARVs over $63,000 and condos not sponsored by Government.“The lowering of licence fees as outlined will stimulate much needed inward direct investment into Bermuda,” Mr Richards said. “The purchase of a new house, particularly those at the highest echelons as represented here, is frequently accompanied by renovations or customisation of some description. Local construction companies will be required to carry out such modifications, thereby increasing the demand for labour in that depressed sector.”