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A series of new laws in Bermuda has removed land charges on hotel fractionals and condos.
The four pieces of legislation have removed the 10-18% land charge placed upon hotel properties and lifted restrictions on Bermudians and exempt companies from purchasing fractional units.
David Dodwell, former UBP Tourism Minsiter and now owner of The Reefs hotel said “The Government should really be praised for this – it is the most progressive legislation I have seen in a long time. We’ve now jumped ahead of our competitors with this legislation.”
"The biggest thing is that they have waived land charges for people who elect to put their unit in the hotel inventory. This can reduce the price by $40,000 and in today's industry that has made us more competitive."
The legislation is seen to take into account the growing worldwide interest in fractionals and a desire by the Bermudian government to assist its property industry through the struggling economic times.