Still, thanks to Bermuda’s role as a center of the reinsurance industry, the economy is flush. Tourism, once Bermuda’s economic mainstay, is far below its peak levels of a quarter-century ago, and several of the island’s biggest hotels have closed. That led the police to issue “an urgent warning to visitors to be on their guard.” There are plenty of reasons to want to live on Bermuda, starting with the pinkish sand and turquoise water that ring the island, which locals call “the rock.” But earlier this summer, several tourists had their bags snatched by motorcyclists in one case, the victim was dragged for some distance. They have houses that cannot be sold to foreigners - but that locals cannot afford. The house is now listed for $22 million with Coldwell Banker JW Bermuda Realty.īut even if the Marshalls are able to sell, other Bermudians are stuck. Froomkin, a former attorney general of Bermuda, who represents the Marshalls, says the government may settle with them if they find a buyer. During the appeal, “the policy is still in operation,” Mr. In April, the Supreme Court ruled in their favor, but the Bermuda government appealed. Last year, the Marshalls went to court to have the new policy overturned. (A spokesman for Oprah Winfrey - widely rumored to be the non-Bermudian in question - said she had not been to the house or made an offer.) Now the house stands empty, the Marshalls say, and costs them about $1 million a year in upkeep. The Marshalls say that the house, which they named Goldeneye, is worth about $45 million and that one prominent non-Bermudian had been considering buying it before the new rule took effect. Bloomberg and Silvio Berlusconi, the former prime minister of Italy, are neighbors. The resulting policy took effect in time to stifle the plans of Alan and Vera Rosa Marshall, Bermudians who had built a 30,000-square-foot house on the island’s “billionaire’s row,” a section of Tuckers Town where New York Mayor Michael R. But “it is certain that non-Bermudians already own over 2,000 acres of Bermuda’s land,” Mr. The act limits the amount of land that foreigners can own, on the entire island, to 2,000 acres. The rule is an attempt to enforce the Bermuda Immigration and Protection Act of 1956. In 2005, it announced that Bermudians could no longer sell property to non-Bermudians. But even those restrictions weren’t enough for the government.
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