Non Bermudians may purchase property in Bermuda subject to certain restrictions.
Non Bermudians may buy a house which has an ARV (Annual Rental Value) of over $153,000 or a condominium with an ARV over $32,400. Once the buyer enters into a contract to purchase a property they will be required to submit an application for a “License to Acquire” to the Bermuda Government along with a consideration fee of $1,416.
Currently the cost of the “License to Acquire” is 6% of the purchase price for a condominium, 8 % of the purchase price for a House and 6.5% for properties that are part of a Tourism Designated Development.
After 30 September 2015 the license fees are due to increase to 8% on a condominium and 12.5% on a house.
Non Bermudians may not buy vacant land, commercial property. Non Bermudian owners of property may be granted permission to rent their property by the Immigration Department of the Bermuda Government. Permission rarely extends to periods of more than a year and incurs a 7.25 % tax on that rental income.
Prospective international buyers should review the Bermuda Immigration and Protection Act 2007 for more in-depth information.
If you are considering buying a house or condo in Bermuda then any of IPN’s Real Estate Agents would be of great assistance to help navigate the process and suggest suitable properties for consideration.
Information supplied by Sharon Cranfield of Cranfields Property Ltd – telephone: 1 441 3058074 email: email@example.com