Vacation Rentals (Application and Registration) Fees Act 2023

What this bill does

This bill creates new annual fees that vacation rental property owners must pay to the government. It sets up a system where owners pay different amounts based on how much rent they collect per year, ranging from $1,500 to $2,500 annually.

If passed (voted YES)

• Vacation rental owners will need to pay annual government fees starting in 2023, with amounts based on their rental income ($1,500-$2,500 per year)
• All vacation rental certificates will need to be renewed every year instead of lasting multiple years
• The government will collect additional revenue from Bermuda's vacation rental industry

If rejected (voted NO)

• Vacation rental owners continue operating without paying annual government fees
• Current certificate renewal periods remain unchanged (some lasting up to 24 months)
• No additional fee structure is implemented for the vacation rental sector

Who it affects

This primarily affects Bermudians and residents who own properties they rent out to tourists and visitors. It will also impact the broader vacation rental market in Bermuda by adding operating costs for property owners.