Bermuda Timeshare Set to Undergo Reform?
Monday, November 14, 2005
Though mention of timeshare was conspicuously absent from this year’s Throne Speech, Bermuda’s higher-ups say that reform of timeshare legislation is in the post.
Reform of the laws governing timeshare in Bermuda is viewed by many as glaringly overdue. The last piece of legislation to address timeshare ownership was passed in 1981, which means that those owners who haven’t renewed their leases are approaching the end of their tenure. Under current laws, timeshares are good for 25 years, though the option to renew is available.
Though timeshare wasn’t one of the items under discussion in this year’s Throne Speech, legislation is now being prepared to allow owners to own Bermuda timeshares for longer periods. This article from the Royal Gazette describes some proposed Bermuda timeshare reforms.
Bermuda is looking for ways to augment tourism revenues. Hopefully they consider passing this legislation, which would bring Bermuda timeshare into the 21st century. Here’s another article about the many opportunities and challenges that Bermuda timeshare and resort developers are facing.